It May be Too Late To Start Saving For Summer Share House

Anyone looking to book a Hamptons share house this summer will need to start saving soon. But for many, it’s just too late.

While it is technically illegal for four or more people who aren’t related by blood or legally, such as by marriage, to rent a space, according to municipal zoning codes, share houses remain a tradition—and even a thriving industry—on the South Fork.

According to a report by Out East, a Zillow Group subsidiary that hosts online real estate listings on the East End, it would take the average person—making the average salary of $63,000 nationwide—about 10.5 months to save up enough if they stashed 20 percent of their paychecks, then pooled it with a few friends.

For a group of six New York City millennials who make an average of $70,000 per year and save 20 percent of each of their paychecks, it will take five months of saving to make one month’s rent for a house on the South Fork in July.

“There are ways to make a summer share house work on a millennial New Yorker’s budget—it just requires some flexibility, creativity and advance planning,” said Matt Daimler, the general manager of Out East. “My biggest piece of advice to young New Yorkers who are hoping to head out east for the summer: Find a handful of friends to share a house with and start saving now.”

Out East also contends tenants should follow the appropriate rental laws set in each municipality.

The least expensive finds are as low as $20,000—requiring nearly three months of saving—in Hampton Bays and $20,500 in North Sea, as well as $26,500 in Montauk—requiring nearly four months of saving. The most expensive rentals will be offered in Sagaponack, where it will cost upward of $70,000 for a month’s stay—that’s 10 months of saving for that Manhattan millennial.

Finding a share house in June instead of July could cut the price of rent between $13,000 and $20,000. Adding two additional roommates will decrease the per-person cost by several hundred dollars and cut saving time down by about three months.

Going to the North Fork is vastly cheaper. The median rent in July is about $12,000 for a month’s stay.

For anyone looking to rent before or after the Memorial Day to Labor Day rush, Mr. Daimler said there is typically some room for negotiation in asking prices. “Before and after busy season, homeowners will be more willing to lower prices in order to fill their houses—making it easier to score a budget-friendly rental,” he said.

On average, homeowners looking to rent are expected to make about $33,000 for the month of July, the report said.