At a glance
- Montreal’s average rent prices up $142/month YoY
- This month, the average monthly rent price for an unfurnished, one-bedroom unit has dropped by $14. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in November 2023, with prices now $142 more than this time last year.
- Furnished and unfurnished rental prices align as gap closes
- This November, average monthly rents for both furnished and unfurnished units dropped, bringing them to an equal rate of $1,729 per month. With this decrease, the previous price gap between furnished and unfurnished units has disappeared, marking a rare balance in rental prices.
- There’s a $540/month gap between Montreal’s most vs least expensive neighbourhoods
- Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,481 per month for an unfurnished, one-bedroom unit. Meanwhile, Westmount is the most expensive neighbourhood, at an average of $2,021 per month – $540 more than in Ahuntsic-Cartierville.
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.
Montreal’s city-wide average rent price saw a slight decrease this November. This month, the average rent price for an unfurnished, one-bedroom unit has dropped by $14, bringing Montreal’s city-wide average rent to $1,729 – 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, plus a year-over-year comparison for unfurnished one-bedroom units in Montreal. This month, the average monthly rent price for an unfurnished, one-bedroom unit has dropped by $14. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in November 2023, with prices now $142 more than this time last year.
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Month-to-month rent change
Looking at both furnished & unfurnished units, there were some notable changes in rental rates across Montreal’s different neighbourhoods this month.
Looking first at unfurnished one-bedroom units, Westmount (+4.17%) had the only month-to-month increase, while Notre-Dame-de-Grâce and Côte-des-Neiges (-5.44%) saw the most notable decline since October.
Looking at furnished one-bedroom units, average rent prices increased the most in Verdun (+5.17%), while Notre-Dame-de-Grâce and Côte-des-Neiges (-7.60%) followed by Hochelaga Maisonneuve (-4.25%) saw the biggest decreases.
Montreal unfurnished vs furnished rent averages
This November, average monthly rent prices for both furnished and unfurnished units saw a decrease. The gap between furnished and unfurnished units has disappeared with both types of units renting for $1,729/month. Landlords looking to rent their units on a short-term basis would historically be able to command a higher price for their furnished units.
Looking for our full November 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 November. This month, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,481 per month for an unfurnished, one-bedroom unit. Meanwhile, Westmount is the most expensive neighbourhood, at an average of $2,021 per month – $540 more than in Ahuntsic-Cartierville.
Let’s look even closer at the different listing types to see the differences in one-, two-, and three-bedroom rental rates across each area.
- Rent prices decreased for all types of unfurnished units in The Plateau-Mont Royal, Notre-Dame-de-Grâce and Côte-des-Neiges and Saint-Laurent.
- Downtown Montreal is the most expensive neighbourhood for all types of furnished units and two-bedroom unfurnished units, while Westmount was the most expensive for one and three-bedroom unfurnished units.
- Rent prices decreased in every area except Hochelaga-Maisonneuve and Westmount for one-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:
June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report
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