I
n the Hamptons, a sense of desperation is creeping into the summer rental market. At the Setai in Miami Beach, poolside conversations often turn to the Hamptons: "Who's paying these prices?" someone asks. "Where are they coming from?" The answer lies in the dwindling inventory of deluxe rentals that meet the high standards of top renters.

    Demand and asking prices are on the rise, despite a lack of new listings. Brokers like Yorgos Tsibiridis, who lists a quirky waterfront home in Sag Harbor for $360,000, report an unprecedented level of interest. "March was insane," he says. "The money people are spending is the strongest rental season I've seen."

    Tsibiridis attributes the surge to a flood of new buyers from LA, Miami, and Palm Beach, who have moved to New York and are now seeking Hamptons rentals. With only 30-50 new homes meeting the criteria for high-end renters on the market, competition is fierce. "The more expensive houses are in most demand right now," he notes.

    For those willing to compromise, historic charm can be a viable alternative. The 13-bedroom estate at 10 & 12 Fair Lea Road in Southampton, with its octagonal turret and modern pool, is available for $1.35 million. Alternatively, the eight-bedroom estate at 10 Morgan Hill Way in Bridgehampton offers a sprawling lawn, pool, and tennis court for $950,000.

    While these options may not be directly on the beach, they offer a unique blend of luxury and character that's hard to find in the Hamptons' dwindling rental market.