I live in New York and the location isn't far away from my apartment so is it necessary for me to pay for a hotel reservation since I'll only go for one day and not three days?
If you don't live far then why would you need to register a hotel?
hotel is for people who are staying for more than one day and want to stay within (super) comfortable distance from the revenue. it also helps if you want to change costume halfway through or want a private place to rest.
but for your situation i dont think a hotel is needed :)