At a glance
- The city-wide average rent in Montreal has increased by $45 this March, to $1,618 for an unfurnished, one-bedroom unit.
- Average rental rates for an unfurnished, one-bedroom unit in Verdun increased by +9.96% this month
- This month,furnished, one-bedroom units were cheaper than unfurnished units in Côte-Des-Neiges, Downtown, Notre-Dame-de-Grâce, Saint-Laurent, and Villeray-Parc-Extension.
Looking for our full March 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
As Canada begins to emerge from the slower winter renting season, Montreal’s rental rates have begun to rise as spring approaches. This March, the average monthly rent for an unfurnished, one-bedroom unit has increased by $45 since our February 2023 Rent Report. This bring’s the city’s average rent to $1,618 for this type of rental unit, still considerably below other major Canadian rental markets like Metro Vancouver and Toronto. We’ll continue to monitor Montreal’s average rent prices throughout 2023, amid the backdrop of rising interest rates, increased demand for rental housing, and a potential looming recession.
We’ll soon be releasing our 2023 Canada-wide Report with even more rental data and statistics. For access to this and other updates on the Montreal rental market, be sure to subscribe to our newsletter.
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:
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 apartment in Montreal. This March, average prices for an unfurnished, one-bedroom unit have risen by $45, continuing a gradual upward trend that began in December. Looking at prices from this time last year, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit are up $225 since March 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
Across Montreal’s individual neighbourhoods, there were quite a few meaningful changes to the city’s average rent prices when compared to previous months.
For unfurnished units, Verdun (+9.96%) and Hochelaga-Maisonneuve (+9.64%) saw the most significant increases from month to month, with The Plateau-Mont-Royal (+7.00%) and Villeray-Parc-Extension (+6.26%) also saw larger than usual increases. In terms of average month-to-month declines, Saint Henri (-5.64%) and Saint-Laurent (-4.43%) saw the most notable decreases this March.
Average rent prices for furnished units in Montreal’s individual neighbourhoods largely decreased this month, with Saint-Laurent (-7.82%) and Ahuntsic-Cartierville (-7.69%) the most obvious examples. Notable exceptions to this are Côte-Des-Neiges (+15.60%) and The Plateau-Mont-Royal (+6.78%), which both experienced significant month-to-month increases.
Montreal unfurnished vs. furnished rent averages
This March, average prices for furnished one-bedroom units fell slightly while unfurnished units increased. As of this month, furnished units now rent for an average of $56 more than unfurnished ones. This shows that landlords can still, on average, earn a higher profit by renting out their units already furnished, while also attracting different renter demographics such as students and those seeking short-term rentals. For renters, you will still typically see some savings if you are able to bring your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This March, Ahuntsic-Cartierville has replaced Hochelaga-Maisonneuve as Montreal’s least expensive neighbourhood to rent in at an average of $1,379 per month for an unfurnished, one-bedroom unit, while Downtown has become the city’s most expensive neighbourhood again, at an average of $1,875 — a $496 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 had the most expensive one- and two-bedroom unfurnished units this March.
- Rental rates for unfurnished one-, two-, and three-bedroom units all increased in Côte-Des-Neiges, The Plateau-Mont-Royal, and Verdun.
- Furnished, one-bedroom units were cheaper than unfurnished units in Côte-Des-Neiges, Downtown, Notre-Dame-de-Grâce, Saint-Laurent, and Villeray-Parc-Extension.
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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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.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
February 2023 Metro Vancouver Rent Report
February 2023 Toronto Rent Report
February 2023 Calgary & Edmonton Rent Report
February 2023 Montreal Rent Report
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