2 Sunninghill Road in Southampton
Out East via Nest Seekers International Bridgehampton
The summer isn’t the only prime season for a Hamptons getaway.
Real estate experts say the East end of Long Island is becoming a more desirable destination in the fall. The crowds have gone back to work and school, the leaves are changing, and the weather is still warm enough to enjoy its amenities.
Between the festivals, farms and orchards, beaches and hiking trails, there’s plenty to do out East in autumn.
“Fall is a great time out here,” says Douglas Elliman agent Aaron Curti. “It’s still beautiful and you don’t need a beach pass after September 15. Plus, there’s a whole lot less traffic.”
Another reason? There’s a significant price drop for rental properties, experts say. For example, a house that commands $95,000 for July and August might rent for $20,000 for the month of September, after Labor Day, Curti explains.
The listings site Out East reported that fall rents command a 38% drop from the median asking price in the peak of summer. Meanwhile, renters have more negotiating power in the autumn months, the site has found.
“Once the summer busy season winds down, competition lets up a bit and home owners are more willing to lower prices in order to fill their houses during the off-season,” an Out East study says.
And while you’re out there, you can lock down rentals for next summer ahead of the spring rush, or even shop for homes that are available on the sales market.
There were more than 160 rental properties listed on Out East at the start of October, including an eight-bed, 6 1/2-bath new construction at 2 Sunninghill Road in Southampton listed for $12,000 for the “Extended Season” (and $20,000 for “Winter”), and a cozy three-bed, 2 1/2-bath at 57 Hillside Ave., just outside the Village of Sag Harbor, listed for $15,000 for the Extended Season ($20,000 for Winter).
And as prices fall with the leaves, the number of rentals being booked are rising, according to StayMarquis, another listings site. In 2018, there were roughly 4,800 bookings in September with an average nightly rate of $748. As of Sept. 16 this year, there were already 5,985 for an average nightly rate of $747, a 27% increase in activity.
His site also found a 30% drop in prices from the summer peak, with a 45% decrease in October, specifically.
“Renters realize that the weather is still beautiful, the water is at its warmest, parking spots are available in town, and restaurant reservations are easier to obtain,” explains Bryan Fedner, co-founder and managing partner at StayMarquis. At the same time, “because there is so much supply and much less demand than summer months, owners know that they have to price aggressively if they want to obtain bookings during the shoulder and winter months.”