NEW YORK (FOX 5 NY) - In 2018, StreetEasy created an entire site devoted to properties for rent and sale on Long Island, aptly named Out East. This year, the company is back with tips for locking down that home out on the island.
February is the peak time for the summer rental market. This is the most inventory you'll see all year, says Matt Daimler, Out East's general manager. That means it's time to start looking if you want a summer rental in the Hamptons.
Matt says the first warm weekend is the time when people start looking at properties in person, so if you want to get in front of the crowd, you want to go the weekend before that.
By April, 25 percent of the inventory will be gone but you'll still have plenty of options and might get a better deal if you wait. The best prices, Matt says, will happen closer to the start of the summer when the remaining inventory will be discounted and you'll have more room for negotiation.
What you pay also depends on when you want to go. The average price for the entire summer is about $75,000 across all of the Hamptons, including the East End. If you only want to rent for a month, June could be $20,000, July could be $30,000, and August could be $40,000, Matt says.
Prices also fluctuate depending on where you want to be in the Hamptons. Matt says the lowest rental prices for the month of July are about $20,000 in Hampton Bays, which is closest to New York City, so it's a shorter commute. The highest rental prices for July are about $70,000 in Sagaponack.
Also, ask about secret inventory. Matt says celebrities and other high-profile people don't want to list their properties. Every year, he says, a handful of homes aren't advertised at all. So how do you get access to that secret celebrity stash? Reach out to Out East and talk to the agents, who can see that inventory, which is about 10 percent to 15 percent of the market, and try to get you in.