Breitenbach Real Estate

The rental market has begun to heat up and I don’t recommend running to the phone to call your real estate broker. I am not a proprietor of such drastic measures. I do recommend that you consider starting to get your summer ‘09 plans in order because the Hamptons rental market has finally started to breathe again.

Some recent rentals done by Susan and Matt Breitenbach:

*Rented for the Year Last Month

*Rented for Summer ‘09 Last Week

*Rented for Year Over the Presidents Day Weekend

Last year’s rental market began with a bang. Brokers were busy in early November working with rental customers. The sales market was hiccuping, but the rental market picked up the slack as the inventory of good rentals were gone by January and February. Last year you were nuts if you waited until spring to look for a rental. People began coming out to the Hamptons for all sorts of times and time lengths. There were rentals and houses for everybody. Corcoran ended up renting almost 100% of their inventory. This year is a different story being written and very silent and solemn tone has crept over the entire rental market. This tone though has started to change.

Last year brokers were singing this tune, “sales are down but the rental market is strong.” When sales continued to slump and the economy continued to worsen over the coarse of the year this phrase became old news. November ‘08 was a much different month then November ‘09 in the Hamptons rental world. The Hamptons rental market was dead quite at the tale end of ‘08 and even into January ‘09. It was not until the tale end of January until the rental market started to take in air again and breathe. February has started to see rental action and last week’s President Day’s weekend was an extremely busy weekend in the world of Hampton’s rentals. So there is hope at least for now and if I was someone considering renting in the Hamptons this summer, I would start to get the wheels moving on my plans. I would maybe think about getting on the horse and going for a ride.

-Matthew Breitenbach

This entry was posted on Wednesday, February 18th, 2009 at 2:31 pm and is filed under Hot Topics, Rental Hints. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.