Paterson, New Jersey Short-Term Rental Market Analysis
The short-term rental (STR) market in Paterson, New Jersey, currently features 118 active listings, with an average daily rate (ADR) of $191.67 and an occupancy rate of 38.71%. A notable metric is the average monthly revenue per property, which stands at $1,697, indicating a modest but consistent income potential for investors.
Paterson, New Jersey Short-Term Rental Market Overview
Visitor Profile
Paterson, New Jersey, attracts approximately 1.5 million visitors annually, making it a notable destination in the region. The visitor demographic is diverse, with a significant portion of tourists being families and young adults aged 25-34. Many visitors come for cultural experiences, historical exploration, and outdoor activities, particularly at the Paterson Great Falls National Historical Park. The economic impact of tourism in Paterson is substantial, contributing millions to the local economy through spending on accommodations, dining, and attractions. The city’s rich history and vibrant cultural scene make it an appealing spot for both day-trippers and longer stays.
In terms of key visitor statistics, Paterson sees a mix of local and out-of-state tourists, with about 60% of visitors coming from within New Jersey and surrounding states. The primary reasons for visiting include exploring the city’s historical sites, such as the Paterson Great Falls, and engaging with its diverse cultural offerings. The average length of stay for visitors is around 2-3 days, with peak seasons occurring in the summer and during local festivals. According to the tourism bureau (https://www.patersonnj.gov/category/?fCS=6-0), the influx of visitors during these peak times significantly boosts local businesses. Additionally, the visitor statistics report indicates that outdoor activities, particularly hiking and sightseeing at the Great Falls, are among the most popular attractions (https://www.nps.gov/pagr/planyourvisit/things2do.htm). Understanding these dynamics is crucial for STR operators looking to cater to the evolving needs of Paterson’s tourism market.
Top Attractions
Paterson, New Jersey, is a city rich in history and natural beauty, making it a captivating destination for visitors seeking diverse experiences. One of its most iconic landmarks is the Paterson Great Falls National Historical Park, where the stunning waterfalls cascade dramatically, offering breathtaking views and a glimpse into the city’s industrial past. In addition to the falls, the city is home to the Paterson Museum, which showcases the area’s cultural heritage and industrial innovations. Whether you’re an outdoor enthusiast, a history buff, or a family looking for fun activities, Paterson attractions promise a variety of engaging experiences that will leave you wanting to explore more.
The Paterson Great Falls National Historical Park is a must-visit for anyone in the area. This natural wonder features a 77-foot waterfall that is one of the largest in the United States, surrounded by lush greenery and historic sites. Visitors can enjoy walking trails, educational programs, and stunning viewpoints. For more information, check out the official site at https://www.nps.gov/pagr/planyourvisit/things2do.htm.
Another notable attraction is the Paterson Museum, which offers an in-depth look at the city’s rich history, including its role in the silk industry and contributions to American innovation. The museum features various exhibits and artifacts that highlight Paterson’s cultural significance. For details, visit https://www.patersonnj.gov/.
For those interested in exploring the surrounding area, the Great Falls park also provides information on nearby attractions, which can enhance your visit. Discover more at https://www.nps.gov/pagr/planyourvisit/nearby-attractions.htm. With its blend of natural beauty and cultural heritage, Paterson is a vibrant destination filled with unforgettable experiences.
Regulations
Paterson, New Jersey, has established specific regulations for short-term rentals to ensure safety, compliance, and community integrity. Property owners looking to operate short-term rentals must obtain a license from the city, which requires adherence to various guidelines. This includes collecting a hotel/motel tax from guests, ensuring the property meets safety standards, and complying with zoning restrictions. Additionally, the city mandates that hosts provide accurate information regarding their rental properties to avoid penalties. Understanding these regulations is crucial for property owners to operate legally and avoid fines. For those interested in maximizing their rental potential while adhering to local laws, it’s essential to familiarize themselves with Paterson short-term rental regulations.
