Hamptons rental market heating up

As home sales in the Hamptons begin to cool this season, the rental market appears to be heating up once again. A three-month summer rental in Sagaponack has an asking price of $1 million. The four-acre property includes an 8,500-square-foot house, a pool and pool house, a tennis court and a gym, but does not have water frontage or water views. Meanwhile, a seven-bedroom, nine-bath home with two waterfront acres and a private beach in Sag Harbor has rented for $395,000 for Memorial Day through Labor Day. It is believed to be the most ever paid for a seasonal rental in the area.