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"If I need a lot of space for a week, I can rent a spacious apartment. If I want to have a dinner party, I can rent a chic loft to host guests. If I plan to work late, I can rent a minimal space close to the office."

Yes, you can do that, if you have loads of disposable income.

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Ideally, it'd balance out.

Most of the time, you'd rent a small place (thereby saving money as compared to an apartment). When you needed something else, you'd simply get a more expensive place for a few days, the extra costs would be balanced out by having those smaller places most of the time.

One month, I will probably set a budget of what my old rent was and test this.

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