Real Estate

Hamptons rental prices fall this summer

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An oversupply of summer rentals in the Hamptons is spurring price cuts of 20% or more, as affluent Wall Streeters and tech workers cut back on their summer spending.

There are now about 5,700 seasonal rentals available for this summer on the South Fork peninsula in New York, which includes most of the Hamptons, according to Judi Desiderio, CEO of Town & Country Real Estate in East Hampton. That’s twice the number of homes that would typically be available for a summer before the Covid pandemic shifting vacationing habits, she said.

“There’s just too much inventory, at every level,” she said.

The glut of rentals in one of America’s richest beach communities has started to lead to price cuts….



Source cnbc.com

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