If you're looking to find an apartment on the island, you know all too well that Montreal rents are higher than they've ever been before. In just one year, eight of the most popular Montreal neighbourhoods saw large average rent increases from 9% to as high as 41%, according to the National Rent Report from Rentals.ca. Finding an affordable place to live in Montreal is becoming difficult as many prospective renters are now beginning to look outside of the most central boroughs.
Overall, rental property listings in the city from January 2019 to 2020 increased by an average of $380, while the average square footage of rental listings decreased.
While rent increases and low vacancy rates indicate a strong and robust real estate market in Montreal, it seems that the average person will have a harder time finding a rental property on the island. Rentals.ca's Rent Report shows a strong concentration of people looking to live downtown, which is jacking up prices across the city.
Is your neighbourhood among those with the greatest increases in average rent?
Before we begin, here's the data table indicating which neighbourhoods saw the highest average rent increases according to the Rentals.ca analysis.
The chart splits up the neighbourhoods by postal code.
While four neighbourhoods actually decreased in average rent prices, the overall picture of this data isn't completely in line with the city-wide average. In fact, the average percentage increase in rent in Montreal is 26.7% (for a one-bedroom apartment).
The following table shows a snapshot of rent across the city.
The chart looks at rental apartments that had at least two listings posted on Rentals.ca between 2019 and 2020.
On average, these 14 buildings experienced a 13% increase in rent prices.
The largest increase, 32%, was at The Saguenay Apartments in the Quartier-Latin.
Norgate and Renaissance apartment building in Ville Saint-Laurent saw no increase in one year.
What does this mean for your prospects of renting an apartment in Montreal?
In your apartment hunt, you might have to consider moving to a neighbourhood that isn't as popular if you want to find an affordable living situation.
If money is no option, feel free to look anywhere but keep in mind that the stock of available apartments on the island of Montreal is getting lower every year.