Summary of Southampton, NY Real Estate Market 2019

1) The median home value is $1,535,150.

2) The average market rent in Southampton is $2,698/ per month.

3) The homeownership rate is 76%, renters occupy 24% of homes, 61% are vacant or seasonal.

4) The home size of 3-bedroom is most common, then 4-bed, 5-bed, 2-bed, 1-bed.

5) The highest 20-yr appreciation of home values in Southampton were at the Village Center, North Sea/Tuckahoe, Shinnecock Hills

6) The 2019 New York State Rental Law changed for both landlords And tenants

“Prior to the new law, just as rents were a matter of what the market would bear, security deposits fell into that same category. Now a landlord may not require more than one month's rent including utilities charges to compensate the landlord for unpaid rent and damage caused to the landlord's property by the tenant during the term of the lease, other than normal wear and tear. Further, the landlord must provide the tenant with the opportunity to inspect the property along with the landlord, at least fourteen days of the tenant's vacating the property and provide them with a list of the charges. In the past, the law required the landlord to return the security deposit, less the funds retained, "within a reasonable time." The law now requires that the refund be made to the tenant within fourteen days of vacating. Any challenges to the amounts deducted impose the burden of proof upon the landlord.” - Per John A. Viteritti at Hamptons.com


References:

Neighborhood Scout
https://www.neighborhoodscout.com/ny/southampton/real-estate

Hamptons.com
https://www.hamptons.com/Real-Estate/Land-and-Law/25791/The-2019-New-York-State-Rental-Law-And-How-It.html#.XeghypNKi6I