Sizing up the Hamptons rental market on an empirical basis has always been a challenge.
Data are often incomplete, disjointed or biased toward the collector. As a reporter, the lack of conclusive numbers means relying largely on anecdotal takes from brokerages and agents locking down deals on the ground.
But by all accounts, the rental market Out East has changed drastically post-pandemic. As The Real Deal reported in the latest issue of the magazine, the typical three-month stay is in the rearview. Instead, renters are more interested in heading out for a couple of weeks or a month at a time or even shorter-term stints at one of the hotels popping up across the East End.
The shift has only made understanding the data more complicated. Last month, CNBC’s wealth reporter Robert Frank, during a segment on Squawk Box, said rentals in the Hamptons were down 30 percent year-over-year.
The metric was based on data provided by William Raveis Real Estate broker Judi Desiderio, but the use of the number drew criticism when the segment was shared on social media. An account belonging to Saunders & Associates commented on a post of the video pushing back on the number.
“This is not accurate. The Hamptons rental market does not have an accurate efficient database,” the account stated. “Firms can only tell you what their individual firm is doing year-over-year.”
Turning to data from brokerages could also become a thing of the past, especially with the rise of online vacation rental platforms that allow landlords to connect directly with potential tenants. For example, StayMarquis reported a 27 percent annual uptick, compared to a 30 percent decline at a brokerage like William Raveis.
Not so fast…
Inventory is picking up in New York City.
New listings rose more than 20 percent year-over-year across Manhattan and Brooklyn, according to Miller Samuel’s monthly report for Douglas Elliman. The uptick in the two boroughs was on par with other regions covered by the appraisal firm, though the city lacked the inventory challenges posed in areas such as the Hamptons.
“New York City itself is inconsistent with most of the housing markets I follow in the sense that it’s overperforming,” said report author Jonathan Miller. “Even New York is seeking an expansion in supply growth.”
Miller added that inventory levels are outpacing signed contracts in the city, which he attributed to a slower-than-expected market this spring. Though deals increased overall, the uptick wasn’t as pronounced as some projected.
“It’s the tariff tantrums,” Miller said, referring to President Donald Trump’s tariff policies. “They’ve caused buyers to take longer to make a decision, and as a result, we’re seeing supply increase.”
NYC Deal of the Week
The priciest deal to land in the city register this week was a penthouse at the Witkoff Group and Ian Schrager’s 215 Chrystie Street. Unit PH2 at the Public Hotel closed for $15.7 million, or $3,700 per square foot. The Lower East Side apartment has four bedrooms and five bathrooms.
The value of the transaction was less than the $23.6 million deal recorded for Hugh Jackman’s penthouse at 100 Eleventh Avenue, though the details of that sale point to the actor splitting the home with his estranged wife, Deborra-Lee Furness.
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