Hamptons Summer Rentals Drop 30%
Summer rental prices in the Hamptons have decreased by 30% compared to previous years, with luxury rentals experiencing even steeper declines of 50-75%, due to various market factors.
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Summer Rentals
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Hamptons rental prices drop due to oversupply.
The Hamptons is experiencing a glut of summer rentals, with twice the number of homes available compared to pre-pandemic levels. This oversupply has led to price cuts of 10-20%, with further drops expected as homeowners race to fill their rentals before Memorial Day. The surge in supply is due to many new homeowners trying to rent their homes after buying during the sales boom of 2020 and 2021. Falling demand from Wall Street and tech workers is also contributing to the market's struggles, although high-end oceanfront rentals remain in demand.