The rent prices in real estate in Summit, in the New Jersey region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Summit has had a strong fall during the last 6 months. In October, the average price per sq.feet was $52.35. In the following month the price per sq.feet fell considerably to $2.58. The price for the following two months in (December, January) had a considerable rise of 155 %. The price per sq.feet has had a considerable rise of 168 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $35.08 to $59.07 during February, and March.
When referring to the price in Summit (cities), this has risen considerably in the last 6 months. The rent price in October is $2,497, rising in November till $2,844. During the following two months (December, January) the price has had an average rise from $2,670.5 to $2,909.5. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 120 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $3,278 they are 41 % more affordable than the average price for Summit . The properties with the highest average price have 2 bedrooms, Their price is 3 % more expensive than the average. After that we have properties with 3 bedrooms priced at $2,183.
With regard to the average price per sq.feet, those properties with 3 bedrooms are the most affordable ones at a cost of $1 / sq.feet, with an average $44.13 / sq.feet price in Summit. The properties with the most expensive average prices have 1 bedroom. They are 355 % more expensive than the average followed by properties with 2 bedrooms with a price at $49 / sq.feet.
With regard to the average price based upon the property in Summit we can see that the most affordable property type is "Apartment" at a price of $2,183, they are 33 % cheaper than the average price of (!PRECIO2!). "Apartment" has the most affordable price. This price is 33 % more affordable than the average price aforementioned.
According to the average area price by sq.feet the most affordable property type is "Apartment with an average cost of $1 / sq.feet. "Apartment" with an average price of $1 / sq.feet has the most affordable price and would be directed at less affluent cities.