August 2020 Montreal Rent Report
This month, we take a closer look at the reported average rent prices for the month of August across the Montreal region. Based on data gathered from numerous listing websites and our own liv.rent platform, our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike.
Jump to the following Rent Report sections:
Montreal Rent Trends
The numbers collected this month come as Quebec moves out of the COVID-19 pandemic period into another phase of re-opening. Looking at a 6 month period beginning in March, Montreal is experiencing a dip in rental rates in August despite a slight recovery in July.
Month-to-Month Rent Change
Below we show the percentage change in average rent from July to August’s figures. Across most neighbourhoods, rents continue to experience some volatility with the biggest decreases for unfurnished rentals in Saint Laurent neighbourhood at -8.41% followed closely by Monkland at -8.33%. Downtown furnished rentals saw the biggest increase in rents in August at 4.33%.
Montreal Unfurnished vs. Furnished Rent Averages
The average rent in Montreal for an unfurnished one-bedroom apartment in August is down to $1,375 from July’s $1,412. The average cost of a furnished also dipped slightly to $1,577 from July’s $1,586.
The Montreal neighbourhood of Ahuntsic-Cartierville had the lowest average rent in the region with a 1 bedroom, unfurnished unit costing $1,033 while rents Downtown were highest at $1,528.
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.
Cost of Living
As all our data indicates, 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 a particularly attractive choice for young people.
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For more rental insights, discover our previous Rent Reports:
For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts. They include information on the various federal and provincial assistance initiatives available to help support landlords (small business relief) and tenants (rent relief):
- Coronavirus (COVID-19) Canada – Support For Landlords
- Coronavirus (COVID-19) Rent Relief Canada
- Tips for Moving During the COVID-19 Pandemic
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