Short-Term Rentals in This Posh Area Are Absolutely Booming

March 27, 2020

Rental real estate in the Hamptons is in high demand from New Yorkers and others looking to leave the city and weather the COVID-19 outbreak in an area offering more space. Landlords with rentals in the Hamptons are finding early demand for homes from a flood of consumers willing to pay whatever they can afford.

Brick Underground, a real estate information source for the New York area, reports a 33% increase in short-term rental searches on its real estate site in March compared to a year ago. Usually, the area doesn’t see an uptick until the summer season informally begins on Memorial Day.

Eddie Shapiro, founder of the brokerage Nestseekers, told Brick Underground that his phone won’t stop ringing as people look for houses. “I got a call Monday from someone willing to spend $250,000, and he was in a house by Thursday,” Shapiro says. That was to stay for two to three months.

Some sellers and developers are transitioning their listings to rentals for the time being due to the increase in demand.

Developers are noticing the rising demand for homes that offer privacy and isolation, and around the country, some are reporting higher demand for remote properties. In Virginia, a 350-acre development described as a “self-sustaining survivalist escape” has three residential cabins. It just went on the market for $17 million and the owners are reporting an uptick of interest in the remote property.

Source: 
NYC Exodus Jolts Hamptons Market to Life Months in Advance,” Brickunderground.com (March 23, 2020) and “Survivalist Real Estate: What Wealthy Buyers Look for in Times of Crisis,” Mansion Global (March 25, 2020)