For the renter of Hamptons properties, the snowstorms ravaging the East Coast might have been the best thing that ever happened.
Because even if you got a late start, don’t worry. Everybody else has, too.
“You couldn’t get into a house,” says Enzo Morabito of Douglas Elliman. The frozen squalls kept both landlord and renter away. But it’s a temporary reprieve. The rental season is kicking into high gear.
“Rental activity becomes fierce,” says Peter Turino, president of Brown Harris Stevens Hamptons. “A great deal disappears in a matter of three or four weeks.”
Those looking for a bargain might come up short. “It’s a landlord’s market,” warns Anthony DeVivio, managing director for Halstead.
While prices haven’t shot up, they’re holding steady from last year. And last year, the Hamptons did very well.
“Last year we had a Hollywood producer who wanted a high-end rental for July,” says DeVivio. (High-end being over $100,000.)
“Everything was gone when he came out at the end of March. We went out and found him something that wasn’t on the market for $275,000 on Further Lane.”
But $275,000 for a month isn’t all that unusual: Last year Corcoran’s Tim Davis had a two-week Southampton rental for $550,000.
“There’s very little negotiability,” says Ernest Cervi, executive managing director of Corcoran. “One of my agents came in exhausted and said that their client missed two houses. I said, ‘Third time’s the charm!’”
“If you find something you like, move on it,” advises Susan Green of Sotheby’s International Realty. “If you’re not ready to commit don’t come out — it’s a waste of time.”
There’s also been a modest but noticeable migration east.
“Montauk and Amagansett are becoming more trendy,” says Green. “In the past, people haven’t always wanted to make the extra trip. But there are a lot of what you’d call hipsters going out there.”
Otherwise, normal rules apply. It’ll be expensive. You might catch Paul McCartney at Nick & Toni’s. And you’re in for a hell of a summer.