Tenants lucky enough to have snared rent-regulated apartments in Manhattan are getting larger subsidies than their counterparts in any other borough, according to a study released yesterday.

The Citizens Budget Commission reported that the average regulated Manhattan rent was $1,284 in 2008 — or 40.2 percent below the $2,063 that would have been charged in a free market.

By comparison, tenants in The Bronx paid $828 on average for their rent-regulated digs, just 19.1 percent below market.

As a result, Manhattan renters who live under government controls are saving $9,954 a year, while those in The Bronx save just $2,342.

In Brooklyn, the savings were put at $4,235 and in Queens at $3,765. Some tenants, especially in The Bronx, were shelling out more under rent regulation than they would in the open market, the study found.