Rents are right about where Summit's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,025 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Summit, NJ is majority owner-occupied, has a median income above the national average, 72.5% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Summit, NJ has changed in 5 years
Rent in Summit, NJ has increased 46.8% since 2021, going from about $2,061 per month to roughly $3,025 today. On the earnings side, the typical household in Summit, NJ now reports about $190,304, up from $151,505 in 2021. Rent outpaced income growth by roughly 21.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 69.6% to 72.5%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Summit, NJ reflects that arc in its own way.
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Can you afford rent in Summit on your salary?
At $3,025/mo, how Summit rent compares to typical pay (30% rule).
Summit rent by bedroom count
Median rent for each apartment size in Summit. Click any size for full breakdown.
Tips for renters in Summit
Last updated: August 17, 2026
The median rent in Summit is $3,025/mo as of August 2026. A studio apartment averages $2,140/mo while a 2-bedroom runs $2,950/mo. One-bedroom apartments average $2,440/mo and 3-bedroom units go for $3,720/mo.
At 19% of local median household income ($190,304/yr), Summit ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.4% over the past year.
Frequently asked questions
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Is rent going up or down in Summit?
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What percentage of Summit residents rent vs. own?
How does Summit rent compare to the national average?
At $3,025/mo, rent takes ~19% of Summit's median household income ($190,304/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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