Labor Day used to mark the end of Hamptons season, but as the pandemic drags on leaving many people still working from home indefinitely, lots of Hamptons renters who would normally be returning to the city next week are extending their stay indefinitely. As Manhattan braces for the uncertainty of fall during a pandemic, another season in the Hamptons is becoming an increasingly attractive option, and fall rentals are reaching higher prices than ever before.
“The rental market post-Labor Day has been extremely active, and prices are considerably higher than they were in the past,” Pamela Liebman, president and chief executive officer of the Corcoran Group, told Bloomberg. While many rentals are seeing a price drop heading into the winter months, some properties are still renting at six-figure rates even into what was once the off-season.
In addition to higher prices, the Hamptons rental market is also navigating new territory in terms of rental periods.
“We’re putting up new rentals now for periods that didn’t really exist before,” James Keogh, an agent for Douglas Elliman in East Hampton, told Bloomberg. Amid ongoing pandemic uncertainty, some renters have extended their lease through the winter, while others are planning on staying put for a year or more. One Southampton agent told the outlet he’s seen a client extend their lease through May 2022.
Summer may be ending, but with few people in a rush to get back to a pandemic ravaged city, it seems Hamptons season is still in full swing.
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