Vacation Rental Market Strong in the Hamptons
The New York Times reports a reversal of what has been the trend in the Hamptons over recent years, more people are renting and fewer are buying this summer. The article by Valerie Cotsalas reports, “Potential vacation-home buyers seem to be hanging back amid rising interest rates and a slower appreciation of home values, with many houses currently for sale lingering on the market, according to interviews with about 15 real estate brokers over the last few weeks.�
Apparently a lot of rich people are renting and paying fabulous prices for the choicest properties. The overall strength of the vacation rental market in the Hampton reflects reports that we see from other prime summer vacation destinations, most of them without the kind of prices charged in the Hamptons. Vacationers in the Northeast might look for more reasonable locations, such as Providence, Rhode Island either on our VRO listings or on other sites.
