Property prices for rent in Summit (New Jersey)

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.

Average price last 6 months
Price/sq.feet last 6 months
Average price per sq.feet

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.

Average price

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.

Average price per bedrooms

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.

Price per property type

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.

Charts data
Average price March
Average price per sq.feet March
Number of properties used in Summit
Number of properties used in region New Jersey
** Graph's data with null or zero value are due to there isn't enough data available to get a reliable value