Hamptons Rental Market Missing Fairway Ahead of US Open

The U.S. Open Golf Championship is heading for Southampton in June, but hasn’t been the hole-in-one expected for the pricey enclave’s rental market.

The average nightly rate in the Hamptons for the nights of the four-day tournament is $1,106, according to data from analytics firm AirDNA reported by Bloomberg. That’s a 2.5 percent drop from last year, when the area wasn’t playing host to the golf major at Shinnecock Hills last year.

The biggest drop for any Hamptons locale is unfolding at Hampton Bays, which is at an average of $802 per night for the tournament run.

Those looking to list their homes for six-figure sums for the tournament are receiving a sharp rebuke from the market.

“We are finding that there isn’t as much demand as you would expect,” Judi Desiderio, a managing partner at William Raveis Real Estate in the Hamptons, told the outlet. Demand was expected to increase with the tournament: listings rose 17.5 percent in the Hamptons from last year.

In Southampton, where the tournament is being played, the average daily rate change is up marginally from last year as prices range anywhere from $233 to $7,376, according to AirDNA. The town even temporarily allowed shorter-term leases for the tournament week.

But the only Hamptons town to see a significant annual rate increase for the week is Westhampton, which is up 7.8 percent.

While the tournament hasn’t been the expected boon to the Hamptons rental market — a parallel to the boon that has yet to materialize for markets tied to the upcoming World Cup — the summer as a whole is looking more promising for rentals.

Booking revenue for the full summer season is up almost 11 percent from last year, according to AirDNA, reaching $121 million already.

— Holden Walter-Warner