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 September, the average price per sq.feet was $29.87. In the following month the price per sq.feet fell considerably to $3.45. The price for the following two months in (November, December) had a considerable fall of 19 with regard to the previous two months. The price per sq.feet has had a considerable fall of 28 % 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 $9.9 to $2.81 during January, and February.
When referring to the price in Summit (cities), this has risen in the last 6 months. The rent price in September is $3,509, rising in October till $3,793. In the following two months the average price has hardly changed with regard to the previous two months from $3,651 to $3,552. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $3,601.5 and $3,778.5 between January and February.
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 $3,489 they are 29 % more affordable than the average price for Summit . The properties with the highest average price have 4 bedrooms, Their price is 31 % more expensive than the average. After that we have properties with 3 bedrooms priced at $4,147.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $2.25 / sq.feet, with an average $2.91 / sq.feet price in Summit. The properties with the most expensive average prices have 1 bedroom. They are 10297 % more expensive than the average followed by properties with 3 bedrooms with a price at $3.25 / sq.feet.
The graph displaying the average rent prices displays the property type "Apartment" as the most affordable one. At an cost of $3,489 it is 23 % more affordable than the average price in Summit. "Condo" is seen as the second most affordable property type. The most expensive property type is "" followed by "House". At a price of $5,168 it is 130 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Condo" at an average price of $2.62 / sq.feet followed by "House" priced at $3.09 / sq.feet. "Apartment" is the most expensive type of property with a $3.25 / sq.feet value followed by "House" with an average price of $3.09 / sq.feet.