At a glance
- Montreal’s average rent prices have increased $146/month YoY
- The average rent for a one-bedroom unfurnished unit has increased this month by (+1.81%). Prices have also increased YoY rising from $1,597 in October 2023 to $1,743 in October 2024, a $146/month increase. This represents a (+8.74%) year-over-year increase in average rental prices in Montreal.
- Furnished units outpacing unfurnished ones this October
- Prices are up this month for both furnished and unfurnished units in Montreal. Unfurnished units have seen a (+1.81%) increase while furnished units have risen significantly by (+4.09%). This represents the largest spike in price for furnished units since February when prices increased by (+4.98%).
- There’s a $493/month gap between Montreal’s most vs least expensive neighbourhoods
- Verdun is Montreal’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,027/month on average. The same type of unit rents for an average of $1,534 in the city’s cheapest neighbourhood, Ahuntsic-Cartierville, a difference of $493/month.
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 another increase this October. This month, the average rent price for an unfurnished, one-bedroom unit has risen by $31, bringing Montreal’s city-wide average rent to $1,743 – 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 increased by $31. Looking at a year-over-year comparison, Montreal’s city-wide rental rate for an unfurnished, one-bedroom unit is higher than in October 2023, with prices now $146 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, Villeray-Parc-Extension (+8.13%) had the largest month-to-month increase followed by Notre-Dame-de-Grâce and Côte-des-Neiges (+3.37%) and Verdun (+3.20%), while Ahuntsic-Cartierville (-1.94%) saw the most notable decline since September.
Looking at furnished one-bedroom units, average rent prices increased the most in Hochelaga-Maisonneuve (+14.95%), followed by Verdun (+10.76%) and Notre-Dame-de-Grâce and Côte-des-Neiges (+8.15%).
Montreal unfurnished vs furnished rent averages
This October, average monthly rent prices for both furnished and unfurnished units saw an increase. The gap between furnished and unfurnished units has remained narrow at only $23/month on average. 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 October 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 October. This month, Ahuntsic-Cartierville is Montreal’s cheapest neighbourhood to rent in at an average of $1,534 per month for an unfurnished, one-bedroom unit. Meanwhile, Verdun is the most expensive neighbourhood, at an average of $2,027 per month – $493 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 increased for all types of unfurnished units in The Plateau-Mont Royal and all types of furnished units in Notre-Dame-de-Grâce and Côte-des-Neiges.
- Downtown Montreal is the most expensive neighbourhood for all types of furnished units while no one neighbourhood is the most expensive across all types of unfurnished units.
- Rent prices increased in every area except Ahustic-Cartierville 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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