Even the rich are getting priced out of the Hamptons rental market

Tri-State /
May.May 08, 2020 05:30 PM
(Credit: iStock)

(Credit: iStock)

If you’re in the market for a rental in the Hamptons, tough luck. The coronavirus pandemic brought renters in droves and the market has become incredibly tight for this time of year, according to Newsday.

Listings on platforms Airbnb and VRBO nearly doubled year-over-year to 2,164 in March and ticked up 35 percent in April year-over-year. Agents said calls from clients fleeing New York City were nonstop in March and some wealthy New Yorkers didn’t hesitate to pay big money for a spot on the East End. Some renters asked for right of first refusal, which would give them an opportunity to match any other offer for dates outside their original term.

Page Six reported that rental costs are soaring, which has priced out upper-middle class families. “Brokers are doubling prices,” Betsy Cox from Blackbook Concierge told the outlet. “Everyone was price gouging or they were looking for summer prices now … Middle-class rich people are getting bid out.” [Newsday, Page Six] — Dennis Lynch


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