The Streets are Paved with Gold  

So you're moving to New York for school or work. Well, don't worry, as soon as you step off the bus from Minneapolis or arrive on that Jet Blue flight from Oakland to JFK, a smiling, friendly apartment broker will be waiting to hand you the keys to your inexpensive, rent-controlled, pre-war, 3BR apartment with views of Central Park.  

The Reality  

The essence of finding a deal in NYC is discovering how far away you are willing to live. If you can commute and hour each way to get to your job or campus, then you will probably be able to find a good deal.  

If, on the other hand, you must live within a short walk of everything, then you should be prepared to pay higher prices.  
 
There is only one way to get around high Manhattan rents—find a rent controlled apartment with a tenant who is looking to sublet. These rents will generally be low, but if the landlord catches you living there, he will kick you out on the street and take the apartment away from your now angry (with you) friend.  

To Broker or Not to Broker, That is the Question  

A friend of mine found himself living on the Upper East Side (albeit 1 st Ave (i.e. waaaaay East) and paying only $650 for a 1BR apartment in a nice building (nothing to sneeze at in Manhattan). He found the apartment through an acquaintance of his who happened to be a real estate broker, and paid a small fee for the service.  

Using a broker, and paying a brokerage fee, can be a great way to find an apartment. Brokers generally have access to information that cannot be found for free, and although the initial fee may be steep, the lowered rent and desirable location can sometimes more than make up for that.  

But the best deals often come from unexpected places. These dream apartments usually come with no strings attached—i.e. no broker fees.  This is the ideal situation for students on a tight budget.

Resources for Students
Rent-Direct
Columbia Off-Campus Housing Assistance (OCHA)
NYU Off-Campus Housing Office
New York City Rent Guidelines