The monthly rent paid by a tenant for a condo or coop in Manhattan was $3,870 in April, up 39% from a year earlier, according to a report from the brokerage firm Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants. Last year, the net effective median rent -- or the amount tenants pay after factoring in incentives from landlords -- was $2,791.
7% of leases signed in April had discounts, the lowest in seven years, according to Miller. Instead, the number of bidding wars has been increasing over the past three months, pushing rents higher. One in five apartments leased in April rented for more than the listing price, said Miller, with an average rent increase of 11% above list.
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