Thinking about renting a house in The Hamptons this summer? Now may be a good time to begin your search, especially for the 2018 Summer Season. It may seem early, however, it is never too early to start scouting out properties and negotiating with owners to ensure you get the house you want for the summer. Remember, you will have the house for the summer so spend the time and effort to ensure you get what you want!
The Summer 2018 Hamptons Rental season is already off to a quick start thanks to the U.S. Open Golf tournament coming to the Shinnecock Hills Golf Club in June. This event is expected to draw a sizeable crowd and has already resulted in inquiries for rentals on the East End. Additionally, because some owners are now listing properties that they might not have otherwise given the opportunity, now is the optimal time as it relates to inventory selection.
We are expecting the number of transactions to be higher for the 2018 season as compared to 2017 because of a change to the Rental Permit Law enacted by the Town of Southampton. The law was revised to allow rentals shorter than the previous 2-week minimum. There is now a waiver for special occasions and large events which can put a squeeze on the limited hotel inventory in the area. With that said, wealthy individuals may turn to renting a home for their stay during something like that U.S. Open rather then turning to a hotel.
Additionally, we have talked a lot about the changes to the tax code and how it could impact real estate markets. We believe that the tax changes will impact the Hamptons Rental Market by increasing the size of prospective renters looking for property. Most people have now had an opportunity to see how the changes impacted their paychecks and have worked with their tax advisors to forecast their 2018 tax lability under the new guidelines. People are feeling wealthier and, generally, increased wealth leads to people being more likely to and willing to spend money.
Get ahead of the curve and begin your search for a summer rental in the East End now. Inventory is better earlier in the season as compared to later in the season (May/June).
Things to Consider When Looking for a Summer Rental:
Allow yourself time to find a rental and carefully review all the stipulations, etc. put in place by the land lord
Questions to consider: do they allow pets? are utilities included? are you, as the tenant, responsible for paying for pool maintenance, gardener, etc.? what is the security deposit?
Owner may be more likely to negotiate the rate for the summer if you commit to locking in early (now).
A good summer rental can make or break the summer, so be sure to do your research before committing
Read the description thoroughly as well as the amenities. Try using services like GoogleEarth to scope out the property to see if it is located near any 'annoyances' (remember you will be spending the summer there!)
Opportunity to Rent in Southampton
82 Pheasant Close North, Southampton
First time offered on the rental market, this brand new magnificent home with 22' ceilings boasts 9 bedrooms, 8.5 baths and has all one could wish for in a summer retreat. The lower level has a 15 seat movie theatre, wine cellar, arcade, full gym, sauna and steam rooms and 2 bedrooms with 3 baths. Sited behind electric gates with a heated edgeless infinity saltwater pool, asphalt surface tennis court and hot tub, this location is prime as it is close to village shops and ocean beaches. Call for details as they are too numerous to mention. This will not last - contact us below for your private showing today!
Rental Terms:
June: $150,000
July: $350,000