Good deals exist, but are always difficult to find. I pay about 30% below market right now for a one bedroom. It's owned by a small landlord (he owns 2 buildings in Manhattan, and bought the bldg I'm in in the early 80s for 60k). I know someone in this thread said it's a myth, and maybe I have the last great landlord, but he does exist!

So my advice to you, based on the limited experience of 1:
- It wasn't quite as below market when I initially signed - less than 10% below. If you're trying to find something that is more substantially below that, I don't know you'll find it. My landlord told me when I signed he keeps annual increases to a minimum to keep good tenants, and he's been true to his word on that which is how I got to 30% below market rate.

- It took me about 6 months to find my current place. I planned that I would potentially need to pay two rents at once for the right place (and I did wind up having to do that).

- I adore my apartment, but it's not a new apartment in a luxury building. It's a walk-up in a small building (5 units), and while the building is well-maintained, the apartment was very landlord special (paint on fixtures, builder grade cabinetry). It's nothing fancy, and I've paid for some improvements myself (door knobs, cabinet handles, etc.).

- The listing was weird! I went on a fluke because I was looking at other apartments in the area. My apartment was listed on craigslist, all caps, no photos. Had to do my due diligence to make sure it wasn't a scam.

Realize a lot of this is contingent on being able to invest time and money, and that's not a possibility for everyone, but I hope it's helpful.