Earlier this week came the news that home sales in the Hamptons plunged 41.3 percent annually in the fourth quarter. Now, The Real Deal‘s Candace Taylor reports that the rental market’s just as dismal:
Though it’s early in the season, brokers say the number of Hamptons rental transactions so far is way down in the wake of this fall’s financial crisis.
Michael Daly, principal broker at True North Realty Associates in North Haven on Long Island’s East End, estimated that the number of rental transactions may be down by as much as 80 to 90 percent from last year at this time. Since about 10 percent of homes are rented by this time of year, that could translate to more than 1,000 fewer transactions, since there were roughly 13,000 East End homes on the market last year, according to figures from Town & Country Real Estate.
Not surprisingly, asking rents have dropped as well.