At a glance
- Montreal’s city-wide average rent for an unfurnished, one-bedroom unit has fallen by $44, to $1,673 this July
- Since this time last year, Montreal’s average rent prices have risen by $134 – compared to a $309 year-over-year increase in Toronto and $352 in Metro Vancouver.
- For all listing types besides one-bedroom, unfurnished units, Downtown Montreal had the most expensive average rent prices this July.
Looking for our full July 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Despite the arrival of the busy summer renting season, Montreal’s average rental rates have dropped this July. This month, the average monthly rent for an unfurnished, one-bedroom unit has decreased by $44 since our June 2023 Rent Report was released. This brings Montreal’s city-wide average rent down to $1,673 for this unit type which is well below rates in other major Canadian rental markets like Metro Vancouver and Toronto, and just $6 more than the current average in Calgary.
We’ve published our 2022 Canada-wide Annual Rent Report with even more rental data and statistics, including overarching trends and predictions for the year ahead. You can download your copy here.
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.
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 July, the average monthly rent price for an unfurnished, one-bedroom unit has dropped by $44, to $1,673 per month. This is the first time in 2023 that Montreal’s rental rates have fallen, ending a six-month-long streak of steady increases. Looking at a year-over-year comparison, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have risen $134 on average since July 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
There were plenty of notable changes in rental rates across Montreal’s different neighbourhoods this July.
Looking first at unfurnished, one-bedroom units, only Westmount (+1.54%), Downtown (+0.47%) and Ahuntsic-Cartierville (+0.07%) saw average increases from month to month, while Saint Henri (-9.01%), Hochelaga-Maisonneuve (-5.60%), Côte-des-Neiges (-4.14%) and The Plateau-Mont-Royal (-3.74%) saw the most significant decreases.
Looking at furnished, one-bedroom units, Ahuntsic-Cartierville (+12.66%) and Saint Henri (+6.68%) both saw large month-to-month increases, while the most significant decreases in average rent prices were seen in Westmount (-5.76%) and Côte-des-Neiges (-3.93%).
Montreal unfurnished vs. furnished rent averages
This July, furnished, one-bedroom units are just slightly more expensive than unfurnished units. As of this month, furnished, one-bedroom units now rent for an average of $109 more than unfurnished, one-bedroom units. Landlords exploring the option of short-term rentals will likely be able to command a higher price for their furnished rentals due to the increased demand for these types of arrangements during the summer months. For renters, this difference in price indicates that you’ll probably need to pay slightly 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 month. This July, Hochelaga-Maisonneuve and Ahuntsic-Cartierville are tied for Montreal’s least expensive neighbourhood to rent in at an average of $1,432 per month for an unfurnished, one-bedroom unit, while Westmount is now the most expensive part of the city for renters at an average of $1,975 per month for the same type of unit— a $543 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.
- For all listing types besides one-bedroom, unfurnished units, Downtown Montreal had the most expensive average rent prices this July.
- Ahuntsic-Cartierville and Hochelaga-Maisonneuve both had an average rental rate of $1,432 for unfurnished, one-bedroom units, which makes them the cheapest neighbourhoods in Montreal.
- Prices for three-bedroom, unfurnished units fell in every Montreal neighbourhood this month.
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
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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 – 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:
June 2023 Metro Vancouver Rent Report
June 2023 Toronto Rent Report
June 2023 Calgary & Edmonton Rent Report
June 2023 Montreal Rent Report
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