If you live in a different city from where you are based you may want a crashpad. This applies to Pilots, Flight Attendants, and in some cases mechanics and baggage handlers who have been displaced.
In its simplest terms, several crewmembers share the cost of an apartment. Crashpad setups vary wildly in quality and price. The living quarters may be an apartment, house, or I have even seen an old hotel. Most crash pads offer all the appliances and furniture since you will normally be commuting in with just your crew bags. Some rent month to month and others require a contract. Many have bunks so that each person has their own bed and thus no "hot sheets." Keep in mind most are not set up for full time living. There may be 8 crewmembers in a two bedroom apartment, but since people come and go at different times due to their schedules, you may be the only one there. Most are full of porn magazines and rotten food. Some even provide a crew car.
You may want to run a crashpad to make extra income. Depending on what part of the country you live in, you could rent an apartment for $500 and then charge $100 to 8 crewmembers. You could furnish it with leftovers from the trash and goodwill.
Also, depending on your seniority and schedule, you may not need a crashpad. If you can hold trips that start in the afternoon and end in the morning or early afternoon, you may be able to commute in the same day. Other people prefer renting a hotel room for the few times a month they would need to come in the day before. However, if you are junior with a lousy schedule or reserve, you may want a crashpad.