New Jersey is known for its beaches along the Jersey Shore to some of the most iconic landmarks in the nation, such as the Liberty Bell, the Statue of Liberty, and Ellis Island. From the bustling streets of Newark to the picturesque shorelines of Cape May, New Jersey is a state unlike any other. Discover its dynamic culture and rich heritage by visiting iconic landmarks like Liberty State Park and the Ellis Island National Museum of Immigration. And for those seeking knowledge, New Jersey is home to renowned universities like Rutgers University and Princeton University.

Whether you're an outdoor enthusiast or a sports fan, New Jersey has plenty to offer, including the New York Giants (NFL), New York Jets (NFL), New Jersey Devils (NHL), and the New Jersey Nets (NBA). Enjoy the beautiful coastline by fishing, surfing, or sailing, and hit the slopes of nearby mountains. Make sure to visit famous attractions like the Atlantic City Boardwalk, the Camden Waterfront, and the historic town of Cape May.

A state that never stops moving, New Jersey is a melting pot of cultures, experiences, and opportunities waiting to be experienced, making it a great place to call home.

Rental Market Trends

Summit, NJ

As of July 2025, Summit's rental market is stable, offering a predictable rental market where most units lease within a few weeks. Summit's average rent is 18.9% ($464) higher than the New Jersey average of $2,461 and 64.8% ($1,150) higher than the U.S. average of $1,775.

Average Rent

$2,925

Monthly ChangeMonth Over Month Change

0.3% ($10)

Yearly ChangeYear Over Year Change

24% ($926)

Avg. Days on MarketAverage Days on Market

Unit Type	Average Rent	Monthly ChangeMonth Over Month Change	Yearly ChangeYear Over Year Change
1 Bed	$2,774	0.7% ($20)	6.6% ($172)
2 Beds	$3,374	6.8% ($247)	1.6% ($53)
3 Beds	$5,069	10.1% ($569)	3.2% ($157)

Nearby Cities	Average Rent	Avg. Rent vs. SummitAverage Rent vs. Summit	Avg. Days on MarketAverage Days on Market
Springfield	$2,448	16.3% ($477)	43 days
Chatham	$2,958	1.1% ($33)	35 days
Short Hills	$2,715	7.2% ($210)	28 days
New Providence	$2,232	23.7% ($693)	47 days
Berkeley Heights	$2,519	13.9% ($406)	46 days

Rental market trends are calculated using listing data from RentalSource.

Frequently Asked Questions

Summit Rental Market FAQs

Explore rental prices, market trends, and availability in Summit, NJ.

What is the average rent in Summit, NJ?

The average rent in Summit, NJ is $2,925 per month.

What is the rental price range for apartments in Summit, NJ?

Apartments in Summit typically rent for between $1,942 and $6,590 per month, with an average of $2,925 per month.

What is the average rent for different bedroom sizes in Summit, NJ?

In Summit, the average rent for a 1-bedroom apartment is $2,774 per month, for a 2-bedroom apartment, $3,374 per month, and a 3-bedroom apartment is $5,069 per month.

How do rent prices in Summit, NJ compare with the national average?

The average rent in Summit is 64.8% ($1,150) higher than the national average of $1,775 per month.

How have rent prices in Summit, NJ changed recently?

The average rent in Summit has decreased by 0.3% ($10) in the last month and decreased by 24.0% ($926) over the past year.

How competitive is the rental market in Summit, NJ?

The rental market in Summit, NJ, is currently stable, offering a predictable rental market where most units lease within a few weeks.

How long do rentals stay on the market in Summit, NJ?

In Summit, NJ, the average rental stays on the market for approximately 48 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.

How many rental properties are available in Summit, NJ?

There are currently 3 rental properties available in Summit, NJ.

Can I afford to rent an apartment in Summit, NJ?

Based on the current averages, a household would need an annual income of $134,960 to comfortably afford a 2-bedroom apartment in Summit.