Summit, NJ has a population of 22,155, while the median age is 40. The household income in Summit, NJ is around $132,443. The homeownership rate among the residents is 71%. The median residential property value in Summit, NJ that you should keep in mind is $849,200.
Population | 22,155 |
Median Age | 39.9 |
Poverty Rate | 5% |
Household Income | $132,443 |
Number Of Employees | 10,387 |
Median Property Value | $849,200 |
Rent Price | Jul | vs Last Month |
---|---|---|
Studio rentals | $3,350 | N/A |
1 bed rentals | $2,650 | +76.7% |
2 bed rentals | $3,250 | +32.7% |
3 bed rentals | $3,862 | -11.1% |
4+ bed rentals | $6,625 | +23.1% |
Over the Jul 2022, the average rent for an apartment in/near Summit, NJ increased by 9.7% to $4,050.
Breaking it down in details, we now see that the average price for 1-bed apartment increased by 76.7% to $2,650. Pricing for 2-bed apartment also increased by 32.7% and a place of this size will now cost you $3,250. 3-bed apartment rent pricing starts at $3,862, it decreased by 11.1% lately. We tend to note the rise of 4- and more bed apartment pricing. It increased by 23.1% and made it up to $6,625.
Rent Type Price | Jul | vs Last Month |
---|---|---|
Townhouse rentals | $2,616 | +30.8% |
Apartment rentals | $3,975 | +19.9% |
House rentals | $5,187 | +27.4% |
Condo rentals | $4,300 | +57.8% |
Duplex rentals | $3,700 | N/A |
The median rent for an apartment in Summit, NJ increased by 19.9% to $3,975. Statistics show that house rent price increased by 27.4% this month making it up to $5,187. Condos faced an upward trend these days. The median rent for a condo increased by 57.8%, it’s now available for $4,300. An average duplex is now available for $3,700, cause median rent for a duplex remains the same this month. The median rent for a townhouse increased by 30.8%, you’ll have to spend around $2,616 to get one.