Summer Rentals Hit $1 Million in the Hamptons [View all]
Source: CNBC
If you think your rent is high, consider summer rentals in the Hamptons.
Brokers say there are now at least a half dozen homes and estates in the Hamptons that are renting for around $1 million-just for the summer. That works out to $9,803 per day, or $408 an hour. And the $1 million lease doesn't include utility bills or other charges, which can run in the tens of thousands.
"It's unprecedented," said H. Dolly Lenz, a Manhattan broker who also works with buyers and renters in the Hamptons. "The demand is not just strong, it's unbelievable."
... Lenz and others say the surge in Hamptons rentals is being driven by hedge funders, the stock market and the super-rich from Russia, Germany, Italy and other countries.
Read more: http://finance.yahoo.com/news/summer-rentals-hit-1-million-162653313.html
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