Summer rental guide 2005

As renters get farther away from epicenters of wealth such as New York, prices and inventory get better. Maine is still a relative deal, but so are places like Long Island's North Fork along the Hudson River Valley, Wisconsin's Lake Geneva, the Adirondacks, Canada's Murray Bay, Nova Scotia and Michigan's Upper Peninsula. The problem with many of these places is that rental properties are historically scarce and that they are hardly practical as a weekend getaway--unless you have access to a private jet.

Even well-heeled renters who don't flinch at the thought of dropping several hundred grand for the season will find it difficult landing their dream houses. "We have way more buyers than we have inventory," says Diane Saatchi, a senior vice president for The Corcoran Group in the Hamptons. "Generally the kinds of houses people want to rent are not on the market for renting."

Saatchi believes that means renters will have no choice but to compromise. Do they want the beach or lakefront house, or do they want something with eight bedrooms and a tennis court? It won't be easy to find all these things. "People think it's a lot of money to spend on a rental--and it really is--so that can be a horrible blow."

So does that mean that people will stop renting in the Hamptons, Martha's Vineyard or Aspen? Not as long as these places are blessed with cooling breezes and beautiful views. But the high prices they will be forced to pay may make them angry enough that they may eventually decide to buy instead.

The only two things for certain are that prices--for buyers and renters--in the most desirable summer communities are unlikely to come down anytime soon...and that it is a good time to rent your beach house.

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