Summit, NJ Rental Market Trends
Highlights
The average rent for an apartment in Summit is $1,963, a 3% increase compared to the previous year, when the average rent was $1,897.
Studio apartments in Summit rent for $1,158 a month, while 1-bedroom apartments ask on average $1,522 a month; the average rent for a 2-bedroom apartment is $2,186.
Average Rent in Summit, NJ
Last updated Jun 2018
| All rentals | Studio | 1 Bed | 2 Beds | 3 Beds | |
|---|---|---|---|---|---|
| Average Rent | $1,963 | $1,158 | $1,522 | $2,186 | $3,312 |
| Y-o-Y Change | 3% | -7% | n/a | 3% | 6% |
| Average Apartment Size | 895 sq. ft. | 372 sq. ft. | 664 sq. ft. | 1,013 sq. ft. | 1,625 sq. ft. |
The average size for a Summit apartment is 895 square feet, but this number varies greatly depending on apartment type. A studio averages 372 sq. ft., while a one-bedroom apartment offers a more generous square footage: 664. 2-bedroom apartments in Summit have an average size of 1,013 sq. ft.
Summit, NJ Rent Trends
| Average Rent All rentals | Studio | 1 Bed | 2 Beds | 3 Beds | |
|---|---|---|---|---|---|
| Jun / 2018 | $1,963 | $1,158 | $1,522 | $2,186 | $3,312 |
| Sept / 2017 | $1,999 | $1,304 | $1,608 | $2,227 | $3,298 |
| May / 2017 | $1,938 | $1,256 | $1,557 | $2,157 | $3,230 |
| Jan / 2017 | $1,897 | $1,245 | $1,516 | $2,120 | $3,133 |
| Sept / 2016 | $1,868 | $1,186 | $1,544 | $2,040 | $3,231 |
| May / 2016 | $1,887 | $1,161 | $1,510 | $2,112 | $3,062 |
| Jan / 2016 | $1,838 | $1,126 | $1,466 | $2,035 | $3,386 |
| Sept / 2015 | $1,897 | $1,149 | $1,554 | $2,080 | $3,349 |
| May / 2015 | $1,813 | $1,170 | $1,466 | $1,995 | $3,277 |
| Jan / 2015 | $1,824 | $1,184 | $1,460 | $2,032 | $3,092 |
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How Does Summit Compare to Nearby Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Summit | $1,963 | 3% |
| Rahway | $1,825 | 3% |
| Elizabeth | $1,205 | 7% |
| Garwood | $2,265 | 7% |
| Westfield | $2,040 | 7% |
| Linden | $1,380 | -2% |
| New Providence | $1,687 | -1% |
For more information about the Summit rental trends, check out our monthly rent report
Cheapest Listings on RENTCafé
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.