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Rihanna is renting a house in the Hamptons! And she’s paying top dollar for the place, booking a five-bedroom, 8,900-square-foot rental from mid-July to mid-August for $415,000.
You read that right. Just under a half-million for four short weeks.
According to the New York Post, the 32-year-old Barbadian-born singer and Fenty founder has reportedly been house hunting on Long Island’s East End. But for the time being, she’s decided to rent a place in the area.
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Located in North Sea near Southampton, Rihanna’s summer spot also requires a $1 million deposit and comes with some star cachet. The estate was once inhabited by the Kardashian family during the filming of “Kourtney and Khloé Take the Hamptons” in 2014.
Inside Rihanna’s Hamptons rental
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Rihanna’s upcoming summer plans will be more than set on this fabulous property, a grassy 2 acres that form a private peninsula.
It includes a dock, which can accommodate two or three water crafts, paddleboards, and kayaks. The rental even comes complete with a boat.
Still, at $415,000, the bigger question is this: Did Rihanna overpay for her summer pad?
What the rental says about the Hamptons real estate market
“While this rental may seem incredibly expensive, given the current situation and market, this actually appears to be a reasonable price since luxury Hamptons properties are being scooped up at record prices due to insatiable demand,” explains Dolly Lenz, a real estate agent with the eponymous firm in New York City.
“The Hamptons rental market is on fire since rates are increasing and supply is declining and clients are paying a premium for shorter rentals,” says Sara Burack, a real estate agent with Nest Seekers in Bridgehampton.
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Another factor at play in the Hamptons summer rentals rush: Vacations on the French Riviera and other upscale destinations are largely on hold for A-list celebs this season.
“Many of our clients who are renting now are people who would typically be summering at their properties in Europe or traveling abroad or on a boat elsewhere,” says Jennifer Lenz, a real estate agent at Dolly’s company. “With the pandemic affecting global luxury markets and the inability to travel abroad, the Hamptons have become the go-to destination.”
“Instead of hopping on a plane to hit the beaches, renters can enjoy a mere two-hour journey to some of the world’s top beaches and homes with spectacular views,” adds Burack.
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Alas, the Hamptons aren’t quite the Amalfi coast or the Greek isles, but the New York hot spot also isn’t a rough place to hang up your sarong, either.
“In addition to the chic vibes and fine dining, the Hamptons offer a huge emphasis on the equestrian lifestyle,” says Burack. Also, “now that kids aren’t in camp, there are many ways to entertain the whole family.”
In sum, she adds, “the Hamptons are the epitome of a private resort vacation but without the palm trees, though I’m sure if the tenant wanted them, it could be made to happen.”
Will Rihanna end up buying her rental?
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As it turns out, Rihanna’s rental is actually for sale for $10.99 million. So might Rihanna snap up this massive manse as a permanent spot once the summer is over? Some say it’s likely.
In fact, the renter-to-buyer Hamptons rush has happened before, which suggests it very well may happen again.
“Many of these rentals will create a boomlet in the real estate market and become purchases in the fall, which is similar to what happened after Sept. 11,” Dolly adds.
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The post Inside Rihanna’s Hamptons Rental—and the Insane Price She Paid appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/inside-rihanna-hamptons-rental-how-much-she-paid/
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