Hamptons summer rental season comes early
This Bridgehampton home is on the summer rental market for $80,000. Credit: Handout
The 2012 Hamptons rental market is moving briskly -- so briskly, in fact, that Presidents Day weekend, which in past years has been the traditional start of the season, will be more like the middle of the season.
"I was showing rentals as early as October 2011 for the 2012 summer season," says Patrick McLaughlin, manager and licensed broker associate at Prudential Douglas Elliman in Sag Harbor. "The people who started looking early were the ones who were here in 2011 and didn't get the house of their dreams. They realized that to get that they'd have to start looking early."
Of course, there will always be properties available for those who can afford to pay more or for those who are willing to make certain compromises. Mala Sander, senior vice president and associate broker at The Corcoran Group, says those who got a jump on the market are more likely to get what they want.
"Some people feel they may want to wait, but then the pickings are slim," says Sander. "There's always something, but do you want to find the thing?"
This year's prices so far are relatively stable compared with last year's, so there may be fewer bargains than there have been in years past, agents say. "I think people walked out on good houses last year," says Tony Cerio, associate broker at Brown Harris Stevens in Bridgehampton. "They waited and waited, and they thought the longer they waited, the more likely owners were to lower their prices." That didn't happen, another reason why returning renters are jumping in early.
Certainly, there are some rentals whose prices have gone up this year. Sandcastle, Hamptons builder Joe Farrell's extravagant estate, is asking $25,000 more a week this year than last year, bringing its price up to a whopping $550,000 for a two-week rental. The average summer rental costs about $55,000 to $60,000 for the season (many may be available for shorter periods of time).
Here is a sampling of rentals still available.
