by Garni Gharekhanian

Created on: January 16, 2010

Note: The words "lease," "contract," and "agreement" are used interchangeably.

So you just graduated from college and have landed your first job in New York and look forward to living in the City That Never Sleeps. However, rent in New York City is well above the national average, and combined with an entry-level salary, you'll have to stretch your budget to make sure you can get the most room for your buck.

Check out various listings: Good places to look for apartments are the newspaper, craigslist.org, and rent.com. In addition, you can get information from people you know who live there.

When checking out a listing, ask what is included with the rent. This includes utilities (such as electricity and cable) and amenities (such as a doorman and laundry machines), and type of apartment (walk-up or elevator). Also, check out the neighborhood to see what shops and services are nearby and make note of any nearby Metro stops. In addition, ask how much security is required with the rental application.

The Application Process: Upon contacting the landlord or the representative, ask to be shown the apartment. When applying, the landlord will require proof of income or a guarantee from a co-signer. In addition, they will ask about your credit and rental history and will run a report to verify your information at your expense, which is included with the application fee.

How Much? New York City rent is among the highest in the country. This especially applies in Manhattan, and less so in the Outer Boroughs. If your rental budget is around $1,000 per month and assumes that you want to live on your own, Manhattan is generally off limits as decent studios start at $1,300 per month, depending on the neighborhood. On the other hand, you can find a studio in many Queens neighborhoods from $800 to $1,000 per month, with a studio in Brooklyn costing slightly higher, but not as high as what you will pay in Manhattan. However, due to the current state of the economy, many landlords are including free rent, waiving brokerage fees which can be as high as 15% of annual rent, and including extra amenities to attract renters.

Budget: If your monthly rent is more than one-third of your gross monthly income, you will probably stretch your budget. This is because New York City has the highest cost of living in the country, and this is especially true in Manhattan, so this will result in living expenses significantly above the national average. These expenses include food, utilities (including

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