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For Renters

  • No reliable data on rental prices or inventory
  • Short term rentals becoming increasing popular as owner inventory increases and tenant budgets decrease
  • No single source with all rental inventory

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I do not track rental data on WolfRE, and the reason is simple: there is no publicly reported, reliable data on the rental market.  Anecodotes abound, and if you ask 10 brokers about the rental market, you will get 10 different answers.

Unlike sales, where "the truth will out" eventually regarding prices paid when deeds are recorded, there is no mechanism that requires the parties to a lease to ever publicly reveal its terms.

The only inarguable truth regarding the present state of the rental market is that short-term rentals are becoming ever more popular.  Prior to the crash, full season, or at least one month, rentals were the norm.  Today many tenants request two week rentals, because they can no longer afford to spend longer periods of time in the Hamptons.  Since the crash of 2008 a great deal of rental inventory has come on the market as owners attempt to increase their cash flow and as a result they often reluctantly accept short-term rentals, frequently at the last minute, after failing to rent for a longer term.

The best properties of course will always rent early in the season.

Unlike sales, where almost all listings are shared through the RealNet system (see "For Buyers" or "For Sellers" for more information), most rental listings are not shared among various agencies.  So unfortunately prospective tenants may have to go to multiple agencies to find a house.  And unless a rental listing is so expensive that giving an agent an "exclusive" listing is possible, owners are advised to contact multiple agencies to list their home for rent.

To list your home for rent with Brown Harris Stevens, or, to look for a home to rent, contact me.