February 2020 Montreal Rent Report
Montreal Rent Trends
Let’s take a closer look at the average rent in Montreal, rent trends, and renter demographics based on February 2020’s figures. The numbers this month point to an downward trend into Spring 2020 following a slight rise in January.
Montreal Unfurnished vs. Furnished Rent Averages
The average rent in Montreal for an unfurnished one bedroom apartment in February is $1,380 down slightly from January’s $1,403. The average cost of a furnished apartment rose slightly to $1,723 from Janurary’s $1,715.
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 $1,167/month compared to January’s $1,233 while Plateau Mont Royal was once again, the most expensive, with an average rent of $1,663 down, too, from January’s $1,671.
Most Expensive Cities in Canada
The cost of living in Montreal compared to other Canadian cities is relatively low making it an attractive option for many. The economy and job market are strong in addition to highly competitive rents making it an attractive choice for young people particularly.
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.
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For more rental stats, read our first Montreal Rent Report: January Montreal Rent Report 2020 or compare rents with Vancouver February 2020 Vancouver Rent Report or Toronto: February 2020 Toronto Rent Report