At a glance
- Average monthly rent in Montreal has risen by $32 to start the year, to $1,556 for an unfurnished, one-bedroom unit.
- Westmount notably had the most expensive one-, two-, and three-bedroom unfurnished units this month.
- Since January 2022, Montreal’s city-wide average rent prices for an unfurnished, one-bedroom unit have increased by $256.
Looking for our full January 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
To begin the year, Montreal’s average rent prices for an unfurnished, one-bedroom unit have increased – up $32 since December to a new monthly average of $1,556. This January, the city’s rental rates continue their rollercoaster trend that characterized much of 2022, returning to just slightly above November’s city-wide average. Metro Vancouver saw a similar month-to-month increase, while prices in Toronto more or less levelled off this month. We’ll continue to monitor Montreal’s average rent prices throughout 2023, amid the backdrop of rising interest rates and growing recession fears.
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 January, average prices for an unfurnished, one-bedroom unit have risen by $32 after a slight dip in December – essentially recouping the previous decline. Comparing prices from this time in 2022, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have risen by $256 in the past 12 months since January 2022.
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Month-to-month rent change
Across Montreal’s individual neighbourhoods, both furnished and unfurnished units saw some large changes in average rent prices this January.
For unfurnished units, Westmount (+18.30%) saw the largest month-to-month increase, followed by Saint Henri (+12.90%) and Saint-Laurent (+9.78%). The most significant declines occurred in Villeray-Parc-Extension (-11.42%) and The Plateau-Mont-Royal (-2.38%) this month.
Furnished units in individual neighbourhoods also saw some significant shifts this month, both upwards and downwards. Most notably, average rent prices in Westmount rose (+26.15%), while Villeray-Parc-Extension (+12.12%) and Saint Henri (+7.39%) likewise saw large increases. Notable month-to-month declines occurred in The Plateau-Mont-Royal (-4.43%) and Côte-des-Neiges (-4.99%).
Montreal unfurnished vs. furnished rent averages
Again this January, furnished units were more expensive than unfurnished ones in Montreal. As of this month, furnished units now rent for an average of $75 more than unfurnished ones. This shows that landlords can still earn a slightly higher profit by renting out a furnished unit, and can 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 January, Hochelaga-Maisonneuve is again Montreal’s least expensive neighbourhood to rent in at an average of $1,236 per month for an unfurnished, one-bedroom unit, while Westmount has become the most expensive at $1,907 — a $671 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.
- Westmount notably had the most expensive one-, two-, and three-bedroom unfurnished units this month.
- Prices for one-, two-, and three-bedroom unfurnished units all fell in Downtown this month.
- Downtown had the most expensive three-bedroom, furnished units this January.
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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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 Vancouver rental market. Discover last month’s Rent Reports below:
December 2022 Metro Vancouver Rent Report
December 2022 Toronto Rent Report
December 2022 Calgary & Edmonton Rent Report
December 2022 Montreal Rent Report
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