At a glance
- Montreal’s city-wide average rent for an unfurnished, one-bedroom unit has fallen by $86, to $1,587 this August, just $70 higher than the same time last year.
- Average rent prices for unfurnished, one-bedroom units fell in every Montreal neighbourhood except for Hochelaga-Maisonneuve.
- This month, furnished, one-bedroom units in Montreal now rent for an average of $163 more than unfurnished, one-bedroom units.
Looking for our full August 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
For the second straight month, Montreal’s rent prices have fallen on average. This month, the average monthly rent for an unfurnished, one-bedroom unit has decreased by $86, bringing Montreal’s city-wide average rent down to $1,587 for this unit type which is well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve published our 2022 Canada-wide Annual Rent Report with even more rental data and statistics, including overarching trends and predictions for the year ahead. You can download your copy here.
Looking for our full August 2023 Montreal Rent Report? Download your copy below to get all the latest insights.
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 August 2023, the average monthly rent price for an unfurnished, one-bedroom unit has dropped by $86, to $1,587 per month. This decline marks back-to-back months where the city’s rates have fallen, in stark contrast to what would be expected during the busy summer renting season. Looking at a year-over-year comparison, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have increased by just $70 since August 2022.
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Month-to-month rent change
There were plenty of notable changes in rental rates across Montreal’s different neighbourhoods this August.
Looking first at unfurnished, one-bedroom units, only Hochelaga-Maisonneuve (+1.40%) saw an increase in its average rent price this month. Westmount (-13.97%), Downtown (-12.14%), Villeray-Parc-Extension (-8.52%) and Saint-Laurent (-7.84%) all saw significant declines in their rental rates this month.
Looking at furnished, one-bedroom units, only Westmount (+2.37%), Hochelaga-Maisonneuve (+1.39%), and Saint Henri (+0.68%) had average increases to their rental rates, while the most notable declines were seen in Villeray-Parc-Extension (-11.88%), Ahuntsic-Cartierville (-6.35%), Côte-des-Neiges (-5.97%) and Downtown (-5.91%).
Montreal unfurnished vs. furnished rent averages
As of this August, furnished, one-bedroom units are a good deal more expensive than unfurnished units on average. This month, furnished, one-bedroom units now rent for an average of $163 more than unfurnished, one-bedroom units. Landlords exploring the option of short-term rentals will likely be able to command a higher price for their furnished rentals due to the increased demand for these types of arrangements during the summer months. For renters, this difference in price indicates that you’ll probably need to pay slightly more if you aren’t moving with your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This August, Saint-Laurent is Montreal’s least expensive neighbourhood to rent in at an average of $1,411 per month for an unfurnished, one-bedroom unit. Meanwhile, The Plateau-Mont-Royal has captured the title of most expensive neighbourhood, at an average of $1,747 per month – $336 more than in Saint-Laurent.
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.
- Average rent prices for unfurnished, one-bedroom units fell this month in every Montreal neighbourhood except for Hochelaga-Maisonneuve this month.
- Downtown Montreal had the most expensive three-bedroom furnished & unfurnished units.
- Saint-Laurent had the least expensive one-bedroom, furnished & unfurnished units this August.
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
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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:
July 2023 Metro Vancouver Rent Report
July 2023 Toronto Rent Report
July 2023 Calgary & Edmonton Rent Report
July 2023 Montreal Rent Report
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