At a glance
- Downtown Montreal had the most expensive average rent prices for the third month in a row
- Downtown Montreal has been constantly the most expensive neighbourhood to live in Montreal for the last three months with an average rent of $1,860/month for an unfurnished one-bedroom unit.
- Montreal has witnessed a YoY drop in rental prices
- Montreal’s city-wide average rent price for a furnished one-bedroom unit is $120 (-6.73%) lower compared to July 2023. Similarly, an unfurnished one-bedroom unit is also $40 (-2.39%) lower compared to last year.
- The Saint-Laurent neighbourhood saw the biggest decrease in rental prices this month
- The average cost of a one-bedroom furnished unit in Saint-Laurent fell by -5.47% to $1,561 this month.
Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for our analysis.
Download the full report here for a comprehensive summary of this month’s rental data.
Compared to last month, Montreal’s city-wide average rent prices have increased this July. As of this month, the average rent price for an unfurnished, one-bedroom unit has risen by $17, bringing Montreal’s city-wide average rent to $1,633 – well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
Average rent across Montreal
Let’s start by taking a closer look at rental trends over the past six months, plus a year-over-year comparison for unfurnished one-bedroom units in Montreal. This month, the average monthly rent price for an unfurnished, one-bedroom unit has increased by $17. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is lower than in July 2023, with prices now $40 less than at this time last year.
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Month-to-month rent change
Looking at both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this month.
Looking first at unfurnished one-bedroom units, Villeray-Parc-Extension (+10.95%) had the largest month-to-month increase, while Hochelaga-Maisonneuve (-3.26%) saw the most notable declines since June.
Looking at furnished one-bedroom units, average rent prices increased the most in Verdun (+4.41%), with rates falling the most in Saint-Laurent (-5.47%) this month.
Montreal unfurnished vs. furnished rent averages
This July, average monthly rent prices for furnished one-bedroom units fell slightly while unfurnished prices rose. This month, furnished, one-bedroom units rent for $29 more than unfurnished one-bedroom units, on average. Landlords looking to rent their units on a short-term basis will typically be able to command a slightly higher price for their furnished units. For renters, this price difference indicates that you’ll most likely need to pay a bit more if you aren’t moving with your furniture.
Looking for our full July 2024 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had vastly different average rent prices this July. This month, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,425 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown is the most expensive neighbourhood for the third month in a row, at an average of $1,860 per month – $435 more than in Ahuntsic-Cartierville.
Let’s look even closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- Average rent prices increased for all types of unfurnished units in Villeray-Parc-Extension and The Plateau-Mont-Royal.
- Downtown Montreal had the highest rental rates across all unit types for both furnished and unfurnished rentals.
- Ahuntsic-Cartierville had the lowest average rates for one- and two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the cheapest for three-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:
June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report
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