To operate a short-term rental in Paterson, owners must first secure a license, which involves submitting an application and paying the associated fees. The city enforces a hotel/motel tax of 5% on rental income, which must be reported and submitted quarterly. Zoning restrictions are also in place, limiting where short-term rentals can be located; properties must be in designated zones to qualify. Safety requirements include having smoke detectors, carbon monoxide detectors, and fire extinguishers installed. Violations of these regulations can result in significant penalties, including fines and potential revocation of the rental license. For more detailed information on licensing and zoning, visit the official Paterson documents at https://www.patersonnj.gov/egov/documents/1576615353_15151.pdf and the Planning & Zoning division at https://www.patersonnj.gov/department/division.php?structureid=64. Understanding these regulations is vital for successful and compliant short-term rental operations in Paterson.
Vacation Rental Market Overview for Paterson
Paterson attracts visitors with its cultural attractions and historic sites and adventure sports and activities. The short-term rental market here serves diverse traveler demographics, from business professionals to family vacationers.
This destination’s rental market offers unique opportunities for property investors, with comprehensive data revealing seasonal patterns and demand drivers.
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Paterson, New Jersey Market Performance Trends
Short-Term Rental Market Performance Analysis for Paterson
The short-term rental market in Paterson demonstrates dynamic pricing patterns and occupancy trends that savvy property investors and managers monitor closely. This comprehensive 12-month analysis reveals seasonal variations and revenue optimization opportunities.
Market Trend Summary
Current market indicators show: strong seasonal variation with peak summer demand
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Paterson, New Jersey Rental Market Insights
10-Year Market Growth
Booking Activity
- 1-3 Months:59.6% Booked
- 4-6 Months:57.1% Booked
- 7-9 Months:42.9% Booked
- 10-12 Months:8% Booked
Cancellation Policies
- Flexible:52.6%
- Moderate:23.1%
- Strict:23.1%
- Super Strict:23.1%
- N/A:1.3%
Minimum Stay
- 1 Day:60
- 2 Days:22
- 3 Days:8
- 4-6 Days:5
- 7-29 Days:2
- 30+ Days:3
Short-Term Rental Regulations and Booking Patterns in Paterson
Paterson vacation rental operators navigate specific local regulations and booking patterns that shape market dynamics. Understanding minimum stay requirements, cancellation policies, and booking windows is essential for successful property management.
Market analysis reveals flexible booking policies attracting last-minute travelers. These insights help property managers optimize their listing strategies and maximize occupancy.
Local regulations and platform policies influence rental operations. StaySTRA provides comprehensive policy tracking and compliance insights.
Paterson, New Jersey Housing Market Data
Home Value Trends
Market Overview
- Typical Home Value:$519,910
- Median Sale Price:$464,166
- Median List Price:$473,150
Current Inventory
- Homes For Sale:99
- New Listings:26
Detailed Market Analysis
Real Estate Market Analysis for Paterson, New Jersey
The residential real estate market in Paterson, New Jersey presents unique opportunities for investors and homebuyers alike. Current market dynamics show steady growth patterns in an established market with inventory levels and pricing trends that reflect broader economic conditions and local demand factors.
Key Market Factors
Important considerations for this market include: proximity to major employment centers, quality school districts, and developing infrastructure These factors contribute to the overall market performance and future growth potential.
Real estate investments in Paterson, New Jersey benefit from diverse property options and stable neighborhood development. Prospective buyers and investors should consider both current market conditions and long-term growth indicators when evaluating opportunities in this market.
Paterson, New Jersey Rental Market Composition
Entire Place by Beds
Common Rental Amenities
Vacation Rental Property Types in Paterson
The vacation rental market in Paterson features a diverse mix of property types, from cozy studios to spacious family homes. Understanding the property composition helps investors identify market gaps and opportunities.
Market characteristics include a balanced mix of entire homes and private rooms. This distribution reflects local demand patterns and traveler preferences.
Premium amenities and guest ratings play a crucial role in rental performance, with data showing clear correlations between specific features and booking rates.
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