If you plan on moving, you might wanna re-evaluate your budget!
Although Montreal was once upon a time considered an affordable city when it came to housing, it seems as if the cost of living is slowly but surely trying to match those of more expensive cities such as Toronto or Vancouver.
After Montreal rent prices soared in February and March, it comes as no surprise that the upward trend with rent prices has continued well into April.
In fact, liv.rent released its report on the average cost of rent in Montreal for the month of April, and let's just say you and your wallet are both going to be sad.
The report, which analyzes data from real estate websites for both furnished and unfurnished apartments, focuses primarily on 11 of Montreal's most popular neighbourhoods: Downtown, Plateau-Mont-Royal, Côte-des-Neiges, Notre-Dame-de-Grâce, Saint-Laurent, Hochelaga-Maisonneuve, Villeray-Parc-Extension, Ahuntsic-Cartierville, Saint-Henri, Verdun and Westmount.
If you were set on moving come July 1, you might want to re-evaluate your budget.
According to liv.rent, the overall rate for an unfurnished 1-bedroom apartment in Montreal in April 2022 is $1,423, which is an increase of $137 compared to the rates back in November 2021.
When it comes to other unfurnished 1-bedroom units across the city, large increases in average price were seen in Westmount (+23.16%), Notre-Dame-de-Grâce (+13.97%), and Saint Henri (+8.34%), to name a few.
When it comes to the most expensive borough to rent in Montreal, it seems as if Notre-Dame-de-Grâce takes the win.
Not only has the cost of rent in NDG gone up by nearly 14%, but it remains the most expensive region to rent in, with an average cost of $1,646, liv.rent stated.
If you're on a budget, then you might have more luck looking at apartments in the Hochelaga-Maisonneuve neighbourhood, where the average cost of rent is $1,167.
Verdun and Ahunstic-Cartierville are also worth looking into as both areas saw a decline in rent costs this month by 16.63% and 6.79% respectively.
This article’s cover image was used for illustrative purposes only.
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