Keep pulling the thread on Jonathan Miller.
Jonathan Miller believes the primary driver of the construction boom in luxury vacation areas across the U.S., including the Hamptons, is strong compensation from Wall Street over the past few years.
The COVID-19 pandemic has structurally changed the second-home market by extending their use, enabled by technologies like Zoom.
The 'Amazonification' of demand has made the second-home rental market less predictable, as consumers increasingly make last-minute decisions rather than following historical booking patterns.
A seasonal rental property is available in the Hamptons for $2.5 million.
Consumer behavior in the summer rental market has become 'Amazon-fied,' with a structural shift towards last-minute bookings facilitated by mobile devices like the iPhone.
The Hamptons summer rental market saw a noticeable uptick in traffic after Memorial Day, a time when the market would historically be considered over.
Jonathan Miller expects the trend of last-minute bookings in the Hamptons rental market to continue after the July 4th holiday.
The consumer trend of making last-minute rental decisions is a structural change that Jonathan Miller believes will persist indefinitely.
The website Out East currently lists 4,500 available rentals in the Hamptons.
Jonathan Miller expects a significant amount of the available summer rental inventory to be absorbed over the next month.
Demand for rentals in the Hamptons and the East End has been supported by strong Wall Street bonus seasons over the last couple of years.
The market for modestly priced second homes, such as those in New Hampshire or Vermont, is weaker than in the past due to its sensitivity to mortgage rates.