The Hamptons is a luxurious area at the tip of Long Island. From the extensive white sandy beaches to the charming restaurants on walkable streets, this unique piece of paradise is a fun and beautiful place to spend a vacation or live as a permanent resident. With prices constantly increasing, Hamptons real estate is incredibly valuable, with the median home sold price in the area being well over a million dollars. Although it is an excellent investment to buy, many Hamptons regulars enjoy the convenience of just renting for the season or a month at a time.
Hamptons housing market
Hamptons real estate has been in line with trends that are happening in real estate markets across the country. More and more people realize that real estate is an excellent investment and are buying, causing low inventory and high home values and demand.
How the rental market has been affected
Has the Hamptons rental market mirrored the scarcity seen in the housing market? In short: yes. A February 2022 report on the local rental market showed that properties available to rent are even more scarce. It can be challenging to know the total number of available listings, but the current number of available listings is astonishingly low. “Additionally, many long-term rental options have sold to end-users and are permanently off the market,” says Behind The Hedges.
As one might expect in an area where real estate is precious, the rent for Hamptons real estate is expensive. The median rent for July of 2019 was $33,000. That is the height of the tourism season when everyone wants to come to the beaches of the Hamptons, so renting is likely less expensive during the winter months.
It’s the most important thing in real estate. Though with the limited availability, this might be considered a luxury, you should figure out exactly where in the Hamptons would be best for you. East Hampton real estate is on the south side of the island and is in a slightly quieter, more remote location. Huge mansions line the beaches, and it’s the perfect place for some peace and quiet. Sag Harbor real estate overlooks Sag Harbor Bay and has a walkable downtown area. You can walk to the beach, golf course, and restaurants. It’s a matter of preference, though both are close to each other.
How to get started renting Hamptons real estate
If you’re ready to get the process of renting Hamptons real estate started, contact a knowledgeable agent like Mala Sander. Mala Sander + Team will be able to help you find a rental property within your price range.
Renting affords you the flexibility to move around and sample what different parts of the country or even the world have to offer or simply escape to somewhere glorious for a few months. The Hamptons is one of the most beautiful places in the Northeast, with its blue water, white beaches, and rolling vineyards. There is so much to experience while you’re here, but you need to find a property to rent in order to live here. Contact Mala Sander + Team to get started today.