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Long Island summer rental market
Real estate agents on Long Island say it isn't too late to find a summer rental because inventory is strong but you will most likely find very high prices.
NEW YORK - The countdown to summer is on. And there is a last-minute rush of renters looking for homes and apartments on Long Island during the warmer months, according to real estate agent William Gold. However, the pricing right now, at least in the Hamptons, is steep.
"The hotspot is four bedrooms with a pool and that's generally around 2,500 square feet or so," Gold said. "If you're looking for the summer, that's going to be about $140,000."
Gold, who works for Douglas Elliman Real Estate's The Atlantic Team based in East Hampton, generally focuses on high-end summer properties. But he said inventory is very strong across the board and has been ever since the pandemic began. For renters on a budget, he suggests keeping in mind that properties south of Montauk Highway are significantly more expensive than properties north of the highway.
"Pricing has definitely increased last year but from last summer it's been pretty stable. The only difference is we have seen more inventory," Gold said. "A lot of people kind of saw that the Hamptons were on fire and they started buying rental properties and investment properties and put those on the market themselves."
Manhattan residents Brendan Collins and Emily Tyree are renting a home in Montauk this summer with a group of friends. They rent there every summer and shared their tips for finding the best spot.
"Starting April to May, owners start to peak their prices and before you know it houses are a little bit out of budget and hard to come by," Tyree said.
Collins said you can check social media platforms such as Facebook or Instagram.
"People are trying to get pretty creative because the market out there is red-hot," Collins said. "There are also specific websites out east that aggregate all of the brokers' websites."
Real estate agents we spoke to on Long Island say it isn't too late to find a summer rental because inventory is strong but you will most likely find very high prices, so you'll have to look long and hard. The advice for next year is to start looking as early as January.