Paterson, NJ Rental Market Trends
What is the average rent in Paterson?
The average rent for an apartment in Paterson is $1,395, a 4% increase compared to the previous year, when the average rent was $1,342.
Average Rent in Paterson, NJ
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,395 | 4% | 724 sq. ft. |
What is the average apartment size in Paterson?
The average size for a Paterson, NJ apartment is 724 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Paterson, NJ Apartment Rent Ranges
- $701-$1,00013%
- $1,001-$1,50058%
- $1,501-$2,00029%
Paterson, NJ Occupied Housing Units
- Renter-occupied Households27%
- Owner-occupied Households72%
12,338 or 27% of the households in Paterson, NJ are renter-occupied while 32,708 or 72% are owner-occupied.
Paterson, NJ Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Apr / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Paterson, NJ | $1,171 | $1,171 | $1,191 | $1,212 | $1,242 | $1,244 | $1,342 | $1,367 | $1,404 | $1,395 |
| National | $1,346 | $1,355 | $1,359 | $1,356 | $1,391 | $1,398 | $1,400 | $1,390 | $1,395 | $1,407 |
Average Rent in Paterson, NJ By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Manor | $1,568 |
| Riverside | $1,568 |
| Eastside Paterson | $1,528 |
| Eastside Park | $1,383 |
| Northside Paterson | $1,362 |
| Totowa | $1,353 |
| Paterson Lakeview | $1,325 |
| Peoples Park | $1,325 |
| South Paterson | $1,324 |
| Downtown Paterson | $1,324 |
| Stoney Road | $1,324 |
| Wrigley Park | $1,324 |
| Hillcrest | $1,277 |
What are the most affordable neighborhoods in Paterson?
The most affordable neighborhoods in Paterson are Hillcrest, where the average rent goes for $1,277/month, Downtown Paterson, where renters pay $1,324/mo on average, and Stoney Road, where the average rent goes for $1,324/mo. If you’re looking for other great deals, check out the listings from Wrigley Park ($1,324), South Paterson ($1,324), and Paterson Lakeview ($1,325), where the asking prices are below the average Paterson rent of $1,395/mo.
What are the most expensive neighborhoods in Paterson?
The most expensive neighborhoods in Paterson are Eastside Paterson ($1,528), Manor ($1,568) and Riverside ($1,568).
What are the most popular neighborhoods in Paterson?
The most popular neighborhood in Paterson is Eastside Paterson, where there are 5 verified RENTCafé listings with an average rent of $1,528. Next up is Wrigley Park, where apartments go for $1,324/month, followed by Totowa with $1,353 If you’re looking to rent in Paterson’s most popular neighborhoods, make sure to also check out Northside Paterson, where renters pay $1,362 on average, and Paterson Lakeview, where the average monthly rent is $1,325.
Paterson | Rent Comparison by Neighborhood
Rent in Downtown Paterson is 4% lower than in Eastside Park
Downtown Paterson rent is 5% lower than Paterson average
| Average Rent | $1,324 |
|---|
Eastside Park rent is 1% lower than Paterson average
| Average Rent | $1,383 |
|---|
How Paterson Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| New York City | $3,374 | -14% |
| Manhattan | $3,628 | -14% |
| Jersey Shore | $1,585 | 5% |
| Brooklyn | $2,655 | -10% |
| Jersey City | $2,701 | -10% |
| Bronx | $1,620 | n/a |
| Newark | $1,228 | 1% |
| Hoboken | $3,304 | -8% |
| Queens | $2,433 | -9% |
| Elizabeth | $1,348 | 3% |
| Paterson | $1,395 | 4% |
Most Popular Apartments in Paterson
Temporarily Off Market - 23 -25 Ryerson Aven Unit#1, Paterson NJ 07502
- 2 Beds
- 1 Bath
- 750 Sq.Ft.