Summit, New Jersey Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Summit, New Jersey rental market.
Summit, New Jersey
Average Apartment Rent
$2,624
Y-o-Y Change in Average
Apartment Rent
5.1%
As of November 2024
Compared to a year ago, Summit, New Jersey apartments have recorded a 5.1% rent increase.
Summit, New Jersey Average apartment rent trend
Summit, New Jersey Average Apartment Rent
Summit, New Jersey Apartment rent ranges
At 73.56%, apartments priced Over $2,000 represent the bulk of Summit, New Jersey rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 0.73%.
Summit, New Jersey Housing tenure**
Renters take up 29% of Summit, New Jersey real estate, occupying a total of 2,324 units, while homeowners live in 5,620 properties.
Median number of rooms of renter-occupied housing units**
4.5
Renter median household income**
$93,783
Average household size of renter-occupied housing units**
2.5
Rental vacancy rate**
3%
Summit, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 851 rentals in Summit, New Jersey with 2 beds making up the highest share of the market, at 37%. Units with No bedrooms, on the other hand, hold the lowest percentage (3%), amounting to 59 units. Overall, the median number of rooms in Summit, New Jersey homes for rent is 4.5.
Summit, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Summit, New Jersey are occupied by residents in the 35 - 44 years age group (28%), followed by those in the 45 - 54 years age group (21%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 1%.
Summit, New Jersey Renter-occupied housing units by family type**
Summit, New Jersey Renter-occupied housing units by the presence of own children**
A total of 1,370 apartments for rent in Summit, New Jersey, or 59% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 770 units. All in all, the median size of a renter-occupied household in Summit, New Jersey is 2.5.
Summit, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 57% of the rental market. In contrast, residents with less than a high school degree reside in 4% of the homes for rent in Summit, New Jersey.
Summit, New Jersey Renter-occupied units by year structure built**
The highest share of Summit, New Jersey apartment rentals, namely 30% or 703 units, were Built 1950 - 1959, followed by those Built 1939 or earlier (23%, 541 units), and the ones Built 1970 - 1979 (11%, 251 units).
Summit, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Summit, New Jersey renters (42%) moved in 2018 to 2020, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Summit, New Jersey condos for rent is 2018.
Summit, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 45% of Summit, New Jersey renters have 1 vehicle available per household, 28% of them have 2 vehicles available, and 16% have No vehicle available.
Summit, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Summit, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
Summit, New Jersey Average apartment rent by zip codes
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, New Jersey 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.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
