A Hamptons rental could cost you $1 million this summer

Home prices in Hamptons reached radioactive levels during the pandemic. In 2020, the East End saw price record after price record as the rich gobbled up property without even seeing it and asking.

Meanwhile, those who typically rent out their spreads chose to bunker east instead, compounding the inventory shortage.

The rental market at the time was “driven by panic,” said Judi Desiderio, the president of Town & Country Real Estate, which operates eight offices in the Hamptons.

“People wanted instant gratification to get out of town as soon as possible,” she recalls. “It all started with the schools being closed.”

Now, about two years later, it still takes some serious leverage to snag a Hamptons rental car for the summer.

Stock is more limited than ever and prices are still at an all-time high. But for those trying to get their elbows in, that’s not all bad news.

Demand has eased — at least slightly, according to several real estate agents in the Hamptons.

“The rental market isn’t as crazy as it was when the pandemic started,” said Enzo Morabito of Douglas Elliman. “It’s a normal season where people are clamoring for top properties but not going completely crazy to get them.”

Chris Covert, an associate broker at Compass in Bridgehampton, agrees.

“Before the pandemic, luxury property owners were looking forward to the extra income while driving around Europe,” he said. “They are less interested in that today and they want to be able to use their real estate themselves.”

This “renters non grata” attitude has depleted inventories and led to higher prices.

According to research by Compass’ market research team, rental rates are about 10% higher year-over-year, with rental activity up about 25% in recent weeks as Hamptonites begin to lock in their stays.

Additionally, the team’s data showed that while some new rental properties are available, supply has fallen by half.

Data from the Hamptons real estate listings site Out East also pointed to a lack of high-end inventory. Of the 1,359 rental cars currently available on the site for Memorial Day through Labor Day rentals, 44% are less than $100,000, while 2% are between $500 and $750,000. Only 0.04% of the market asks for more than $1 million.

Covert’s top summer rental is a home in the village of Southampton that has fetched more than $1 million for the season. However, it pales in comparison to the listing he currently has in Bridgehampton with a price tag of $1.65 million for the month of July alone.

Renowned Hamptons developer Joe Farrell’s newly built estate sits oceanfront at 155 Surfside Drive and spans 10,000 square feet. With eight bedrooms, nine bathrooms, a swimming pool and an expansive rooftop bar and putting green, it’s a destination in itself. Unobstructed views of the sunrise and sunset are also a draw.

But those looking to make a splash in the Hamptons this season have other options. Here’s a look at five of the most expensive rental cars still on the market.

Farrell is also behind another new build luxury rental. Located at 678 Daniel’s Lane in Sagaponack, this is nearing completion and will be let for the first time this summer. It is a 7 bedroom condo on famed Lane, known for Billionaire properties (it’s just up the road from Ira Rennert’s controversial Fair Field property) and features a tennis court, swimming pool, gym and screening room . The beach is within walking distance.

If you’re willing to shell out $475,000 to live in it this July, it’s yours. Covert of Compass has the listing.

This contemporary property is located at 15 Chichi Dune Road, Bridgehampton, on over 50 meters of sea frontage and boasting sea and bay views.

It features over 6,000 square feet of interior space and an open layout on the main level leading to a patio with pool and a private path to the beach. There are eight bedrooms in total, with the master suite enjoying unbeatable sea views. The lower level of the house, meanwhile, has a spacious lounge.

It’s asking $975,000 for August through Labor Day (meaning it’s already booked for the start of the season). Catherine Juracich, Thomas Ventura and Alexis Godley from Douglas Elliman have the list.

Located at 38 Two Mile Hollow Road in East Hampton, this estate covers 9,500 square feet on over 3 acres of prime East Hampton oceanfront land. It features nine bedrooms, 9½ baths and an enviable array of amenities: an oceanfront pool, an outdoor kitchen with a grill, a tennis court with a covered gazebo, and a three-car garage.

The bonus is the beach bungalow with minibar. It charges $750,000 in July and $800,000 from August through Labor Day. Sotheby’s Eve Combemale has the listing.

The newly renovated 34 Cobb Hill Lane in Water Mill is set on over 5 acres on a private cul-de-sac. With direct access to the Atlantic Ocean, this mansion weighs 10,382 square feet with thousands more square feet set up outside for entertaining.

Featured in Ed Hollander’s 2012 book, Private Oasis, this eight-bedroom, seven-bathroom beauty’s amenities include cathedral ceilings, stone fireplaces, a Japanese bathtub, sauna, gym, steam room, massage room, and wine cellar. Outside there is a pool, a detached pool house and a guest house.

So much room for activities will set you back $950,000 for Memorial Day through Labor Day, or why not splurge and book it for $1.2 million for the year? Hedgerow Exclusive Properties has the listing.

On the beach at 279 Dune Road is another 11,000 square foot seven bedroom, ten bathroom property on the market.

It offers a contemporary aesthetic and a long list of amenities, including a large gym, swimming pool and spa, a master suite with a shower that offers ocean views, and plenty of entertaining areas.

The spacious living room leads to two decks, one overlooking the ocean, the other overlooking the bay.

A stay from Memorial Day to Labor Day will cost you $1.5 million. Arrive in August and leave Labor Day for just $750,000. Corcoran’s Susan Breitenbach and Cutter Koster have the list.