Super-luxury rental prices in Manhattan are rising faster than any other sector despite fewer concessions from landlords, according to a report Thursday from Douglas Elliman.



Super-luxury rental homes—representing the top 5% of the market—showed the highest annual gains across Manhattan last month. Values rose 13% year on year to a median of $13,000 per month, the brokerage said.



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“What’s so fascinating about the high-end rental market strength is that the super-luxury market had a landlord concession market share of 29.7%,” Jonathan Miller, president and CEO of appraisal firm Miller Samuel and the author of the report, said in a statement to Mansion Global. That’s less than the 33.7% share of concessions in the overall luxury market and less than the total market concession share of 38.7%.



“In other words, fewer concessions were seen at the top of the market than the remainder, flipping the narrative of the past few years on its ear,” Mr. Miller said.

Regular luxury, defined as the top 10% of the market, wasn’t far behind, with annual price increases of 8.6%, leaving monthly rents at $9,230 per month.



The price growth at the high end “is largely a product of the softer sales conditions in the luxury market,” Hal Gavzie, executive manager of leasing for Douglas Elliman, said in the report.



The performance of the super-luxury and luxury markets pushed up headline figures across the board in November.



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Overall rental prices in Manhattan—which haven’t fallen once so far this year—reached a median of $3,600 last month, an 8.5% increase from the same time last year and the highest level seen in more than a decade.



Douglas Elliman did not say which neighborhood commanded the highest rents.



In Brooklyn and Queens, sizable price growth was also seen at the top end of the market.



In the former, luxury rents surged 18.9% annually to a median of $6,550; in the latter, a 9.8% increase left high-end rents at $5,313 per month.

