Recently Sold and New to the Rental Market for 2022
As 2021 comes to a close, Hamptons real estate activity remains busy, with the number of contracts signed overall outpacing the number of new listings coming on the market on a weekly basis, a trend that has been typical through much of 2021. With an ever changing Covid landscape, international travel may or may not be possible for summer 2022; regardless, the Hamptons rental market looks to be a lot more fun for tenants who are shopping for this upcoming summer season.
Sales inventory has been at an all time low in 2021, but so has rental inventory. Many homes that were part of the long term rental supply were sold, but some sold homes have reentered the market as new rental listings, providing more choices for hopeful tenants.
The property at 32 East Gate Road in Wainscott was listed for sale in January 2021 for $2,295,000 and closed in April for a 9.6% discount at $2,075,000. The home was updated in 2019, is only 2 miles from Beach Lane in Wainscott and is now on the rental market listed with Laura U. White of Saunders & Associates for a $12,000 weekly rate this winter.
The property at 23 Hedges Banks Drive in East Hampton had been a rental listing for years, but was listed for sale in July of 2020 and sold in February 2021 for $2,300,000.
With five bedrooms and over 4,000 square feet of interior space across the street from Gardiner’s Bay, the home is back on the rental market with Sharman S. Paddy and Helene Lynn of Brown Harris Stevens and asking $135,000 for July through Labor Day.
The property at 475 David Whites Lane in Southampton was listed in June of 2020 for $7,495,000 and sold for $7,400,000, a 1.3% discount, in October 2021. With views of over 50 acres of preserve, this resort style living estate with pool, tennis court and over 9,000 square feet of interior space, is now available for rent listed with Lori Schiaffino of Compass and asking $550,000 for Memorial Day through Labor Day.
The property at 211 Cove Hollow Road was listed in January of 2020 for $5,150,000 and closed for a 9.8% discount in October 2020 for $4,600,000. Redesigned and renovated in 2011 by Botta and Sferrazza, the 7 bedroom home is near East Hampton beaches and the Red Horse Market and is asking $350,000 for Memorial Day through Labor Day.
With much of the Hamptons’ historically available rental inventory sold over the last two years, seeing recently traded homes reintroduced and also newly offered for rent is a welcome relief to what has been a difficult rental market for tenants over the last two summers. Homeowners are cautioned, however, to not only adequately, but thoroughly screen prospective tenants. Opportunistic holdover tenants, in all property price points, are running rampant in the Hamptons and homeowners still have little to no legal recourse. A real estate agent or attorney can best advise on a credit and tenant background check.
To learn more about specific areas and price points in the Hamptons, including charts and stats, please visit HamptonsMarketData.com.
Adrianna Nava is the Hamptons real estate market and transaction expert. She is an associate broker with Compass and founder of Hamptons Market Data.