Boom for Hamptons summer rentals is cooling down trends now
Rentals in the Hamptons are expected to take a hit this summer after soaring for years.
After the onset of the pandemic rental costs went through the roof, as many home owners chose not to vacate their houses for the summer, and others in the city saw renting a place in Long Island as a hassle-free escape.
Now, wealthy New Yorkers are looking to celebrate their post pandemic freedom and some are opting for vacations farther afield, according to a Hamptons real estate agent.
'People have been in the Hamptons for three or four years and now they're traveling again this year,' Susan Breitenbach, a broker at Corcoran Group, told the New York Post's On The Money.
The change in rental demand has been reflected in sale prices too. In the first quarter of 2023, the median home sales price in the wealthy areas of eastern Long Island dropped by around 7.6 percent since the year prior, to $1,662,500.
Rentals in the Hamptons are expected to take a hit this summer after soaring for years. Pictured is a house in the Hamptons
Now that the pandemic is over many wealthy New Yorkers are opting to take vacations farther afield. Pictured is a house in the Hamptons
'Over the last few years, the market has been insane, people would offer $100,000 over asking price for a summer rental,' she said.
'Now, half my days are people calling me asking they should reduce the price of their home to rent,' she added. 'This year everyone I know including myself is going to Europe.'
Making matters more favorable for renters this summer is that there's less competition - Wall Street bonuses fell 26 percent from last year, to nearly $180,000, according to estimates released by the New York State Comptroller.
On top of that, now the pandemic is over and people are slowly
