Even though the weather is still cold and spring hasn’t arrived yet, Hamptons summer tenants have already begun thinking about their seasonal rentals—and according to a report by Out East, the inventory is at its peak right now.
The report shows that more than 1,000 rental homes available between Memorial Day and Labor Day were added to the market since December. Last year, there was a 17.5 percent increase in inventory during these winter months, and it looks like this year is going to show a similar spike.
But these rentals aren’t going to last all winter. In 2018, almost a quarter of the seasonal rentals were gone by April. So, for those looking to get the home of their dreams, now is the time to try and sign a lease.
The caveat is that the prices are higher this time of year. In fact, the median price of a summer rental is up 7 percent from last year at $75,000 for the three-month period. So if getting a bargain is more important to you than staying in the perfect house, waiting until closer to Memorial Day could be the key to negotiating the price down.
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