Hamptons, Fire Island, North Fork summer rentals booked up fast this year

There are barely any East End rentals left and summer hasn't even officially begun.

Experts say massive Wall Street bonuses coupled with a brutal winter meant people booked earlier than usual.

"That second snowstorm kicked it off," said Luke Belford, owner of Fire Island Living Real Estate in Fair Harbor, of the February blizzard that dumped nearly three feet of snow on the Island brought with it 55 mile-an-hour-winds. He said that normally, he is still trying to find renters for the 48 properties he leases for homeowners well into the start of the season. But as of May, he said he was already "95% fully booked."

Listing agents who represent rental properties in the Hamptons, Fire Island and on the North Fork say this is one of the earliest seasons they've ever seen for signed rentals. High end rentals that can go for the hundreds of thousands for the whole season are almost gone. And for those on tighter budgets who are squirreling away funds for a short summer vacation out east, there are even fewer deals to be had.

Why did summer rentals book up so fast this year?

Feet of snow and biting winds throughout the winter had Long Islanders dreaming of warm weather, flip flops and late sunsets, which caused them to plan their summer breaks sooner than usual, real estate professionals said.

"We have had a ton of rental volume," said Abigail Mago, co-owner of Fire Island Sales and Rentals. "We always rent throughout the year, but the cold spurred people to book their summer getaway as an escape."

By the end of February and into March, signed leases were up 38% at William Raveis in the Hamptons.

"A lot of my clients who live in the city in particular, said they felt trapped with so much snow," said Joe Van Asco, real estate agent with Douglas Elliman Real Estate, adding that they were "dreaming of the beach and being by the pool."

How is summer tourism looking on Long Island?

Overall, tourism will likely be strong this summer, helped by sports events later this month, including the LI LaxFest, a two-day lacrosse event at Farmingdale College, and the U.S. Golf Open, held at Shinnecock Hills Golf Course, according to Doris Roberts, President of the Long Island Hospitality Board.

"People, even those who normally come to Long Island, are extending their stay, injecting outside funds into summer," Roberts said.

While prospective summer renters glared at three feet of snow on the ground, it proved to be a problem for owners to get their homes ready for showing. But any stall that created was quickly resolved once the Island thawed, helping those rentals get signed as well.

"There was so much snow on the ground that the inventory couldn't get on the market," Van Asco said. "They couldn't get the photos taken, so how do you show it?" Asco said he picked up prospective renters in his truck at the station this winter and shepherded them to the home, with hot chocolate in hand.

How are the prices and what's languishing?

Prices, which spiked during and right after the pandemic, have remained relatively stable, although changes in Suffolk County Lodging Tax, which went from 3.3% to 5.5%, and New York State’s 4% sales tax for lodging under 30 days, adds to the cost.

"Prices are fairly similar," said Belford. "But it varies from house to house."

Rental prices vary wildly based on size, amenities, location and time of the year. It is not unusual to see homes renting for the high hundreds of thousands for a full season — Memorial Day to Labor Day — for an estate-style house in the Hamptons with amenities like pools and water views. However, some small homes in the outer Hamptons, such as Hampton Bays, rent for about $4,000 a week.

What's still available?

In the Ocean Beach/Seaview area of Fire Island, there are still rentals for $6,000 a week available for modest places, with no pool and perhaps only one bathroom for three bedrooms.

On the East End, homes renting for below $50,000 for a season and above $400,000 a season are moving quickly, but there are more on the East End that are still available. Judi Desiderio, senior vice president of Raveis Real Estate in East Hampton, attributes the stalling of these rentals to "geopolitical tensions" and "dark noise" such as inflation and gas prices.

As for high-end rentals, "I think people are feeling financially secure," said Desiderio. "People aren't motivated to go to Europe this year. People want to stay in the U.S… People are saying, 'I want to stay local. I want a beach house, or cabin.' "

Still, she said, "there is a good amount of rental inventory," she said, in the middle range.

How can someone snag a rental right now?

Rental agents agree that last-minute deals are possible for weeks not yet claimed by renters. It helps if renters are flexible with dates and types of homes, as well as what locations they prefer. For instance, renters who would like to be in Ocean Beach will have an easier time finding something in Ocean Bay Park, which is a short bike ride or water taxi trip away.

A three-bedroom, two-bath home in Ocean Bay Park, on an ocean block, is available for much of July and the end of August for $5,950 a week through Fire Island Sales and Rentals in Ocean Beach, Mago said.

However, a $20,000 a week home in Ocean Bay Park is perfect for multi-generational stays; with 3,600 square-foot home with five bedrooms and four-and-a-half bathrooms.

In addition, they say, don't sleep on off-season rentals, especially for those not tied to a school schedule.

If you like the place, claim it for 2027 now

Jamie Pastorelli, an agent with Signature Premier Properties, and whose family owns two homes in Ocean Bay Park, is booked for the summer months, but still has late spring and early summer, as well as autumn months still available. Since the homes are large, they tend to rent for family reunions, and other types of gatherings, such as bachelorette parties. The family is offering some specials, including $2,000 a night stay in May or September, with a three-night minimum.

For owners and agents, repeat renters — those who return every year, and sign leases often during their summer stay for the following season — are the lifeblood.

"There are so many people out here who are repeat renters," said Joseph Van Asco, real estate agent for Douglas Elliman's Montauk office who deals mostly with rentals. "They find a house they like, and they want to lock it in. They don't want to miss out."

Often, renting the same house, or in the same community, lets the summer residents enroll their kids in camps, for instance.

"Most camps send out their emails in early January," he said. "They get booked, so you have to sign up early… 'I put my kid in camp, and I don't have a house yet.' I get those calls."

Advice from the pros? Rent early if you want a certain type of home and location. Waiting is a gamble, they say, but can score a good deal if not choosy about those things.