What do you have to work with railing wise?

Excellent question above!

Plus -- are there any rules for items that may/may not be allowed on your balcony?

For example -- basic bamboo fencing (check sites like Amazon) could be wired to your railings .... then add a sisal rug and a taller wood screen (check sites like World Market or Pier One) for the times when you use the balcony. The screen could sit just inside the door -- and then set up outside.

Of course -- taller faux trees (weighted down in good sturdy containers)would be a huge help too ....

Thanks for the quick response. I'll take a couple pics and take measurements this afternoon so you have a better idea.

Bamboo fencing may be a plan. The balcony and railing is pretty basic/generic, waist high white and my landord is quite easy going with this.

In a similar situation, I hung 4-foot x 8-foot sheets of lattice paneling horizontally from the ceiling as I had a balcony above mine. You could use the same idea by attaching the lattice to posts that were secured in flower pots filled with dirt or cement if you don't have a balcony above you. The lattice gave privacy, but still allowed quite a bit of light to flow through.

When I did a quick search, I found a number of possibilities. I've linked one site with several options below.

Here is a link that might be useful: Outdoor privacy screens

My son is doing an internship living in "college mode" i.e. CHEAPLY. His balcony is half a flight up on the parking lot. He bought himself a hammock. I gave him two decent sized American flags I happened to have. He hung them from the railing. He said they work great and help visitors find the right building.

Wow, this brought me back to my single days in Florida! For two years I lived in an apartment with a balcony that I fixed up.
I think the first thing you need to do is figure out how the sun is going to affect your time on that balcony. Mine faced east, so I got morning sun, but was thankfully shaded from the intense, hot afternoon and early evening sun. If you need some shade for after work time when you'd like to chill instead of bake out there, talk to your landlord about what he/she will allow. You want to also keep in mind views and breezes that you may want to catch or block.

You could also hang some drop cloth drapes to enclose the balcony.