It’s a scramble to the sand.
With nervous East End landlords desperate to generate income this summer, bargain hunters are suddenly hustling to take advantage of discounted prices and unusually flexible terms in the rental markets.
Even luxury spreads that had hosted celebrity renters like Kelly Ripa and Lindsay Lohan in years past are still languishing on the market and have slashed their asking prices.
Ripa’s old Bridgehampton pad has been cut from $230,000 to $175,000, and a former Lohan compound in Wainscott slashed $50,000 from its $300,000 tag.
“Renters are expecting discounts,” said Jan Robinson of Hampton Homes. “Depending on their situations, I think owners are willing to take a lot less this year.”
Brokers said that the flat-lining rental market has been rejuvenated in recent weeks as bargain hunters have come off the sidelines to lock up attractive deals.
“I think the last two weeks have saved the year,” said Andrew Saunders of Saunders and Associates. “We’ve seen a lot more activity recently.”
With their unsigned leases collecting dust, jittery Hamptons landlords have — for the first time — offered monthly packages instead of the traditional season-long deals.
“It’s the first time I’ve seen it in my 27 years of doing this,” said veteran broker Judi Desiderio of Town and Country Real Estate. “It seems like people are not renting for as long as they normally would this year.”
One Wall Streeter who usually rents for the season said he opted for a $50,000 August lease this year in Amagansett.
“It’s not that the income isn’t there,” he said. “I have the same job I had last year and the same amount of money coming in. But the cushion, the savings, is not the same.”
Desiderio said that many Hamptons renters from the financial sector have simply waited to make their entry into the summer rental rush.
“I think people feel like things are going to be OK [on Wall Street] and now they’re coming out,” she said.
This year’s chaotic rental climate has even led to some unprecedented legal wrangles between tenants and owners.
Some landlords who rented their spots on a monthly basis have suddenly fielded seasonal offers during the rush of the last two weeks.
“They’re trying to get out of those leases now,” Desiderio said. “It’s an unusual situation.”