Paterson Apartment Values Rise 24%, Tenants Squeezed
Recent Trends in Paterson's Rental Market Paterson's rental market shows resilience, but recent trends indicate a dynamic environment. Moderate rent increases and low vacancy rates are key characteristics. Paterson renters occupy a significant 74% of real estate , which suggests a strong demand for rental housing. Rental prices have fluctuated, with average rents rising 4.7% year-over-year by late 2024. The average rent is now around $1,659. The housing inventory shortage is reshaping the U.S. real estate landscape, leading to increased competition and higher prices in regional markets like Paterson. Most rentals are priced between $1,000 and $1,500. Units under $1,000 are rare, making affordability a challenge. A low vacancy rate of 2.4% adds pressure on renters. Those with a median household income of about $42,039 feel the squeeze. The availability of 1-2 bedroom units is limited. This exacerbates affordability issues for larger families needing more space. Recent rent dyna...