Hamptons summer rentals are charging $1 million per month

For the past two years, the Hamptons rental market has been filled with pandemic-related demand, and landlords are expecting this trend to continue for the third year in a row. 

Since the beginning of the pandemic, the international travel industry has been suffering tremendous losses. Meanwhile, local vacation destinations have experienced a surge in booking activity. Beachside mansions located in the Hamptons list for more than $1 million per month this summer, Bloomberg reports. 

One of these high-priced properties is the 11,000-square-feet beachfront home in Bridgehampton, NY. The homeowner is asking $1.25 million for July or from August to Labor Day. The 9-bedroom, 10-bathroom mansion with panoramic ocean views is located at 277 Surfside Drive. The property features a pool, hot tub, spa, outdoor grill and dining area, and a golf simulator. Previously, the home was listed for $1.5 million just for July. 

Mansions with no direct access to the ocean are listed for 50 percent less. This 8,500 square-feet home is on the market for $750,000 per month. The luxury summer rental has 8 bedrooms, 8 bathrooms, pool, spa, outdoor kitchen, and 4 car garages. 

The Hamptons summer rental market saw a surge in demand last year, which caused prices to go up. The average daily rate for a rental in the Hamptons from May to September went up 22 percent from 2018 to 2021, according to data collected by AirDNA and shared by Bloomberg. However, this sudden spike in demand for rentals begins to decline as more Americans decide to travel internationally for the first time since the COVID outbreak.

“Those owners got a lot of money last year, so they are feeling out the market and keeping the same pricing,” Corcoran Hamptons broker Susan Breitenbach told Bloomberg. “But I think people do have, this year compared to last year, a few more options. People are starting to travel again.” 

Image credit:

out east

Resources:

“Hamptons rentals shoot for seven figures,” by TRD Staff (The Real Deal, 2022)

“Hamptons Rentals List for Over $1 Million a Month as Landlords Test Summer Market,” by Misyrlena Egkolfopoulou (Bloomberg, 2022)

“Hamptons rental market had strong summer, begins to cool,” by Sasha Jones (The Real Deal, 2021)