Disclaimer: Covid-19 may have impacted rent prices in a way that is not yet reflected in our reports. When referencing the data published on this page, please keep in mind that the data provided here may not accurately depict the current reality of the market.
Summit, NJ Rental Market Trends
What is the average rent in Summit?
The average rent for an apartment in Summit is $2,225. The cost of rent varies depending on several factors, including location, size, and quality.
Average Rent in Summit, NJ
Last updated January 2022
| Average Rent | Average Apartment Size |
|---|---|
| $2,225 | 898 sq. ft. |
What is the average apartment size in Summit?
The average size for a Summit, NJ apartment is 898 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Summit, NJ Apartment Rent Ranges
Summit, NJ Occupied Housing Units
1,935 or 25% of the households in Summit, NJ are renter-occupied while 5,742 or 74% are owner-occupied.
Summit, NJ Rent Trends
| Average Rent | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | Jul / 2021 | Jan / 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Summit, NJ | $2,080 | $2,074 | $2,085 | $2,098 | $2,109 | $2,134 | $2,152 | $2,254 | $2,225 |
| National | $1,344 | $1,376 | $1,384 | $1,387 | $1,379 | $1,383 | $1,393 | $1,476 | $1,572 |
How Summit Compares to Other Cities
| City | Average Rent |
|---|---|
| New York City | $3,863 |
| Manhattan | $4,140 |
| Jersey Shore | $1,724 |
| Jersey City | $2,998 |
| Brooklyn | $3,080 |
| Bronx | $1,628 |
| Newark | $1,304 |
| Hoboken | $3,611 |
| Irvington | $1,122 |
| East Orange | $1,448 |
| Summit | $2,225 |
Most Popular Apartments in Summit
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Summit apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.