The rent prices in real estate in Paterson, in the New Jersey region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per sq.feet in Paterson has risen strongly during the last 6 months. In April, the average price per sq.feet was $2.27. In May this price barely changed remaining at $2.28 per sq.feet. The price for the following two months in (June, July) had a considerable rise of 1051 %. The price per sq.feet has had a considerable fall of 79 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $13.1 to $10.31 during August, and September.
When referring to the price in Paterson (cities), there have hardly been any changes in the last 6 months. In our first sample month during April, the average price is $1,684. In May This price remains at $1,721. In the following two months the average price has hardly changed with regard to the previous two months from $1,702.5 to $1,782.5. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $1,742.5 and $1,695 between August and September.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $1,688 they are 26 % more affordable than the average price for Paterson . The properties with the highest average price have 4 bedrooms, Their price is 82 % more expensive than the average. After that we have properties with 3 bedrooms priced at $2,045.
With regard to the average price per sq.feet, those properties with 1 bedroom are the most affordable ones at a cost of $1.6 / sq.feet, with an average $2.25 / sq.feet price in Paterson. The properties with the most expensive average prices have 4 bedrooms. They are 7189 % more expensive than the average followed by properties with 2 bedrooms with a price at $61.61 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $1,688 it is 24 % more affordable than the average price in Paterson. "Apartment" is seen as the second most affordable property type. The most affordable property is "House" followed by "Apartment". At a price of $1,523 it is 1 % more affordable than the average price.
According to the average cost per sq.feet, the least affordable property would be "Apartment" at an average price of $33 / sq.feet followed by "House" priced at $260 / sq.feet. "House" is the most expensive type of property with a $260 / sq.feet value followed by "Apartment" with an average price of $33 / sq.feet.