Montreal's Average Apartment Rent Has Skyrocketed & It Might Get Worse, A Report Shows
While the other major Canadian cities saw extraordinary fluctuations in the cost of rental properties after a chaotic year, Montreal's market remained hot.
Year-over-year rents are down 2.2% in the Montreal CMA, according to a report from Rentals.ca and Bullpen Research & Consulting. But looking more closely, this has not resulted in savings for apartment dwellers.
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While the average rent for a condo declined 5.4% to $1,895 per month between May 2020 and May 2021, the average rent for an apartment increased 1.3% to $1,634 per month.
For comparison, Rentals.ca said the average apartment rent in May 2019 was $1,354.
Furthermore, the report showed, "the average rent per square foot for rental apartments experienced a 16.4% annual increase, moving from $2.08 psf in May 2020 up to $2.42 psf in May 2021."
The report predicts rents will continue to rise as the pandemic-battered economy begins to recover: "As the vaccine becomes more readily available, and the country starts to open up again, the recent increase in monthly rental rates across the country suggest a slow return to normalcy in Canada," it concluded.
"As the borders open to further immigration, international students and tourism, rental rates are expected to continue to rise. The fall of 2021 could be a busy season for landlords."
