I’ve found moving from a house to a townhouse quite the change. I mean, I love it and all, but veggie gardens are a little tough with only a small, concreted courtyard. And compost bins are right out! 
And without a compost bin, I was getting that twinge of hippy-guilt – thats when your inner Greenie is rebelling against your actions – everytime I chucked leftover vegies in the bin. Not to mention that towards the end of the week, things could get a bit gross….
The answer (well, partial answer) is a worm farm. Pretty straightforward concept – stacks of plastic containers which you populate with some worms. You chuck your scraps in, the worms eat it. As the population of worms grows, you add containers on top of the stack. And when you get to four stacks, or so, you empty out the bottom one (which has now broken down to good chocolatey soil) and keep on going.
Perhaps a piccy will make things clearer:
While not the kind of thing you’d have as a centrepiece in your living room, its not an eyesore – I have mine in my garage. It’d easily fit on a balcony. If you have it running OK, it has a kind of musty, rainforesty smell to it – nothing like some composts you may have encountered.
There’s some caveats – worms aren’t big fans of citrus or onion. And feeding them meat is a Bad Idea (plus you wouldn’t want them developing a taste for it… 
). But, generally a big win. Maintenance is so low as to be non-existent. Its way better for the environment (chucking scraps in the bin, and thus to landfill, tends to end up resulting in anaerobic composting, which releases heaps of methane). And if you have pot plants (or a small garden), the resultant soil and liquid is fantastic for them.
Mine cost about $80 (AUD). You could probably make your own without to much hassle.
It’s always a good feeling to have a worm farm to process some of your bio waste. Good for the environment, earth friendly and good for you
They breed like crazy btw 