Budget rental apartments in NYC exist, of course, though even the most affordable apartments for rent here might seem expensive for people moving to New York from other parts of the country, or the world. That said, there certainly are NYC budget rentals to be had, if you know where to look. Here are a few budget rental apartment options:

• Rent Stabilized Apartments

More than one million NYC rental apartments are considered to be Rent Stabilized, which means that the landlord may only raise the rent with each one- or two-year lease renewal by a certain percentage, dictated each year by city government after negotiations between tenants groups and the Rent Stabilization Board. Tenants in Rent Stabilized apartments also enjoy an automatic lease renewal option, and must be allowed to continue to live in their home unless the landlord can show cause that the tenant has violated the terms of the lease. 

• Budget rentals in "up-and-coming" neighborhoods

One of the best ways to find affordable apartments for rent in New York City is to look in neighborhoods that are in transition from an extended period of neglect to an era of revitalization and renewal.

There are thousands of stories if New Yorkers who timed it just right, and moved into once decrepit/now-desireable neighborhoods such as Soho, the Lower East Side, Morningside Heights, Williamsburg, Long Island City (the list goes on and on), right BEFORE the community became hot, and rental prices doubled or tripled or more. Predicting the next IT neighborhood is a favorite New York City pastime--Sunset Park, Bedford-Stuyvesant, Washington Heights, and Mott Haven, for example, have all made recent lists--and the Urban Edge Neighborhood guide is a good place to get an overview of all of New York City's communities in all five boroughs.

• Affordable apartments through the Section 8 Program

New York City's Section 8 Program allows low-income families to find and select their own privately-owned (as opposed to city-owned) apartment, in whichever neighborhood they choose, and receive federally-funded subsidies to help with the rent.

To receive Section 8 subsidies the cost of your rental apartment must be considered reasonable as compared to other homes in the area, it must meet the Housing Quality Standards set down by the Department of Housing and Urban Development, and your household income must be in line with the Section 8 requirements. For information and assistance on all Section 8 matters, please see the New York City Housing Authority website.

• Budget rentals in Mitchell-Lama Apartments 

 The federal- state- and city-funded Mitchell-Lama program, in place since 1955, provides affordable apartments for rent and purchase to moderate- and middle-income families. There are currently 132 Mitchell-Lama apartment buildings in New York City, containing approximately 54,000 units.

There are generally safe, well-maintained buildings in desireable neighborhoods with rents that are considerably below market value for families that meet the application requirements. Needless to say, there are waiting lists of interested families at each Mitchell-Lama development, often years-long, but these budget apartments do open up, and people do get called. If you're interested, a good place to start is the affordable housing section of the nyc.gov website, here.