At a glance
- Rent for a one-bedroom unfurnished unit in Montreal is $101 lower than in June 2023
- Montreal’s city-wide average rent price for an unfurnished one-bedroom unit is $101 (-5.88%) lower compared to June 2023. Villeray-Parc Extension (-18.43%), Verdun (-11.11%), and Saint Henri (-9.35%) were the neighbourhoods that saw the largest drop in rates.
- Villeray-Parc Extension is Montreal’s cheapest neighbourhood to rent in this month
- Villeray-Parc Extension has replaced Hochelaga-Maisonneuve as Montreal’s cheapest neighbourhood to rent a one-bedroom unfurnished unit in this month after a $106 month-to-month price drop. At present, it costs $548 less to rent a one-bedroom unfurnished unit in Villeray-Parc Extension than in Downtown – Montreal’s most expensive neighbourhood.
- Rent prices could begin to fall alongside interest rates
- Average rent prices have levelled off this month in key Canadian rental markets like Vancouver, Toronto, and Montreal. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, rates may finally fall consistently in the coming months.
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.
Montreal’s city-wide average rent prices have fallen this June. As of this month, the average rent price for an unfurnished, one-bedroom unit has dropped by $24, bringing Montreal’s city-wide average rent to $1,616 – 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. As of June 2024, the average monthly rent price for an unfurnished, one-bedroom unit has decreased by $24. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is lower than in June 2023, with prices now $101 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, Hochelaga-Maisonneuve (+10.72%) had the largest month-to-month increase, while Verdun (-9.53%) and Villeray-Parc-Extension (-7.18%) has seen the most notable decline since May.
Looking at furnished one-bedroom units, average rent prices increased the most in Ahuntsic-Cartierville (+7.98%), with rates falling the most in Verdun (-7.08%) this month.
Montreal unfurnished vs. furnished rent averages
This June, average monthly rent prices for both furnished and unfurnished one-bedroom units fell. This month, furnished, one-bedroom units rent for $49 more than unfurnished one-bedroom units, on average. Landlords looking to rent their unit 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 probably need to pay a bit more if you aren’t moving with your furniture.
Looking for our full June 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 June. This month, Hochelaga-Maisonneuve is Montreal’s least expensive neighbourhood to rent in at an average of $1,361 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown is the most expensive neighbourhood, at an average of $1,909 per month – $548 more than in Villeray-Parc Extension.
Let’s look 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 Ahuntsic-Cartierville, Downtown, and Hochelaga-Maisonneuve.
- Downtown Montreal had the highest rental rates for all types of units except for three-bedroom furnished units.
- Villeray-Parc Extension had the lowest average rates for one- and two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the cheapest three-bedroom unfurnished units, on average.
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:
May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report
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