Most micro-apartment renters expect to spend about 20% to 30% less per month than they would on a traditional apartment, according to a report by the Urban Land Institute (ULI) Multifamily Housing Councils.

That being said, in some high-demand neighborhoods, sparing on square feet doesn’t necessarily mean saving that much in rent. At Carmel Place, for example, a 55 unit micro-apartment building located in the trendy Kips Bay neighborhood of Manhattan, the price for one of the 260 to 360 square foot apartments runs from about $2,570 to $2,920 a month. Compared to the average Kips Bay rent for a studio apartment of $2,421 a month, the Carmel Place units are hardly a steal.

As with any rental of course, location matters. In Chicago, which after New York City has the second-smallest average apartment sizes, micro-apartments at The Lawrence House in Uptown start at 300 square feet and about $1,000 a month—just under the average rent price in the neighborhood of $1,154.

For pricier micro-apartments, the cost can be justified somewhat by their additional amenities. In the case of Carmel Place, that includes a fitness center and roof deck, and all of the units come fully furnished. The Lawrence House boasts similar perks, plus a pool, private backyard, and a bar in the lobby.