At a glance
- Despite rates rising since February, Montreal has still seen a year-over-year decline in average rent prices
- The average monthly rent price for a one-bedroom unfurnished unit has increased by $41 since January 2024, but is currently $46 (-2.73%) lower than in May 2023.
- Average rent for an unfurnished one-bedroom unit in Westmount is down -8.96% compared to May 2023
- Comparing May 2023 to May 2024, the average rate for an unfurnished one-bedroom unit in Westmount has fallen from $2,042 to $1,859. The neighbourhood was the most expensive area of Montreal to rent in this time last year, but is currently second to Downtown.
- The average cost of a one-bedroom unfurnished unit in Hochelaga-Maisonneuve has dropped by $89 since January
- Hochelaga-Maisonneuve became Montreal’s cheapest neighbourhood to rent in last month and retained that title in May despite a +4.83% increase in the average monthly rent for a one-bedroom unfurnished unit. Average rates in the neighbourhood have now fallen by $89, or -6.05%, since the beginning of the year.
Note: As of our April 2024 report, Notre-Dame-de-Grâce and Côte-des-Neiges will be combined into a single neighbourhood for the purpose of our analysis.
Download the full report here for a comprehensive summary of this month’s rental data.
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Montreal’s city-wide average rent prices have remained mostly consistent over the past few months, but have risen again this May. As of this month, the average rent price for an unfurnished, one-bedroom unit has increased by $16, bringing Montreal’s city-wide average rent to $1,640 – 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 May 2024, the average monthly rent price for an unfurnished, one-bedroom unit has risen by $16. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit has fallen since May 2023, with prices now $46 below what they were 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, Westmount (+8.12%) and Notre-Dame-de-Grâce/Côte-des-Neiges (+6.48%) had the largest month-to-month increases, while Villeray-Parc-Extension (-10.07%) has seen the most notable decline since April.
Looking at furnished one-bedroom units, average rent prices increased in Verdun (+9.89%) and Ahuntsic-Cartierville (+7.42%), with no month-to-month decreases this May.
Montreal unfurnished vs. furnished rent averages
This May, average monthly rent prices for both furnished and unfurnished one-bedroom units rose. This month, furnished, one-bedroom units now rent for $41 more than unfurnished one-bedroom units, on average. Landlords exploring the option of short-term rentals 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 May 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 May. This month, Hochelaga-Maisonneuve is Montreal’s least expensive neighbourhood to rent in at an average of $1,381 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown is the most expensive neighbourhood, at an average of $1,870 per month – $489 more than in Hochelaga-Maisonneuve.
Let’s look closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- Besides two-bedroom unfurnished units, Downtown Montreal has the most expensive average rent prices for all other types of units this month, both furnished and unfurnished
- Average rent prices for furnished one-bedroom units increased in every neighbourhood we collected data for this month
- Ahuntsic-Cartierville had the least expensive rent for two-bedroom unfurnished units, while Hochelaga-Maisonneuve had the lowest average prices for 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:
April 2024 Metro Vancouver Rent Report
April 2024 Toronto Rent Report
April 2024 Calgary & Edmonton Rent Report
April 2024 Montreal Rent Report
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