Paterson, New Jersey Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Paterson, New Jersey rental market.
Highlights
An apartment for rent in Paterson, New Jersey typically goes for $1,659 per month, while a single-family home for rent in Paterson, New Jersey has a monthly cost of around $2,450. Renter-occupied units make up 74% of the local housing market, while the rental vacancy rate in Paterson, New Jersey is at 2.4.
Paterson, New Jersey
Average Apartment Rent
$1,659
Y-o-Y Change in Average
Apartment Rent
4.7%
Average Single-Family Rent
$2,450
As of November 2024
Compared to a year ago, Paterson, New Jersey apartments have recorded a 4.7% rent increase.
Paterson, New Jersey Average apartment rent trend
Paterson, New Jersey Average Apartment Rent
Paterson, New Jersey Apartment rent ranges
At 38.14%, apartments priced $1,000 - $1,500 represent the bulk of Paterson, New Jersey rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.27%.
Paterson, New Jersey Housing tenure**
Renters take up 74% of Paterson, New Jersey real estate, occupying a total of 36,614 units, while homeowners live in 13,064 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$42,039
Average household size of renter-occupied housing units**
2.99
Rental vacancy rate**
2.4%
Paterson, New Jersey Renter-occupied housing units by no. of bedrooms**
There are 14,810 rentals in Paterson, New Jersey with 2 beds making up the highest share of the market, at 40%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 346 units. Overall, the median number of rooms in Paterson, New Jersey homes for rent is 4.1.
Paterson, New Jersey Renter-occupied units by age of householder**
Most condos for rent in Paterson, New Jersey are occupied by residents in the 45 - 54 years age group (21%), followed by those in the 35 - 44 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Paterson, New Jersey Renter-occupied housing units by family type**
Paterson, New Jersey Renter-occupied housing units by the presence of own children**
A total of 25,917 apartments for rent in Paterson, New Jersey, or 71% of all rentals are family households. Additionally, 45% of rental homes include children under the age of 18 – that’s 16,315 units. All in all, the median size of a renter-occupied household in Paterson, New Jersey is 2.99.
Paterson, New Jersey Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 10% of the rental market. In contrast, residents with less than a high school degree reside in 25% of the homes for rent in Paterson, New Jersey.
Paterson, New Jersey Renter-occupied units by year structure built**
The highest share of Paterson, New Jersey apartment rentals, namely 35% or 12,741 units, were Built 1939 or earlier, followed by those Built 1950 - 1959 (12%, 4,514 units), and the ones Built 1940 - 1949 (11%, 4,073 units).
Paterson, New Jersey Renter-occupied units by year householder moved in**
Median year renter moved into unit 2014
Most Paterson, New Jersey renters (48%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Paterson, New Jersey condos for rent is 2014.
Paterson, New Jersey Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Paterson, New Jersey renters have 1 vehicle available per household, 36% of them have No vehicle available, and 16% have 2 vehicles available.
Paterson, New Jersey Means of transportation to work of householders living in renter-occupied housing units**
Paterson, New Jersey Geographical mobility in the past year for householders living in renter-occupied housing units**
Paterson, New Jersey Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Paterson, New Jersey apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
