It’s no surprise that the U.S. Open caused serious change in this year’s rental season on the East End. Now that the major event is over, we want to look at the numbers, so we’re exploring how the short-term rental inventory boosted this year on the East End.
All data has been provided by Out East and compares April of 2017 to April of 2018. Since some homeowners didn’t put their house up for rent until after that time, the data isn’t perfect, but it provides an understanding of how the inventory changed because of the U.S. Open.
The most highly-impacted town was, of course, Shinnecock. Shinnecock’s short-term rental inventory shot up 142 percent this year. In April of 2017, there were 19 short-term rentals on the market, whereas at the same time this year, there were 46. June rentals were also boosted by 57 percent.
But it looks like Shinnecock homeowners were mostly interested in maximizing that short-term rental and using their Hamptons getaway after the event was said and done, because the Southampton neighborhood actually saw a 19 percent decrease in rental inventory for homes available for the full season from Memorial Day to Labor Day. Considering the median asking price for a short-term rental in Shinnecock went up 25 percent, homeowners were benefitting from the demand caused by the event.
Other nearby towns saw massive increases in short-term rentals, too. Southampton’s short-term rental inventory went up nearly 77 percent this year, while Hampton Bays saw an incredible 205 percent jump. Water Mill’s short-term inventory increased by 22 percent.
The U.S. Open had a huge impact on the Hamptons real estate market—but not just from an inventory perspective. The sporting event actually caused a real estate law to change, too, reports Fox News. Typically, the shortest legal rental period is two weeks, but since the Open was only on for one week, that law changed so that renters can stay for shorter periods of time during special events.
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