At a glance
- Villeray-Parc-Extension replaced Ahuntsic-Cartierville as Montreal’s cheapest neighbourhood this month.
- Villeray-Parc-Extension is Montreal’s cheapest neighbourhood for a one-bedroom unfurnished unit. Rental prices have dropped for all unfurnished units in Villeray-Parc-Extension this month.
- Rental prices rose across all types of units in Hochelaga-Maisonneuve this month by an average of (+4.54%).
- Hochelaga-Maisonneuve is the only neighbourhood to have seen an increase in rent prices in all unit types for both the furnished and unfurnished categories this month.
- Average rents for unfurnished one-bedroom units have seen the largest MoM increase since the start of 2024
- Average rents for one-bedroom unfurnished units in Montreal have increased by (+3.80%) this month to $1,695. This is the largest monthly rent increase for one-bedroom unfurnished units since Jan 2024.
Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for our analysis.
We’re giving away $5,000 this month, don’t miss your chance to enter!
Compared to last month, Montreal’s city-wide average rent price saw a substantial increase this August. As of this month, the average rent price for an unfurnished, one-bedroom unit has risen by $62, bringing Montreal’s city-wide average rent to $1,695 – still well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
Average rent across Montreal
Let’s start by taking a closer look at rental trends over the past six months, plus a year-over-year comparison for unfurnished one-bedroom units in Montreal. This month, the average monthly rent price for an unfurnished, one-bedroom unit has increased by $62. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in August 2023, with prices now $108 more than this time last year.
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Month-to-month rent change
Looking at both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this month.
Looking first at unfurnished one-bedroom units, Westmount (+13.78%) had the largest month-to-month increase closely followed by Ahuntsic-Cartierville (+10.02%), while Saint Henri (-4.92%) saw the most notable decline since July.
Looking at furnished one-bedroom units, average rent prices increased the most in Downtown Montreal (+7.26%), with rates falling the most in Notre-Dame-de-Grâce and Côte-des-Neiges (-4.60%) this month.
Montreal unfurnished vs furnished rent averages
This August, average monthly rent prices for furnished and unfurnished one-bedroom units both saw an increase. The gap between furnished and unfurnished units has narrowed to only $7 on average. Landlords looking to rent their units on a short-term basis would historically be able to command a higher price for their furnished units. We may be seeing a change in this trend, as prices for unfurnished units are increasing at a faster rate (+3.80%) compared to furnished units (+2.41%). With rents rising a little help can go a long way, don’t miss your chance to enter our $5,000 rent giveaway, deadlines close soon!
Looking for our full August 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had vastly different average rent prices this August. This month, Villeray-Parc-Extension is Montreal’s cheapest neighbourhood to rent in at an average of $1,465 per month for an unfurnished, one-bedroom unit. Meanwhile, Westmount is the most expensive neighbourhood, at an average of $1,985 per month – $520 more than in Villeray-Parc-Extension.
Let’s look even closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- Average rent prices increased for all types of unfurnished units in Ahuntsic-Cartierville, Hochelaga-Maisonneuve and Westmount this month.
- Along with being Montreal’s cheapest neighbourhood, rent in Villeray-Parc-Extension has fallen this month across one-, two-, and three-bedroom unfurnished units.
- Both Downtown and Hochelaga-Maisonneuve saw an increase in average rent prices for all types of furnished units this month.
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
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Downloadable Resources
Data collection methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report
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