At a glance
- Montreal’s city-wide average rent price for an unfurnished, one-bedroom unit has decreased by $19, to $1,597/month.
- On average, it now costs $525 more to rent an unfurnished, one-bedroom unit in Downtown Montreal than in Ahuntsic-Cartierville.
- Average rent prices for unfurnished, one-bedroom units increased by 4.83% in Downtown Montreal this October.
Looking for our full October 2023 Montreal Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Montreal’s city-wide rental rates have decreased again this month after increasing in September. This month, the average monthly rent for an unfurnished, one-bedroom unit has fallen by $19, bringing Montreal’s city-wide average rent to $1,597 for this unit type which is well below rates in other major Canadian rental markets like Metro Vancouver and Toronto.
We’ve 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.
Looking for our full October 2023 Montreal Rent Report? Download your copy below to get all the latest insights.
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. For October 2023, the average monthly rent price for an unfurnished, one-bedroom unit has fallen by $19, to $1,597 per month. This brings the city’s rental rate to just $10 above where it was in August. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit has increased by just $56 since October 2022.
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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 October.
Looking first at unfurnished, one-bedroom units, Verdun (+7.33%), Downtown Montreal (+4.83%), and Côte-des-Neiges (+3.27%) saw the largest month-to-month increases this October. Hochelaga-Maisonneuve (-8.66%), Saint Henri (-8.55%), and Ahuntsic-Cartierville (-5.70%) all saw notably large decreases from month to month.
Looking at furnished, one-bedroom units, Côte-des-Neiges (+12.81%), Ahuntsic-Cartierville (+3.33%), and Hochelaga-Maisonneuve (+1.65%) all saw notable increases from month to month, while the largest average declines occurred in Westmount (-8.65%), Saint-Laurent (-6.26%), and Saint Henri (-5.30%).
Montreal unfurnished vs. furnished rent averages
As of October, furnished, one-bedroom units are a good deal more expensive than unfurnished units on average. This month, furnished, one-bedroom units now rent for an average of $160 more than unfurnished, one-bedroom units. Landlords exploring the option of short-term rentals will likely be able to command a higher price for their furnished units. For renters, this difference in price indicates that you’ll probably need to pay slightly more if you aren’t moving with your own furniture.
Neighbourhood breakdown
Montreal’s most and least expensive neighbourhoods had very different average rent prices this month. This October, Ahuntsic-Cartierville is Montreal’s least expensive neighbourhood to rent in at an average of $1,333 per month for an unfurnished, one-bedroom unit. Meanwhile, Downtown Montreal is the most expensive neighbourhood, at an average of $1,858 per month – $525 more than in Ahuntsic-Cartierville.
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.
- Ahuntsic-Cartierville has the cheapest one- and three-bedroom, unfurnished units in October
- Average rent prices rose or remained unchanged for all types of units in Côte-des-Neiges this October.
- Hochelaga-Maisonneuve had the least expensive average rent prices for both furnished & unfurnished two-bedroom units this month.
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:
September 2023 Metro Vancouver Rent Report
September 2023 Toronto Rent Report
September 2023 Calgary & Edmonton Rent Report
September 2023 Montreal Rent Report
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