I'm moving to Vancouver in June and most likely will be without a studio. Right now I'm in an apartment building and for acoustic guitar and vocals I've had no complaints. I did an electronic drum kit here before but wouldn't be doing that all the time.
My plan after moving is to set up shop in a rehearsal space on a monthly lockout, but I haven't looked into prices yet.
My vocal booth is a couple of broadband acoustic panels on the wall and held up with mic stands in addition to some freestanding cubicle partitions.
With the apartment building it's painted concrete walls and you get mad flutter echo. Heavy blankets and broadband acoustic panels make a huge improvement.