Montreal Rent Trends
Let’s take a closer look at the average rent in Montreal, rent trends, and renter demographics based on March 2020’s figures. The numbers this month point to a sustained upward trend following February’s dip but a stabilizing forecast as we move into April 2020.
Montreal Unfurnished vs. Furnished Rent Averages
The average rent in Montreal for an unfurnished one bedroom apartment in March is $1,413 up from February’s $1,380. The average cost of a furnished apartment rose slightly to $1,728 from February’s $1,723.
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 $1,148/month down slightly from February’s $1,167 while Plateau Mont Royal was once again, the most expensive, with an average rent of $1,787 up from February’s $1,663.
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.
Be sure to subscribe to our mailing list for all future updates on the Montreal rental market!
See last month’s Rent Reports:
Find your next home with liv.rent, your rental companion for everything renting.
With verified listings and landlords, avoid rental scams & save time with digital applications and contracts.
Sign up here.