The difference between the most and least expensive neighbourhoods is around $500 per month!
Montreal rent prices have been on the rise for months — and a new report from rental platform liv.rent shows the trend continuing into 2022 with the average price of a one-bedroom rental reaching $1,300 in January.
That's a record high since August 2021. It also means rent in the city is up $64 since December when prices took a dip, averaging $1,236 a month.
Before those of you who are planning on moving this month — or this year — have a complete meltdown, note that liv.rent's report also shows us Montreal's most affordable and most expensive neighbourhoods for renters so, at the very least, you can make an informed decision about where you might want to live.
The liv.rent report, which scrapes data from multiple listing sites, compares the average price of rent in 11 popular Montreal neighbourhoods: the Plateau-Mont-Royal, Downtown, Saint-Henri, Westmount, Verdun, Notre-Dame-de-Grâce, Côte-des-Neiges, Saint-Laurent, Ahuntsic-Cartierville, Villeray-Parc-Extension and Hochelaga-Maisonneuve.
Hochelaga-Maisonneuve is the cheapest neighbourhood for renting an unfurnished one-bedroom apartment with an average price of $1,071. The most expensive neighbourhood for the same thing is Downtown where unfurnished three-and-a-half apartments average $1,607 a month, according to the liv.rent report.
The difference in rent between the two neighbourhoods is around $500 on average per month.
Last month, Côte-des-Neiges — which is known for housing a good chunk of university students — ranked the least expensive on the list.
Côte-des-Neiges still appears to be the least expensive for furnished apartments, with an average price of $872 compared to $1,108 for an unfurnished apartment. These figures defy statistics since, for most of the other neighbourhoods listed, it's more cost-effective to rent an unfurnished apartment than a furnished one.
In general, based on liv.rent's data, furnished apartments cost an average of $146 more per month for a total of $1,752 more per year. So it's up to you if you'd rather run to IKEA.
The Plateau-Mont-Royal has the most expensive furnished units at $1,908 for a three-and-a-half and $2,392 for a four-and-a-half.
If you're looking for something with a little more space, furnished three-bedroom units are most expensive in Westmount where they average $4,084.
Verdun is a more budget-friendly option for a furnished three-bedroom apartment, which averages $1,900 per month — only $100 more than a furnished two-bedroom in the same neighbourhood.
This article's cover image was used for illustrative purposes only.
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