Summer Rental Season Already Heating Up In Hamptons: Report

SOUTHAMPTON, NY — It may be just President's Day weekend, but the Hamptons rental market is already starting to heat up in advance of the summer season.

A report by Out East indicates that inventory is peaking: Last year, the report said, the amount of inventory for Memorial Day through Labor Day rentals increased by 17.5% between late December and February.

It appears that the market is on track for the same: There are more than 1,000 new rentals on the market right now as compared to early Jan., the report said.

The report also predicted that top rentals will be gone soon — last year, nearly a fourth of the full-summer rental inventory, or 23%, were gone by April.

And, the report added, gorgeous days in paradise come with a price tag: Full summer rental prices are up, with the median price of a full summer rental on the East End reported at $75,000 — up 7% from last year.

In Sag Harbor or Montauk, however, the median rental price is $65,000 — and on the North Fork, the median price is $40,000 for a three-month rental, the report stated.

In a study of which areas have the most rental options, Out East reported that Southampton has an available inventory of 1,919 properties at an average median asking price of $75,000; East Hampton has 1,671 at an average asking price of $65,000 for the season; Sag Harbor has 694 at the $65,000 average asking price; Water Mill has 664 at a median asking price of $120,000; and Bridgehampton comes in at 571 properties, at an average asking price of $110,000 for the season.

To read the full report by outeast.com, click here.

Patch photo by Lisa Finn.