The Real Deal New York

Hamptons rental prices falling

February 19, 2009 08:57AM

Hamptons landlords are lowering summer rental prices to bring in renters during the recession. A six-bedroom home on the beach in Noyac that was listed for $200,000 last summer is now asking $150,000. Brokers say less expensive places that have previously rented for $70,000 or $80,000 are now $10,000 cheaper. And with rental inventory up, renters are making offers 20 to 30 percent below asking prices, according to the Corcoran Group’s Susan Breitenbach.

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