Hampton summer rentals on the rebound
Home in Montauk that is on the rental market for $45K for July and $55K for August through Labor Day 2011, listed with Theresa Eurell of Town and Country Real Estate. Photos with permission Town and Country Real Estate. For Hamptons summer rental story. Credit: Photo by Courtesy Town and Country Real Estate
This Hamptons rental season has been the busiest since the economy started sinking four years ago, industry veterans say.
With the unofficial summer season kicking off this weekend, real estate agents say some rentals are still available, but the heavy discounting offered during the recession is largely over. Renters need to be flexible in terms of pricing, location and expectations.
"A lot of the inventory has been picked over already. Come with a checkbook, ready to sign a lease and leave a deposit," said Barbara Feldman, managing director at Nest Seekers International in East Hampton.
The action started early this year. Many waterfront properties in areas like Montauk and Amagansett Dunes were spoken for before the snows melted.
Still, most prices are generally flat compared with last year. Some agents said they slashed prices about 25 percent in 2009 and 15 percent last summer.
"After two years of really serious erosion in rental pricing, they've hit the wall," said Joseph Kazickas, co-founder of Rosehip Partners brokerage in East Hampton.
Associate broker Tony Cerio, of Brown Harris Stevens in Bridgehampton, said renters might get 10 percent off at the most, but only if they're ready to sign a check right away.
"If you think you're going to get 50 percent off, that's not happening in this market," he said. "Maybe two years ago it happened . . . People were taking a whupping. But we're in a stronger market now."
The number of signed lease transactions is up year-to-date about 50 percent to 60 percent, say several agents.
Unsold properties and first-time landlords looking to make passive income in a hot market account for the increase in inventory, says Mark Schindler of the Corcoran Group.
During the past few years, the softer market led to a trend toward shorter-term rentals for periods of less than a month. This year that trend is reversing, brokers say.
For those who missed out on the chance to snag a dream summer rental, there's always September. Judi Desiderio, president of Town and Country Real Estate in East Hampton, says, "September is the most beautiful month out here -- the crowds are gone, the water is still warm and the shops all have sales."
With Laura Mann
A sampling of Hamptons homes available for rent
AMAGANSETT
WHAT: Four-bedroom, 61/2-bath oceanfront contemporary on 2 acres, with heated pool, steam room and spa
PRICE: $250,000 for Memorial Day through Labor Day, or $115,000 for July, $175,00 for June and July, $125,000 for August through Labor Day
LISTED WITH: Town & Country, East Hampton
EAST QUOGUE
WHAT: Five-bedroom, 51/2-bath modern oceanfront on 1.9 acres, waterfall garden, gunite pool and private walkway to the beach
PRICE: $95,000 for July
LISTED WITH: The Corcoran Group, Westhampton Beach
MONTAUK
WHAT: Four bedrooms, 3 full baths, two half-baths, post modern on nearly 1 acre with views of Montauk Lake; heated gunite pool and spa, multiple decks and central air-conditioning
PRICE: $45,000 for July or $55,000 for August-Labor Day
LISTED WITH: Town & Country Real Estate, Montauk
HAMPTON BAYS
WHAT: Three-bedroom, 2-bath bayfront cottage with dock, close to village and beaches
PRICE: $15,000 for August through Labor Day
LISTED WITH: Fourth Neck Realty, East Quogue
