May 2021 Montreal Rent Report
Montreal Rental Trends in May 2021
Montreal renters have been enjoying a dip in average prices since the beginning of the COVID-19 pandemic. But it looks like the tides may have finally turned. We’ve got the numbers to show you exactly what’s happening in the Montreal rental market right now.
You can get the latest updates on the Montreal rental market straight to your inbox when you subscribe to keep on top of the trends.
This report, which comes to you each and every month, is based on data from our own liv.rent platform and other listings websites to help our community of renters and landlords navigate the current rental landscape.
Let’s take a look at the actual cost of rent in Montreal for May 2021:
Jump to the following Rent Report sections:
Complete May 2021 Montreal Rent Report: Download Here
Average rent across Montreal
We’re going to start with a look at the average rent for an unfurnished one-bedroom apartment in Montreal and see how it changed over the last six months, from December 2020 to May 2021.
Rent had been in a declining slump. March to April was pretty much the same, but now, as we move into May, a clear upward trend is emerging.
Meanwhile, in Vancouver, rent is continuing its rebound and even Toronto rent is also starting to trend upwards. It seems like this might be the end of lower rent prices in Canada’s major cities due to COVID-19.
>> Read More: Toronto vs. Montreal: Cost Of Living Comparison
Month-to-month rent change
If we compare May to April, there are not a lot of drastic changes to report, although it seems like generally speaking unfurnished rent is going up in most areas.
Downtown, rent prices experienced very small changes for unfurnished (+0.23%) and furnished (-0.62%) units.
There were some surges in furnished rent in Plateau Mount Royal (+7.07%) and Saint-Laurent (15.03%,) but it dipped in other areas like Verdun (-5.56%,) for example.
Montreal unfurnished vs. furnished rent averages
The average rent in Montreal for an unfurnished one-bedroom apartment went up slightly from $1,177 in April to $1,192 in May. Also, furnished rentals went up just a tiny bit from $1,410 in April to $1,426 in May.
The difference in average rent between these two kinds of units is $234, so it’s still more affordable for renters to bring their own furniture.
>> Read More: April2021 Montreal Rent Report
Neighbourhood breakdown
Let’s take a closer look now at each neighbourhood in Montreal to see how the prices shift in each area. The least expensive place to rent is Ahuntsic-Cartierville, where one-bedroom unfurnished units average $942.
In comparison, Downtown is the most expensive neighbourhood for renters, and prices here seem to have stalled after dropping for months on end. For example, it was $1,473 in March, $1,433 in April, and now it’s back up a bit at $1,437.
Could April have been the bottom for rent in downtown Montreal? You can subscribe to be the first to hear next month’s rent report.
Looking at the different listing types, we can see the differences in one, two, and three-bedroom rent rates across each area. Here are some key takeaways:
- Plateau Mount Royal has more affordable two-bedrooms and three-bedrooms than nearby Downtown, but the cost of one-bedroom apartments is pretty similar in both neighbourhoods
- You can get a one-bedroom for $1,100 or less in three Montreal neighbourhoods
- The cheapest apartments in each category are in Ahuntsic-Cartierville and the most expensive in each category are in Downtown
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Complete May 2021 Montreal Rent Report: Download Here
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April 2021 Vancouver Rent Report
April 2021 Toronto Rent Report
April 2021 Montreal Rent Report
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COVID-19 resources
For information regarding COVID-19 and landlords and tenants, refer to these comprehensive resource posts. They include information on the various federal and provincial assistance initiatives available to help support landlords and tenants:
