How much does it cost to rent in Water Mill, NY?

As of July 2026, the median monthly rent in Water Mill, NY is $96,167. This figure is based on aggregated data from public sources and community-submitted rents.

Is Water Mill cheaper than other New York cities?

Water Mill is one of the pricier cities in New York, ranking #1 out of 126 cities tracked at $96,167/mo.

When was Water Mill rent data last updated?

Water Mill rent data reflects July 2026 and was last refreshed on July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.

City Report · NY

Water Mill

Name: Average Rent Prices in Water Mill, NY
Creator: RentDataNow
License: https://rentdatanow.com/terms-of-service

Pop. 2,764·1st most expensive in New York·Rents have been falling, good time to negotiate

Median rent (all units)

$96,167/mo

Year-over-Year

Stable

Month-over-Month

-5.5%

vs US Median

+$94,202

Falling (Monthly)

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Most AffordableMost Expensive

Water Mill · $96,167

More expensive than 100% of US cities · National median $1,965/mo

Affordability

618% of income

EXPENSIVE

0%30% benchmark60%+

At $96,167/mo, rent takes about 618% of the local median household income, well above the 30% benchmark.

Income to afford

$3,847,000/yr

Local median income

$186,875/yr

Based on the 30%-of-income rule using Water Mill's median rent and household income. See the full affordability breakdown →

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost

$1,154,004/yr

At $96,167/mo median

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (+0.0% YoY, -5.5% MoM), not inventory.

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Compare your rent to the local median.

Demographics

Who lives here

Water Mill, NY is majority owner-occupied, has a large retiree population, has a median income above the national average, 73% of residents hold a bachelor's degree or higher.

Population

2,764

Median income

$186,875

Median age

54.9

Renters

6.3%

Age distribution

12.2%

18.8%

19.2%

27.2%

22.6%

Under 1812.2%

18–3418.8%

35–5419.2%

55–6427.2%

65+22.6%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

89.4%

White89.4%

Hispanic8.3%

Asian1.5%

Other0.5%

Education (25+)

13.6%

73%

No HS diploma2.3%

HS diploma13.6%

Some college11.1%

Bachelor's+73%

Housing tenure

93.8%

Owner93.8%

Renter6.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Water Mill, NY has changed in 5 years

Income

$162,396 → $186,875

up 15.1%

Population

2,113 → 2,764

up 30.8%

Renter share

8.5% → 6.3%

-2.2 pts

Bachelor's+

74.4% → 73%

-1.4 pts

Median age

50.9 → 54.9

+4.0 yrs

Census figures show median household income at $186,875 today, compared with $162,396 five years earlier. Census counts show Water Mill, NY adding about 651 residents over the five-year window, up 30.8% on net. The renter share has eased from 8.5% to 6.3%, with owner-occupied housing accounting for the remainder.

Community

Discussions about Water Mill

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By apartment size

Water Mill rent by bedroom count

Median rent for each apartment size in Water Mill. Click any size for full breakdown.

Local insights

Tips for renters in Water Mill

About renting in Water Mill, NY

Last updated: July 20, 2026

The median rent in Water Mill is $96,167/mo as of July 2026.

At 618% of local median household income ($186,875/yr), Water Mill ranks as expensive compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Water Mill an affordable city for renters?

Water Mill is considered expensive for renters. At $96,167/mo, rent takes approximately 618% of the local median household income ($186,875/yr). The standard benchmark is 30%. Water Mill significantly exceeds that threshold, making it challenging for many renters.

How much income do you need to rent in Water Mill?

To keep rent at or below 30% of gross income, you would need to earn at least $3,847,000/year (~$1850/hour full-time) to afford the median rent of $96,167/mo in Water Mill. The local median household income is $186,875/yr, meaning the typical Water Mill household falls short of that threshold.

Is rent going up or down in Water Mill?

Rent in Water Mill has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Water Mill rent compare to other cities in New York?

Water Mill is one of the pricier cities in New York for rent, ranking #1 out of 126 tracked cities at $96,167/mo.

Which nearby cities are cheaper to rent in than Water Mill?

Several nearby cities have lower median rents than Water Mill ($96,167/mo): Moriches ($2,376/mo), Manorville ($2,410/mo), Southold ($4,250/mo).

What percentage of Water Mill residents rent vs. own?

According to Census data, approximately 6.3% of Water Mill households are renters, while 93.8% are owner-occupied. Water Mill leans toward homeownership, which can mean a smaller rental inventory.

How does Water Mill rent compare to the national average?

Water Mill's median rent of $96,167/mo is $94,202 (4794%) above the US national median of $1,965/mo. Within New York, it ranks #1 out of 126 tracked cities.

Income Affordability

618%

EXPENSIVE

At $96,167/mo, rent takes ~618% of Water Mill's median household income ($186,875/yr). The standard benchmark is 30%.

Water Mill 618%Benchmark 30%

State income tax4–10.9%

Run the Water Mill affordability calculator →

Nearby cities