Montreal Rent Trends
This month we introduce Montreal to our Rent Report series that takes a closer look at the state of the rental market in Canada’s biggest cities. Until now, it has only included Vancouver and Toronto so we are pleased to welcome Montreal as well.
Let’s dive into December rental stats for the Montreal region by taking a closer look at the average rent in Montreal, rent trends, and renter demographics based on December 2019’s figures. The numbers this month point to a continued fourth quarter decline in rental rates and a forecast for further downward pressure into 2020.
Montreal Unfurnished vs. Furnished Rent Averages
The average rent in Montreal for an unfurnished one bedroom apartment in December was $1,399. The average cost of a furnished apartment, in turn, was $1,751.
To assist you in your rental decision, here is a breakdown of rental averages across other Greater Montreal neighbourhoods. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.
The Montreal neighbourhood of Saint-Laurent (Bois-franc) had the lowest average rent in the region with a 1 bedroom, unfurnished unit costing $1,212.50 compared to Plateau Mont Royal’s average of $1,714.44
Most Expensive Cities in Canada
The cost of living in Montreal as compared to other Canadian cities is low making it an attractive option.
Here is the full report, available for download and easy sharing:
Despite paying higher rates to live in Montreal, tenants are saving in other ways, primarily on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
If, however, prices and space requirements push you further away from the downtown core, consider buying an electric vehicle this year. Thousands of dollars in rebates could be yours in 2019 if you make the switch, considerably reducing the cost of commuting. Check out our post outlining all of the benefits and incentives of a 2019 e-vehicle purchase.
Be sure to subscribe to our mailing list for all future updates on the Montreal rental market!
For more rental stats, read some of our previous Rental Reports: