- Montreal’s city-wide average rent has risen $75 to $1,539 per month for an unfurnished, one-bedroom unit
- It now costs an average of $166 more per month to rent a furnished unit over an unfurnished one.
- Average rent for unfurnished, one-bedroom units in Downtown rose +5.31% this July.
Montreal’s average rent prices have risen sharply this July, up $75 from last month. This is in contrast to recent trends in Vancouver and Toronto, where rental averages have held relatively stable from month to month. Montreal’s rent has been steadily climbing since the start of the year with little interruption, and this latest development could signal higher averages for the remainder of the busy renting season.
You can get the latest updates on the Montreal rental market straight to your inbox when you subscribe to keep on top of the trends.
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:
Get the complete July 2022 Montreal Rent Report
Average rent across Montreal
First, we’ll take a look at rental trends over the last six months for an unfurnished one-bedroom apartment in Montreal. This July, prices have risen by $75 for yet another yearly high of $1,539. We’d previously predicted more increases on the way for Montreal’s rent prices, but this steep rise marks the most significant increase this year for the city.
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
Rent prices in Montreal’s individual neighbourhoods climbed this month, with few exceptions. In terms of unfurnished units, Hochelaga-Maissoneuve (+15.83%), Notre-Dame-de-Grâce (+11.26%), Villeray-Parc-Extension (+8.86%), Downtown (+5.31%), and The Plateau-Mont-Royal (+4.41%) all saw significant increases, while the remaining neighbourhoods saw small gains as well.
Furnished units added even more in monthly average rent this July. The number that catches the eye immediately is Saint-Laurent’s jaw-dropping 43.00% increase, but Notre-Dame-de-Grâce (+14.91%), Verdun (+13.52%), Ahuntsic-Cartierville (+10.17%), The Plateau-Mont-Royal (+9.52%), and Villeray-Parc-Extension (+8.98%) all increased in average price, while Westmount (-5.54%), Saint Henri (-1.70%), and Hochelaga-Maissoneuve (-0.95%) were the only areas that experienced decreases from last month.
Montreal unfurnished vs. furnished rent averages
With the many major increases in price this month, furnished units are now significantly more expensive than unfurnished units, by an average of $166 this month. This shows that landlords can still earn a higher profit by renting out a furnished unit, on average. For renters, you can still save quite a bit on rent if you are able to bring your own furniture.
Neighbourhood breakdown
The gap in price between Montreal’s most and least expensive neighbourhoods has narrowed slightly this month. As of July, it now costs $416 more to rent in Downtown than in Côte-des-Neiges, which has replaced Hochelaga-Maissoneuve as Montreal’s cheapest neighbourhood.
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.
- In terms of unfurnished units, Downtown Montreal had the most expensive rent prices for one-, two-, and three-bedroom units.
- Three-bedroom, unfurnished units in Ahuntsic-Cartierville rent for an average of just $1,864 per month.
- One-bedroom, furnished rentals are cheaper in Côte-des-Neiges than anywhere else in Montreal.
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.
Get the complete July 2022 Montreal Rent Report
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 Montreal rental market. Discover last month’s Rent Reports below:
June 2022 Montreal Rent Report
June 2022 Toronto Rent Report
June 2022 Vancouver Rent Report
0 Comments