Posted on Wednesday June 11, 2014 9:17 PM
by Joseph Kazickas Comments Off

The vacation and seasonal rental market in the Hamptons has fizzled. Our own (Rosehip Partners) numbers are off, year over year, for the first time since 2008 with a decline of approximately 16% from the 2013 period.
But it gets worse.
Some of our competitors have shared even more dismal numbers with us, as much as 40% off from last year.
Why so? There are a few theories floating around. The most common being that the continuing economic improvement has driven renters to buy rather than rent. While it is true that the resale market has improved steadily with an additional 450 properties sold during the 6 months ended March 2014 compared to the previous year, we don’t think that this accounts for it all.
Another theory is that last year’s Hamptons rental market was bolstered by people who might otherwise have rented at the New Jersey shore, which was heavily impacted by Hurricane Sandy.
Whatever the reasons there are hundreds of properties that remain unrented. Visit www.hamptonsrentals.com, or www.hreo.com to see for yourself.
A rental season that showed significant strength in January and February turned pretty cold by the time April came around. Probably a great time to pick up some bargains!