At a glance
- Montreal’s city-wide average rent for an unfurnished, one-bedroom unit has increased by $31 this June, to $1,717, another new yearly high.
- Saint Henri is now Montreal’s most expensive neighbourhood to rent in, costing an average of $567 more per month than the city’s least expensive neighbourhood, Ahuntsic-Cartierville.
- Rental rates for three-bedroom, unfurnished units increased on average in every Montreal neighbourhood except Saint-Laurent.
Looking for our full June 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
As summer approaches, Montreal’s average rental rates have increased by a significant margin this month. This May, the average monthly rent for an unfurnished, one-bedroom unit has increased by $31 since our May 2023 Rent Report was released. This brings Montreal’s city-wide average rent to $1,717 for this unit type which, while much higher than we’re used to seeing, is still well below other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve recently 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 an unfurnished, one-bedroom unit in Montreal. This June, the average price for an unfurnished, one-bedroom unit has increased by $31, now renting for $1,717 per month. Montreal’s rental rates have now risen for six consecutive months, and without interruption in 2023. Looking at a year-over-year comparison, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have risen $253 on average since June 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 June.
Looking first at unfurnished, one-bedroom units, Saint Henri (+8.12%), Côte-des-Neiges (+7.33%), The Plateau-Mont-Royal (+7.15%), and Villeray-Parc-Extension (+6.65%) all saw notable increases in average rent prices this month, while prices fell the most in Westmount (-4.75%) and Saint-Laurent (-3.05%).
Aside from Ahuntsic-Cartierville (-2.95%), prices for furnished, one-bedroom units rose or remained unchanged in every Montreal neighbourhood this June. Huge month-to-month increases were seen in Côte-des-Neiges (+28.83%) and Notre-Dame-de-Grâce (+13.18%), with smaller but still notable increases in Westmount (+6.28%) and Hochelaga-Maisonneuve (+5.24%) as well.
Montreal unfurnished vs. furnished rent averages
This June, 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 $41 more than furnished ones. At present, it seems like furnished units may command only a slightly higher price than unfurnished rentals, although landlords exploring the option of short-term rentals would still benefit from the increased demand for these types of contracts during the summer months. For renters, this small difference in price indicates that you may not pay much more if you don’t already have your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This June, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,431 per month for an unfurnished, one-bedroom unit, while Saint Henri is now the most expensive area of the city at an average of $1,998 per month for the same type of unit— a $567 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.
- Downtown Montreal had the most expensive two-, and three-bedroom unfurnished units this month, although Saint Henri had the most expensive one-bedroom, unfurnished units.
- Westmount had the most expensive one- and three-bedroom furnished units this month.
- Three-bedroom, unfurnished units increased in price on average in every neighbourhood but Saint-Laurent.
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:
May 2023 Metro Vancouver Rent Report
May 2023 Toronto Rent Report
May 2023 Calgary & Edmonton Rent Report
May 2023 Montreal Rent Report
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