At a glance
- Montreal continues to see a slowdown in rent prices
- While Montreal’s rent prices continue to rise year-over-year, the growth in rental rates has slowed considerably in recent years. Between April 2021-2022, average prices for a 1br unfurnished unit rose by +20.9% while between April 2022-2023, they increased by +13.8%. Between April 2023-2024, there was only a 0.25% increase.
- Montreal is becoming an increasingly cheap place to rent relative to other Canadian cities
- In April 2023, Montreal was ranked as the 20th most expensive Canadian city out of the 26 cities we collect data for. As of April 2024, however, Montreal has dropped to the 23rd position.
- Only three Montreal neighbourhoods saw a year-over-year rent price increase
- Plateau Mont-Royal, Saint Henri, and Villeray-Parc-Extension were the only neighbourhoods that saw a YoY increase in the average rate for a 1br unfurnished unit compared to April 2023. All other neighbourhoods saw a drop year over year, which contributed to the slowdown in Montreal’s rent prices.
Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for the purpose of our analysis.
Download the full report here for a comprehensive summary of this month’s rental data.
Montreal’s city-wide average rent prices have remained mostly consistent over the past few months, but have risen again this April. This month, the average rent price for an unfurnished, one-bedroom unit has increased by $28, bringing Montreal’s city-wide average rent to $1,624 – 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, as well as a year-over-year comparison for unfurnished one-bedroom units in Montreal. As of April 2024, the average monthly rent price for an unfurnished, one-bedroom unit has risen by $28. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit has just barely increased since April 2023, with prices now just $4 higher than they were this time last year.
Is your rental priced competitively?
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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 April.
Looking first at unfurnished one-bedroom units, Verdun (+15.20%) and Saint Henri (+6.61%) saw the largest month-to-month increases, while Hochelaga-Maisonneuve (-10.20%) and Westmount (-7.05%) had the most significant decreases overall.
Looking at furnished one-bedroom units, average rent prices increased in Verdun (+3.04%), falling in all other neighbourhoods.
Montreal unfurnished vs. furnished rent averages
This April, average monthly rent prices for furnished one-bedroom units fell, while unfurnished one-bedroom units rose by a similar amount. This month, furnished, one-bedroom units now rent for an average of $24 more than unfurnished one-bedroom units. Landlords exploring the option of short-term rentals will typically be able to command a higher price for their furnished units. For renters, this price difference indicates that you’ll probably need to pay slightly more if you aren’t moving with your furniture.
Looking for our full April 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 April. This month, Hochelaga-Maisonneuve is Montreal’s least expensive neighbourhood to rent in at an average of $1,318 per month for an unfurnished, one-bedroom unit. Meanwhile, Saint Henri is the most expensive neighbourhood, at an average of $1,839 per month – $521 more than in Hochelaga-Maisonneuve.
Let’s look closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- Downtown Montreal had the most expensive average rent prices for two- and three-bedroom unfurnished units, as well as furnished one- and two-bedroom units.
- Prices increased for all types of unfurnished units in the following neighbourhoods: Ahuntsic-Cartierville, Downtown, The Plateau-Mont-Royal, Verdun, and Villeray-Parc-Extension
- Hochelaga-Maisonneuve had the lowest average rent prices for unfurnished one- and three-bedroom units, while Ahuntsic-Cartierville had the least expensive rates for two-bedroom unfurnished units
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:
March 2024 Metro Vancouver Rent Report
March 2024 Toronto Rent Report
March 2024 Calgary & Edmonton Rent Report
March 2024 Montreal Rent Report
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