Key Highlights
- Hot rental market in Hamptons continuing into fall and beyond
- Interest in October rentals jumped +50% from previous years
- In Hamptons, tenants pay monthly rental fee plus all costs
This year, the unofficial end of summer in the Hamptons is no longer Labor Day. Just as the COVID pandemic moved the spring home buying season into the summer buying season, the pandemic has moved the end of summer on Labor Day weekend back to the end of October.
Angela Boyer-Stump, senior global real estate advisor with Sotheby’s International Realty’s Bridgehampton brokerage, said, “Most people have completely secured themselves for September…we’ve done more business for October than at any other time in the past that I can remember.”
The Hamptons has always commanded top, and in some cases, exorbitant prices to rent in this beachside enclave. This summer, one person paid almost $2M to be a tenant from March until Labor Day. Now tenants are wanting to extend their stays into the fall and winter. Boyer-Stump confirmed that demand for rentals in the Hamptons have jumped more than +50% from the past.
James Keogh with East Hampton Douglas Elliman told BloombergNews that his firm received more than 100 rental requests for post-Labor Day stays during the month of August. Keogh said, “We’re putting up new rentals now for periods that didn’t really exist before…the most beautiful houses can name their prices…” and get them particularly if the house is large, close to the ocean and has a pool.
Rental prices during the season’s prime time, March through Labor Day, varied from $50,000 for a year to +$2M for a few months. After Labor Day, even with high demand, houses generally rent for 75% of July or August prices.
Due to uncertainty regarding the virus, some people may consider staying in the Hamptons year-round. Some may consider converting their annual summer holiday destination into a yearlong living arrangement. No doubt real estate agents whose stomping ground is the Hamptons will be happy to extend and accommodate the winter tenants who decide to become buyers.
Thanks to InmanNews.
