Real Estate

Panicked wealthy fleeing the coronavirus drive up rental prices in the Hamptons and Hudson Valley

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Wealthy New Yorkers fleeing the city are driving up the prices of rentals in the Hamptons and Hudson Valley, with rates more than tripling for some properties.

As New York imposes strict stay-home guidelines and the number of coronavirus cases skyrockets, New Yorkers who can afford it are decamping to more rural locales. Brokers say they’re getting barraged with calls from families wanting rentals immediately, some for two weeks, some for up to a year.

“This is unprecedented,” said Delyse Berry, of Upstate Down, a Hudson Valley real estate advisory and management firm. “It’s like a panic. I have never placed so many people in rentals in one week, and at these prices, ever. Even in the…



Source cnbc.com

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