Rents are 8% below what Summit's 10-year trend predicts — a better deal than its own history suggests.
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 $2,977 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: October 17, 2026
What the numbers show
February. Asking rents in Summit usually run 0.8% below trend in February and 0.7% above it in November, about $45 a month apart at today's median. Based on 6 years of data.
Rent in Summit is 0.1% below its high of $2,980 in January 2026, at $2,977 as of September 2026.
Rent in Summit changed +1.6% over the year to September 2026. Across the 121 New Jersey cities Zillow tracks, the typical change was +3.1%.
Rent rose in 6 of the last 12 months.
30% of the median household income ($190,304) is $4,758 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($4,230).
Springfield, 2 miles away, rents for 12% less ($2,617/mo), about $4,300 a year in savings.
From Zillow's monthly rent index (ZORI) for Summit. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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 36.6% since 2021, going from about $2,179 per month to roughly $2,977 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 11.0 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 $2,977/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: October 17, 2026
The median rent in Summit is $2,977/mo as of October 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 1.6% over the past year.
Frequently asked questions
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How does Summit rent compare to other cities in New Jersey?
Which nearby cities are cheaper to rent in than Summit?
At $2,977/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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