Do luxury homes rent higher per square foot than the average?

[Andy Giancola]

I found a luxury home that is under priced in my market.  It is in a neighborhood that is hard to find a home to buy, let alone rent.  The homes in our area usually rent for $1 per sq foot.

Do luxury homes usually rent higher per sq ft than the average?  I understand everything is contextual, but it would be good to understand the luxury market a little more.