Updated 05/24/2009 12:45 PM
Beat The Heat: Summer Rental Deals, Part 1
To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
With the upcoming holiday weekend, many New Yorkers are hoping to land a deal on a summertime rental without breaking the bank. NY1's Jill Scott filed the following report.Thinking of renting a place this summer? Whether you are looking for a place from now through Labor Day (or even just a monthly or weekly rental) we decided to head to the beaches to see what's out there and if there are any deals.
In general, there is still availability in the Hamptons, on Fire Island and at the Jersey Shore. Instead of booking months ago, it seems a lot of people waited and are just shopping now.
First, the Hamptons are always a hot spot and rentals are quite pricey in any economy. Charles Manger of Brown Harris Stevens says there are still homes available for rent, but the prices are not as reduced as you may think.
"Roughly the discounts that we've seen deals being made is about 20 percent. The theory of 50 percent off is not happening and if it is one or two homes that did have that happen, they sensationalize that and it's really not," said Manger.
He says that 20 percent seems to be the case everywhere from Westhampton to Montauk.
In terms of price, if there is no wiggle room, Manger suggests asking for concessions.
"They may get an extra week, may get an extra two weeks. They may also negotiate on the maintenance of the lawn, pool maintenance if there is a pool," said Manger. "So there are a number of things people can look at to negotiate some bit of pricing."
There is also a lot of new inventory in the Hamptons because many sellers have decided to put their homes up for rent for the summer. And it seems as if more people are looking to rent for shorter periods rather than the entire season.
Same is the case over on Fire Island where there's also plenty of inventory, but seems to be moving quickly. Laura Marvin Smith of Fire Island Homes says overall, prices there are holding strong.
"The prices have come down a little bit. There are some deals on full season rentals only. The shorter periods of time are still holding in price," said Marvin Smith.
She says concessions aren't really being made either. So what are we seeing in terms of prices?
"The average rental for a full season is about $30,000 for a monthly period its about half of that 15 to 20 thousand and the weekly market is about anywhere from $3,500 to $6,000 a week," said Marvin Smith.
She says there is not too much weekly rental inventory and the demand is greater than the supply.
That's not at all the case down at the Jersey Shore, where most rental deals are at weekly rates. In our next report, we'll show you what the market is like in the Garden State and how you can "shore" up a good deal.