At a glance
- Montreal’s city-wide average rent for an unfurnished, one-bedroom unit has increased by $66 this May, to $1,686.
- Across the city, unfurnished, one-bedroom units now rent for $32 more than furnished units on average.
- An unfurnished, one-bedroom unit now rents for an average of $634 more in Downtown Montreal, the city’s most expensive neighbourhood, than in Ahuntsic-Cartierville – the least expensive.
Looking for our full May 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 $66 since our April 2023 Rent Report was released. This brings Montreal’s city-wide average rent to $1,686 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 May, the average price for an unfurnished, one-bedroom unit has risen substantially, by $66 since April for a new monthly average of $1,686. Montreal’s average rent prices have been gradually increasing since the beginning of the year, and have begun to rise more rapidly as warmer temperatures hit the city. Compared to May 2022, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit are up $236 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.
Month-to-month rent change
This May, there were plenty of notable price shifts across Montreal’s individual neighbourhoods.
For unfurnished units, Westmount (+14.46%), Saint Henri (+11.14%), Saint-Laurent (+7.14%) and Villeray-Parc-Extension (+5.71%) had the largest month-to-month increases, while the only month-to-month decreases occurred in Hochelaga-Maisonneuve (-1.07%) and Ahuntsic-Cartierville (-0.07%).
Somewhat surprisingly, average rent prices for furnished units in Montreal’s individual neighbourhoods were much more stable this month. Notable increases occurred in Villeray-Parc-Extension (+5.71%), Notre-Dame-de-Grâce (+4.54%) and Downtown (+2.81%), while the largest month-to-month decreases took place in Ahuntsic-Cartierville (-6.81%) and Westmount (-4.10%).
Montreal unfurnished vs. furnished rent averages
This May, prices for unfurnished, one-bedroom units have overtaken furnished units after the former increased by +4.07% on average since April. As of this month, unfurnished, one-bedroom units now rent for an average of $32 more than furnished ones. This reversal demonstrates that it may not be worth it for landlords to furnish their units prior to renting. However, those looking to attract different renter demographics such as students and those seeking short-term rentals would still benefit from the increased demand for short-term rentals during the summer months. For renters, this small difference in price indicates that you may not see significant savings if you bring your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This May, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,408 per month for an unfurnished, one-bedroom unit, while Downtown is again the city’s most expensive neighbourhood at an average of $2,042 per month for the same type of unit— a substantial $634 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 May, for the second consecutive month.
- Westmount had the most expensive one- and three-bedroom furnished units this month.
- Hochelaga-Maisonneuve had the least expensive two- and three-bedroom unfurnished units this May.
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. 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:
April 2023 Metro Vancouver Rent Report
April 2023 Toronto Rent Report
April 2023 Calgary & Edmonton Rent Report
April 2023 Montreal Rent Report
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