It will probably be clear what rooms are intended for, but as always you are free to ignore conventions. The landlord doesn't care if you put all the bathroom stuff in the room intended to be the living room, or if you replace all the counters with cheaper versions. Inside your unit, you are only limited to your budget. Further, absolutely NO changes can be made to wall design, roofs, and other building aspects.
Only the space within the apartment unit's walls can be altered with objects other units and common areas are off-limits. The biggest drawback of living in an apartment is the fact that your Sim will be able to change very few objects around the lot. They also bring different stressors than home living, making some aspects easier and other parts more difficult. With the addition of apartments into the Sim universe, it would be silly not to live in them! Apartments bring a new way to live your virtual life while surrounded by neighbors and friends.