“Don’t underestimate the need of most homeowners to rent their homes during the summer months to offset the costs of owning and maintaining them,” Judi Desiderio, chief executive officer of Hamptons brokerage Town & Country Real Estate wrote in a letter to lawmakers earlier this month.
She said another provision of the new law, requiring the return of a security deposit within 14 days, is also unrealistic in the Hamptons. Thousands of properties are vacated after Labor Day -- “Tumbleweed Tuesday” -- leaving their owners to vie for scarce local contractor services to assess damages and costs.
Without a law tweak, expect some Hamptons rentals to be more costly this year -- and for homeowners to demand extra assurances from seasonal tenants, like recommendations from previous landlords, Shtainer said.
“It’s owner beware,” she said. “You have to be more vigilant than before because you don’t have much recourse.”
This article was provided by Bloomberg News.