At a glance
- To begin the year, Montreal’s city-wide average rental rate for an unfurnished, one-bedroom unit has increased by $20, to $1,599/month.
- For the second consecutive month, Downtown Montreal had the most expensive average rent prices for all types of units this month except for furnished three-bedroom units.
- Montreal’s city-wide average rent for an unfurnished one-bedroom unit has increased by just $43 since January 2023.
Looking for our full January 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Starting off the new year, Montreal’s city-wide average rent for an unfurnished one-bedroom unit has increased after three consecutive month-to-month decreases. This January, the average monthly rent for an unfurnished, one-bedroom unit has risen by $20, bringing Montreal’s city-wide average rent to $1,599 for this type of unit which is well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
Looking for our full January 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 January 2024, the average monthly rent price for an unfurnished, one-bedroom unit has increased by $20. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit has increased by just $43 since January 2023.
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
In terms of both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this January.
Looking first at unfurnished, one-bedroom units, Saint Henri (+13.31%), Notre-Dame-de-Grâce (+3.07%), and Villeray-Parc-Extension (+2.50%), and Westmount (+2.37%) saw the most significant month-to-month increases, while Hochelaga-Maisonneuve (-4.28%), Côte-des-Neiges (-3.72%), and The Plateau-Mont-Royal (-1.88%) had the largest decreases in average price.
Looking at furnished, one-bedroom units, average rent prices increased in Downtown (+1.49%), Villeray-Parc-Extension (+1.29%), and Ahuntsic-Cartierville (+0.47%), while the most significant decreases occurred in Verdun (-20.20%), Côte-des-Neiges (-8.62%), and The Plateau-Mont-Royal (-7.00%).
Montreal unfurnished vs. furnished rent averages
As of January, 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 $38 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 January. This month, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,400 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown Montreal is the most expensive neighbourhood, at an average of $1,789 per month – $389 more than in Ahuntsic-Cartierville.
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.
- For the second consecutive month, Downtown Montreal had the most expensive average rent prices for all types of units this month except for furnished three-bedroom units.
- Prices for furnished one-bedroom units fell in all neighbourhoods except for Ahuntsic-Cartierville, Downtown, and Villeray-Parc-Extension.
- Ahuntsic-Cartierville had the lowest average rent prices for both one- and two-bedroom 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.
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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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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
December 2023 Metro Vancouver Rent Report
December 2023 Toronto Rent Report
December 2023 Calgary & Edmonton Rent Report
December 2023 Montreal Rent Report
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