September 2024 Montreal Rent Report

At a glance

• Montreal defies price drops
  • Montreal rental prices have increased MoM for the last three months. These price increases contrast with easing rental prices in other major Canadian cities like Vancouver and Toronto. Rental prices have now surpassed YoY levels for the second month in a row and show no signs of stopping.
• Unfurnished units overtake furnished in price for first time since May 2023
  • One-bedroom unfurnished units are currently priced $15 higher than furnished units. Historically, furnished units have always been more expensive than unfurnished units. The last time one-bedroom unfurnished units surpassed furnished in price was in May 2023.
• Gap grows between Montreal’s most and least expensive neighbourhoods
  • The gap between Montreal’s most expensive (Westmount) and least expensive (Villeray-Parc-Extension) neighbourhoods has grown to $541/month. Its biggest difference since June 2024 ($548/month) when Downtown held the most expensive spot and Villeray-Parc-Extension held the cheapest.

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!

Montreal’s city-wide average rent price saw another increase this September. As of this month, the average rent price for an unfurnished, one-bedroom unit has risen by $17, bringing Montreal’s city-wide average rent to $1,712 – 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 $17. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in September 2023, with prices now $96 more than this time last year.

Month-to-month rent change

Looking at both furnished & unfurnished units, there were few notable changes in rental rates across Montreal’s different neighbourhoods this month.

Looking first at unfurnished one-bedroom units, Hochelaga-Maisonneuve (+7.76%) had the largest month-to-month increase followed by Verdun (+4.52%), while Villeray-Parc-Extension (-2.84%) saw the most notable decline since August closely followed by Westmount (-2.08%).

Looking at furnished one-bedroom units, average rent prices increased the most in Verdun (+4.88%), with rates falling the most in Villeray-Parc-Extension (-7.33%) this month.

Montreal unfurnished vs furnished rent averages

This September, average monthly rent prices for furnished one-bedroom units saw a decrease while unfurnished one-bedroom units saw an increase. The gap between furnished and unfurnished units has narrowed to only $15 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 (+0.97%) while furnished prices drop (-0.32%). 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 September 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 September. This month, Villeray-Parc-Extension is Montreal’s cheapest neighbourhood to rent in at an average of $1,423 per month for an unfurnished, one-bedroom unit. Meanwhile, Westmount is the most expensive neighbourhood, at an average of $1,964 per month – $541 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.

• Rent prices went up for two-bedroom unfurnished units in every area except Notre-Dame-de-Grâce and Côte-des-Neiges.
• Hochelaga-Maisonneuve was the only neighbourhood to see prices fall this month across one-, two-, and three-bedroom furnished units, while Saint-Laurent saw prices increase across the same units.
• Both Verdun and The Plateau-Mont Royal saw an increase in average rent prices for all types of unfurnished units this month.

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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