At a glance
- Montreal bucks national trend with rising rent prices
- Montreal’s rental market saw an uptick this month, with average rents for both furnished and unfurnished one-bedroom units increasing. Furnished one-bedroom rents rose (+3.70%) to $1,793/month, while unfurnished units experienced a smaller rise of (+0.09%), bringing the average to $1,731/month. This upward trend contrasts with the decline in rental prices observed in other major urban centers like Metro Vancouver and Toronto in recent months.
- Montreal average rent climbs 9.63% year-over-year
- Montreal’s rental market continues to heat up, with the average price for an unfurnished one-bedroom unit rising by $152/month compared to December 2023—a 9.63% year-over-year increase. Over the past six months, rents have also seen steady growth, climbing from $1,633/month in June to $1,731 in December, marking a $98 per month increase (+6.00%).
- Mixed trends in Montreal’s unfurnished rental market
- This December, Saint-Laurent and Notre-Dame-de-Grâce & Côte-des-Neiges experienced price increases across all types of unfurnished units. Meanwhile, The Plateau-Mont-Royal, Verdun, and Hochelaga-Maisonneuve saw declines in rental prices for all unfurnished unit types, highlighting contrasting trends across the city.
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.
Montreal’s city-wide average rent price saw a slight increase this December. This month, the average rent price for an unfurnished, one-bedroom unit has increased by just $2, bringing Montreal’s city-wide average rent to $1,731 – 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 $2. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in December 2023, with prices now $152 more than this time last year.
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Month-to-month rent change
Looking at both furnished & unfurnished units, there were some notable changes in rental rates across Montreal’s different neighbourhoods this month.
Looking first at unfurnished one-bedroom units, Villeray-Parc-Extension (+7.32%) had the largest month-to-month increase, while Saint Henri (-5.82%) saw the most notable decline.
Looking at furnished one-bedroom units, average rent prices increased the most in Hochelaga Maisonneuve (+8.20%), while Verdun (-4.37%) followed by Notre-Dame-de-Grâce and Côte-des-Neiges (-3.20%) saw the biggest decreases.
Montreal unfurnished vs furnished rent averages
This December, average monthly rent prices for both furnished and unfurnished units saw an increase. Furnished units increased by (+3.70%) renting for an average of $1,793/month. Unfurnished units rose by (+0.09%) renting for an average of $1,731/month.
Looking for our full December 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 December. This month, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,483 per month for an unfurnished, one-bedroom unit. Meanwhile, Westmount is the most expensive neighbourhood, at an average of $2,091 per month – $608 more than in Ahuntsic-Cartierville.
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 decreased for all types of unfurnished units in The Plateau-Mont Royal, Verdun and Hochelaga-Maisonneuve.
- Westmount is the most expensive neighbourhood for all types of unfurnished units, while Downtown Montreal was the most expensive for all types of furnished units.
- Rent prices increased for all types of unfurnished units in Saint-Laurent and Notre-Dame-de-Grâce and Côte-des-Neiges 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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