'Glut of inventory' hits Hamptons as rental demand cools
Hamptons (Pixabay)
(ZEROHEDGE) – Considering the following: private jet demand in the US is sliding, and summer rental rates in the Hamptons have dropped. These could be indications that some of the wealthiest Americans are pulling back on spending as recession fears mount.
Vacation rental company StayMarquis said the average nightly rate for a home in the Hamptons averaged $970 as the summer season begins. This is down from $1,080 last year and follows two years of price surges since the Hamptons exploded in popularity during the pandemic.
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"More properties are available to rent, there are better deals and landlords are more open to shorter stays." Jordan Flerx, a vice president at StayMarquis, told Bloomberg.
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