The Real Deal New York

From the July issue: While it is clearly too early to do a full autopsy on the Hamptons
rental market, brokers say this season will likely go down as one of
the toughest — and strangest — in recent memory. Though beachgoers just started making their way out to the
Hamptons in force last month, it’s already clear that the Great
Recession has led to double-digit price declines in the Hamptons rental
market, compared to last year. According to Dottie Herman, the CEO of Prudential Douglas Elliman, “Everyone wants a discount.” Jonathan Miller, the president of Miller Samuel, estimates that rental prices are off 20 percent this season.