At a glance
- Montreal’s city-wide average rent prices continue to level off – Montreal’s average rental rates for a 1br unfurnished unit have hovered around the $1,600 mark since August 2023, falling just $5 to a new monthly average of $1,594 this February.
- Montreal’s rent prices have stayed largely the same as rates rise across Canada – For the 26 Canadian cities we examine, Montreal ranked in the bottom fifth in terms of year-over-year rent increases (+1.30%). Quebec welcomed fewer new permanent residents in 2023 than was originally planned (44,184 vs. 52,000), with restrictions on migrant workers and international students further restricting Quebec’s population growth.
- Canada’s rapidly rising rent prices showing signs of slowing – Across the country, rental rates grew less between Feb. 2022 to Feb. 2023 than between Feb. 2023 to Feb. 2024. A number of legislative changes are expected to compound this throughout the year, including a significant decrease in the number of approved study permits, and new rules for short-term rentals in B.C.
Looking for our full February 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Montreal’s city-wide average rent prices continue their rollercoaster trend this February, seeing a slight overall decline this month. This February, the average monthly rent for an unfurnished, one-bedroom unit has dropped by just $5, bringing Montreal’s city-wide average rent to $1,594 for this type of unit – well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve recently published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
Looking for our full February 2024 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 February 2024, the average monthly rent price for an unfurnished, one-bedroom unit has fallen by $5. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit has increased by just $21 since February 2023.
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Month-to-month rent change
In terms of both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this February.
Looking first at unfurnished, one-bedroom units, Verdun (+2.69%) and Downtown (+1.95%) saw the most significant month-to-month increases, while Notre-Dame-de-Grâce (-7.72%) and Villeray-Parc-Extension (-5.20%) had the largest decreases in average price.
Looking at furnished, one-bedroom units, average rent prices increased the most in The Plateau-Mont-Royal (+9.83%), Notre-Dame-de-Grâce (+9.33%), and Verdun (+8.23%). Prices fell only in Ahuntsic-Cartierville (-0.97%) and Hochelaga-Maisonneuve (-0.25%).
Montreal unfurnished vs. furnished rent averages
As of February, furnished, one-bedroom units continue to rent for more than unfurnished, one-bedroom units on average. This month, furnished, one-bedroom units now rent for an average of $125 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 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 February. This month, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,411 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown Montreal is the most expensive neighbourhood, at an average of $1,824 per month – $413 more than in Ahuntsic-Cartierville.
Let’s now take a closer look at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- This month, Downtown Montreal had the most expensive average rent prices for all types of units – both furnished and unfurnished.
- Prices for unfurnished two-bedroom units increased in all neighbourhoods except for Côte-des-Neiges.
- Average rates rose for all types of furnished and unfurnished units in Saint-Laurent and Verdun.
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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January 2024 Metro Vancouver Rent Report
January 2024 Toronto Rent Report
January 2024 Calgary & Edmonton Rent Report
January 2024 Montreal Rent Report
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