For city dwellers, it’s not uncommon to pay lots of money in rent for very few square feet. But for those willing to gain a little less in order to spend a little less, a micro-apartment could be just the thing.

Micro-apartments, which have been popping up over the past couple of years in major (and pricey) cities like San Francisco, Boston, Seattle, and New York, provide renters with a more compact living space in a prime location. But while the price tag usually looks appealing, it’s important to know what you’re getting into before you commit to a lease in a micro-unit. Below, we’ve outlined the details around micro-apartments, including what they are, what the benefits and drawbacks are, and how to know if a small space is the right space for you.