At a glance
- Montreal is seeing a similar slowdown in rent price increase to Metro Vancouver and Toronto
- During 2023, the average year-over-year rent price increase for a furnished one-bedroom unit was +12.6%, compared to just +0.6% so far in 2024
- Saint Henri and The Plateau-Mont-Royal saw noticeable drops in year-over-year rent prices
- Each of these areas significantly contributed to 2023’s steep year-over-year increase for both furnished and unfurnished one-bedroom units. The Plateau-Mont-Royal saw a year-over-year drop of -4.1% this year (vs. +16.4% last year), while Saint Henri recorded a -0.3% YoY decrease (vs. +33.4% last year)
- The year-over-year price drop primarily stems from unfurnished rental units
- Furnished one-bedroom units saw an average +0.6% year-over-year increase, while unfurnished one-bedroom units experienced a -1.4% drop, on average
Download the full report here for a comprehensive summary of this month’s rental data.
Montreal’s city-wide average rent prices haven’t budged much over the past few months, seeing a very slight increase this month. This March, the average rent price for an unfurnished, one-bedroom unit has increased by just $2, bringing Montreal’s city-wide average rent to $1,596 – still 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, as well as a year-over-year comparison for unfurnished one-bedroom units in Montreal. As of March 2024, the average monthly rent price for an unfurnished, one-bedroom unit has risen by $2. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit have actually decreased since March 2023, with rates now $22 lower than they were this time last year.
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Month-to-month rent change
In terms of both furnished & unfurnished units, there were a few notable changes in rental rates across Montreal’s different neighbourhoods this March.
Looking first at unfurnished one-bedroom units, Westmount (+7.93%) and Notre-Dame-de-Grâce (+7.03%) saw the largest month-to-month increases, while Verdun (-12.43%) and Ahuntsic-Cartierville (-4.02%) had the most significant decreases overall.
Looking at furnished one-bedroom units, average rent prices increased the most in Saint-Laurent (+6.77%) and Hochelaga-Maisonneuve (+3.58%), while rates decreased the most in Verdun (-8.56%) and Ahuntsic-Cartierville (-6.52%).
Montreal unfurnished vs. furnished rent averages
As of March, furnished, one-bedroom units continue to rent for more than unfurnished, one-bedroom units on average. This month, furnished, one-bedroom units now rent for an average of $88 more than unfurnished one-bedroom units. Landlords exploring the option of short-term rentals will typically be able to command a higher price for their furnished units. For renters, this price difference indicates that you’ll probably need to pay slightly more if you aren’t moving with your furniture.
Looking for our full March 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 March. This month, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,354 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown Montreal is the most expensive neighbourhood, at an average of $1,872 per month – $518 more than in Ahuntsic-Cartierville.
Let’s now 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 average rent prices for one-, two-, and three-bedroom unfurnished units, as well as furnished one- and two-bedroom units.
- Prices for all types of unfurnished units increased in Côte-des-Neiges, while rates for one-, two-, and three-bedroom furnished units all fell.
- Ahuntsic-Cartierville had the lowest rates for one- and two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the least expensive 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:
February 2024 Metro Vancouver Rent Report
February 2024 Toronto Rent Report
February 2024 Calgary & Edmonton Rent Report
February 2024 Montreal Rent Report
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