- Montreal’s city-wide average rent has risen by $44 this October to $1,541 for an unfurnished, one-bedroom unit.
- The average monthly rent price for furnished, one-bedroom units in Verdun rose 29.53% this October
- An unfurnished, one-bedroom unit in The Plateau-Mont-Royal now costs $369 more than the same type of unit in Hochelaga-Maisonneuve
As peak renting season comes to a close, we’re seeing a moderate increase in Montreal’s average rent prices – similar to what’s occurring in Metro Vancouver and Toronto. Typically, October sees some of the highest rent prices of the year, so it will be interesting to see whether prices begin to decline throughout the rest of the year and into the winter.
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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
First, we’ll take a look at rental trends over the past six months for an unfurnished one-bedroom apartment in Montreal. This October, prices have risen by $44 following two months of gradual decreases in the city’s average rent prices. This mirrors similar trends we’re seeing in both Metro Vancouver and the Greater Toronto Area, although not to the same extent.
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Month-to-month rent change
Across Montreal’s individual neighbourhoods, a number of communities saw significant shifts in average rent prices this October.
For unfurnished units, Saint Henri saw the most significant increase at +9.62%, followed closely by Ahuntsic-Cartierville, where prices increased by +8.45% on average. Other notable changes occurred in Notre-Dame-de-Grâce (+7.19%) and Downtown (-4.55%), while in The Plateau-Mont-Royal, prices increased by 3.21% from month to month.
Furnished units saw much more meaningful price changes this October, with standout numbers in multiple Montreal neighbourhoods. Verdun (+29.53%) was the most significant by far, but Ahuntsic-Cartierville (-19.23%), Westmount (-17.50%), and Villeray-Parc-Extension (+17.04%) all had similarly large shifts this month.
Montreal unfurnished vs. furnished rent averages
Furnished units were once again considerably more expensive than unfurnished ones in Montreal this October. As of this month, furnished units now rent for an average of $142 more than unfurnished ones. This shows that landlords can still earn a higher profit by renting out a furnished unit, and can also attract different renter demographics such as students and those looking for short-term rentals. For renters, you will still typically see 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 October. This month, Hochelaga-Maisonneuve is Montreal’s cheapest neighbourhood to rent in at an average of $1,380 per month for an unfurnished, one-bedroom unit, while Downtown remains its most expensive at $1,749 — a $369 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.
- Furnished, two-bedroom units in Downtown were particularly expensive this month, renting for $3,035 on average.
- Westmount has the most expensive three-bedroom, unfurnished units at an average of $3,534 per month.
- The least expensive unit type this month were furnished, one-bedroom units in Westmount, which rent for an average of just $1,297.
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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 Montreal rental market. Discover last month’s Rent Reports below:
September 2022 Montreal Rent Report
September 2022 Toronto Rent Report
September 2022 Metro Vancouver Rent Report
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