- Montreal’s city-wide average rent has dropped $22 this August, to $1,517 per month for an unfurnished, one-bedroom unit
- Furnished units rent for an average of just $56 more than unfurnished units on average
- It now costs an average of $503 per month more to rent in Montreal’s most expensive neighbourhood vs. its least expensive
Montreal’s average rent prices have dipped again in August, falling just $22 from the previous month’s average. It’s worth noting that this is only the second month this year where Montreal’s average rent prices saw an aggregate decline, with an over $200 total increase since January.
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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 August, prices have dropped by $22 after five months of steadily climbing. Regardless, prices are up $217 since the beginning of the year, mirroring equally significant average rent increases in Metro Vancouver and Toronto.
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Month-to-month rent change
Price fluctuations in Montreal’s individual neighbourhoods were pronounced this month, with an assortment of notable increases and declines. For unfurnished units, Côte-des-Neiges saw the most significant increase this month with a +9.18% increase, while Saint-Laurent also saw a large +8.05% increase. The most notable declines this August were in Ahunstic-Cartierville (-10.06%), Villeray-Parc-Extension (-7.99%), and Hochelaga-Maisonneuve (-7.75%).
Looking at furnished units, the glaring outlier is a huge -44.74% drop in price in Saint-Laurent. Less eye-popping but still impactful are a -9.92% price decrease in The Plateau-Mont-Royal, a -8.15% drop in Ahuntsic-Cartierville, and a -7.51% drop in Villeray-Parc-Extension. Increases for furnished units were a bit more sparse, with a +6.34% increase in Saint Henri and a +4.69% increase in Westmount the exceptions.
Montreal unfurnished vs. furnished rent averages
Once again, the gap in price between furnished and unfurnished units in Montreal has narrowed, with furnished units now just barely more expensive, on average. As of August, furnished units now rent for an average of just $56 more than unfurnished ones. This shows that landlords can still earn a higher profit by renting out a furnished unit, but it may not be worth the extra liability unless you already have furniture. For renters, you may still see mild savings if you are able to bring your own furniture.
Neighbourhood breakdown
Discrepancies in price between Montreal’s most expensive and least expensive neighbourhoods have grown even greater this August. Replacing Côte-des-Neiges, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in this month at an average of $1,255 per month for an unfurnished, one-bedroom unit, while Downtown remains its most expensive at $1,758 — a $503 difference.
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.
- An unfurnished one-bedroom unit in Montreal’s most expensive neighbourhood rents for just $42 more than in Metro Vancouver‘s cheapest municipality.
- Westmount has the most expensive three-bedroom, unfurnished units at an average of $3,563 per month.
- It costs over twice as much on average to rent a furnished three-bedroom unit in Downtown than in Verdun.
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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. For our Vancouver and Toronto Rent Reports, we look at Craigslist, Kijiji, Zumper, PadMapper, and Realtor.ca – as well as our own listings. For Montreal, we use PadMapper, Centris, and DuProprio, 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 Montreal rental market. Discover last month’s Rent Reports below:
July 2022 Montreal Rent Report
July 2022 Toronto Rent Report
July 2022 Metro Vancouver Rent Report
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