The Real Deal New York

Hamptons summer rentals approach $2M mark

But median rents for summer getaways remain unchanged

May 04, 2015 01:33PM

Hamptons rental

A $1.6 million rental in East Hampton (credit: Corcoran Group)

The market for summer rentals in the Hamptons has rebounded this year, with properties asking just shy of $2 million only two years after many struggled to break the $1 million barrier.

One Southampton property is listed at $1.8 million, with three in East Hampton going for $1.6 million. Around a dozen properties in the Hamptons are asking seven figures to rent for a 105-day window, according to Crain’s – two years after many rentals had difficulty breaching the $1 million mark.

Factors playing into the higher prices for summer rentals include limited inventory, with only 8,000 rental properties available on the East End, according to brokerage Convergex Group. The number of millionaire households also grew 19 percent last year to 16 million, according to Boston Consulting Group.

While rental costs for higher-end properties appear to have increased, the median price of $45,000 for a summer rental is unchanged from last year, according to Convergex. Sales volumes and prices for Hamptons properties jumped considerably last year, brokerage Saunders & Associates reported in February. [Crain’s]Rey Mashayekhi