Montreal’s average rent prices continue to climb, up another $27 this May. Aside from a brief drop in March, the region’s rental averages have been steadily climbing since the start of the year, with notable price increases in many Montreal neighbourhoods.

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Average rent across Montreal

First, we’ll take a look at rental trends over the last six months for an unfurnished one-bedroom apartment in Montreal. This May, prices have risen by $27 for another yearly high of $1,450. Looking at the year as a whole, Montreal’s average rent prices have increased in all but one month, with an aggregate $150 increase since January.

Month-to-month rent change

Montreal’s average rent prices have had a volatile few months, and May is no different. In terms of unfurnished units, Westmount (+21.78%), Saint Henri (+12.83%), and Saint-Laurent (+10.50%) all saw large increases in average price, while Verdun (-11.84%) was the only neighbourhood with any significant price drop this month.

There was a bit more volatility for furnished units, most notably in Saint Henri (+30.18%), Saint-Laurent (+27.33), Westmount (+19.68%), and Verdun (-16.87%).

Even in the usually stable The Plateau-Mont-Royal and Downtown neighbourhoods, things were a bit more volatile. In The Plateau-Mont-Royal, unfurnished units were up +5.66% while furnished units gained +2.80%, and in Downtown unfurnished units gained a significant +7.92% while furnished ones rose +3.86%.

Montreal unfurnished vs. furnished rent averages

Furnished one-bedroom units in Montreal are still more expensive than unfurnished units, by an average of $129 this month. This shows that landlords can still earn a higher profit by renting out a furnished unit, on average – though not by as much as one might expect. For renters, you can still save significantly on rent if you are able to bring your own furniture.

Neighbourhood breakdown

The gap in price between Montreal’s most and least expensive neighbourhoods has widened this may – it now costs $556 more to rent in Downtown than in Hochelaga-Maisonneuve. The former has reclaimed its title as the city’s most expensive neighbourhood this month at $1,748, while Hochelaga-Maisonneuve has been the cheapest for some time now, at $1,192 per month for an unfurnished, one-bedroom unit, on average.

Let’s take a closer look at the different listing types to see the differences in one, two, and three-bedroom rental rates across each area.

• In Villeray-Parc-Extension, two-bedroom, furnished units cost just $166 more than one-bedroom units, and three-bedroom units cost only $88 more than two-bedroom units
• Three-bedroom, furnished units are cheaper on average than two-bedroom furnished units in Verdun this May
• Furnished, two-bedroom units in Saint Henri averaged $3,142 this month – over $500 more than in any other neighbourhood.

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Subscribe to receive these monthly updates on the Montreal rental market. Discover last month’s Rent Reports below:

April 2022 Montreal Rent Report
April 2022 Toronto Rent Report
April 2022 Vancouver Rent Report