Summer may seem like a long way away, but prospective renters are already beginning the search for a Hamptons summer home.
We looked at the data to figure out what an early start to the summer home search means for owners and prospective renters. It turns out that if you want access to the most summer rental options, the time to start looking is now.
Inventory Is Peaking Right Now
While many homeowners begin listing their rentals as early as the November and December holiday season, rental inventory typically peaks in February.
According to Out East data, the number of homes available for rent from Memorial Day through Labor Day increased 17.5 percent between late December and Presidents’ Day last year. This year, we’re on track for the same. There were more than 1,000 new homes listed on the summer rental market between late December 2018 and mid-February 2019.
Top Rentals Will Disappear Quickly
Even with more options on the market in February, prospective summer renters still need to act fast. As the month passes, rental inventory quickly starts to disappear. Last year, nearly a fourth of the full-summer rental inventory (23 percent) had already been snatched up by renters come April.
Prices Are Up, So Be Patient If You Want a Bargain
The median price of a full summer rental on the East End is $75,000 — up 7 percent from last year.
If $75,000 is an intimidating price tag, know that there are relative deals to be had. Consider Sag Harbor or Montauk, where the median rental price is $65,000. The North Fork is another great option. It’s filled with wineries, gorgeous bay beaches and beautiful homes at a median price of $40,000 for a three-month stay.
The key to snagging a deal is being patient and willing to wait. Start by saving homes on Out East and reaching out to agents to show your interest now. But if you’re flexible about what home you end up in, consider waiting before signing on the dotted line. The closer we get to peak season, the more homeowners will be willing to negotiate in hopes of filling their home for the summer.
Which Areas Have the Most Rental Options?
Curious about where you’ll be able to find the most inventory for your dream summer home? Here are the hamlets with the most options for renters looking to book a stay from Memorial Day through Labor Day. While it may not be surprising that some of the larger areas have the most inventory, renters should keep these areas in mind while searching if they want the most options to choose from.
| Hamlet | Available Rental Inventory | Median Asking Price |
|---|---|---|
| Southampton | 1,919 | $75,000 |
| East Hampton | 1,671 | $65,000 |
| Sag Harbor | 694 | $65,000 |
| Water Mill | 664 | $120,000 |
| Bridgehampton | 571 | $110,000 |
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