I rented an apartment at Arc del Teatre 5 through apartmentinbarcelona.net, a rental site recommended by Sarah Wildman of the New York Times. The relationship between "Rege Apart" apartments and apartmentinbarcelona.net, if any, is unclear -- I'm not sure if they are actually separate companies that own separate units in the same building.
First, the positives: I had no problems with the apartmentinbarcelona.net people. They were responsive to all of my initial questions, payment was problem-free, etc. The apartment itself was small but clean. The bed was comfortable, and the apartment had a washing machine which I used and really appreciated. Although I stayed there by myself, the apartment (#1B) could easily house 2-3 people. At 70 euros/night, the place wasn't overly expensive for 1 person, but would have been quite inexpensive for 2 or more people.
However, the negatives easily outweighed the positives. By far the biggest problem is the noise level at night. The building is located above a dance club and the sound insulation is extremely poor. I kept the windows completely shut, but the crowd outside was so loud, and the sound insulation was so inadequate, that it literally felt as if I were sleeping directly out on the street. Fortunately I'd brought some earplugs along -- otherwise it would have been impossible for me to fall asleep at all.
Second, the location gets rather dodgy after dark. The building is located on a dirty, narrow side street just off of the south end of Las Ramblas. While I personally never felt threatened going to and from the apartment, the surroundings would definitely make some travellers uncomfortable -- quite a few prostitutes populate the area later at night (2 am). I also heard some reports of drug dealers (and users) in the area as well, but can't verify that firsthand.
Third, the furnishings are pretty cheap -- you get what you pay for. When I tried to open the curtains, they almost fell down off of their moorings, which were not securely fastened to the wall. The oven unit in the kitchen had an exterior piece that was falling apart. Maintenance could definitely use some upgrades.
Overall, I would not recommend this place and location. Seek out a much quieter apartment in a better neighborhood. (Iin my opinion, Las Ramblas is not a great location to visit anyway -- but that's a different subject.)
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC