At a glance
- The city-wide average rent in Montreal has increased by $17 this February, to $1,573 for an unfurnished, one-bedroom unit.
- Average rent prices in Hochelaga-Maisonneuve rose across the board this February, for one-, two-, and three-bedroom furnished & unfurnished units.
- Saint Henri is now the most expensive neighbourhood to rent an unfurnished, one-bedroom unit in – with an average monthly rent price of $1,834.
Looking for our full February 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
As the winter renting season continues, the average rental rate for an unfurnished, one-bedroom unit in Montreal has increased slightly, up $17 from January. This bring’s the city’s average rent to $1,573 for that type of rental unit, still considerably below other major Canadian rental markets like Metro Vancouver and Toronto. We’ll continue to monitor Montreal’s average rent prices throughout 2023, amid the backdrop of rising interest rates and a potential recession.
We’ll soon be releasing our 2023 Canada-wide Report with even more rental data and statistics. For access to this and other updates on the Montreal rental market, be sure to subscribe to our newsletter.
This monthly rent report complete with liv.rent data and information collected from top listing sites shows the most accurate reflection of the true cost of rent in Montreal. Download and read the full report below to learn more.
Jump to the following Rent Report sections:
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 an unfurnished one-bedroom apartment in Montreal. This February, average prices for an unfurnished, one-bedroom unit have risen by $17, continuing a gradual upward trend that resumed at the start of the year after a brief decline. Looking at prices from this time in 2022, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have increased by an average of $159 in the past 12 months since February 2022.
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.
Month-to-month rent change
Across Montreal’s individual neighbourhoods, average rent prices were relatively stagnant this February, aside from a few larger price fluctuations
For unfurnished units, Côte-des-Neiges (+8.27%) saw the most significant month-to-month increase, followed closely by Hochelaga-Maisonneuve (+7.71%) and Verdun (+5.16%). Looking at average declines, Westmount (-7.38%) saw the biggest drop in price while Saint-Laurent (-4.60%) and Notre-Dame-de-Grâce (-3.27%) also saw minor declines from month-to-month.
Furnished units in Montreal’s individual neighbourhoods saw some more notable shifts in either direction. In Saint-Laurent (+14.19%), average rent prices for a furnished, one-bedroom rose significantly from January, with similarly large month-to-month increases in Hochelaga-Maisonneuve (+13.41%) and Ahuntsic-Cartierville (+10.31%).
Montreal unfurnished vs. furnished rent averages
Both furnished and unfurnished one-bedroom units have increased in price this February, maintaining a similar price discrepancy as what we’re used to seeing. As of this month, furnished units now rent for an average of $108 more than unfurnished ones. This shows that landlords can still earn a higher profit by renting out their units already furnished, while also attract different renter demographics such as students and those looking for short-term rentals. For renters, you will still typically see some savings if you are able to bring your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This February, Hochelaga-Maisonneuve is again Montreal’s least expensive neighbourhood to rent in at an average of $1,332 per month for an unfurnished, one-bedroom unit, while Saint Henri has become the city’s most expensive area to rent in, at an average of $1,834 — a $502 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.
- Côte-des-Neiges has the least expensive one- and three-bedroom furnished units this month.
- Average monthly rent prices for one-, two-, and three-bedroom unfurnished units all fell in Westmount this February.
- Average rent prices in Hochelaga-Maisonneuve rose across the board this February, for one-, two-, and three-bedroom furnished & 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.
Be sure to subscribe to our mailing list so you never miss an update on the Montreal rental market.
Downloadable Resources
Strike up a conversation at your next Zoom call and show off the latest rental averages with our custom virtual backgrounds.
Free Virtual Backgrounds: Download Here
Looking for the full report? Download it for free here.
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.
Rethink The Way You Rent
Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.
Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
January 2023 Metro Vancouver Rent Report
January 2023 Toronto Rent Report
January 2023 Calgary & Edmonton Rent Report
January 2023 Montreal Rent Report
0 Comments