Montreal's Average Rent Is Creeping Towards $2K In Several Areas — Here's Where It's Cheapest

Montreal's rental market is feeling some of the same strain as the rest of the economy, with rent prices approaching the $2,000 mark in many neighbourhoods despite a history of lower rents, according to a new report from liv.rent. This news may be a little bleak, but at least you'll be better informed by the end of it.

Last year, prices hovered under the $1,500 mark — this year, things are markedly worse. The average rent in March 2023 was $1,618 for an unfurnished one-bedroom apartment, compared to $1,393 in March 2022.

That $225 difference adds up fast over the course of a lease, but on the bright side, several neighbourhoods in Montreal hew closer to the 2022 average. Ahuntsic-Cartierville remains cheaper than the other boroughs and neighbourhoods included in liv.rent's evaluation, with an average of $1,379 for an unfurnished one-bedroom — lower even than the monthly average last year.

But downtown, where apartments are fancy and rents are continually sliding upwards, the average rent for the same unit type was an unfortunate $1,875, a full $496 pricier than Ahuntsic-Cartierville. Westmount ($1,805), the Plateau ($1,769), and Saint-Henri ($1,730) are also over $1,700, together representing a stressful slide towards that $2,000 mark, with which residents of Toronto and Vancouver are already quite familiar.

Compared to February, rents increased in Côte-Des-Neiges, the Plateau, and Verdun. Furnished units were cheaper on average than unfurnished units in Côte-Des-Neiges, downtown, Notre-Dame-de-Grâce, Saint-Laurent, and Villeray-Parc-Extension, a slightly surprising trend since typically a furnished spot will cost you extra.

For larger units, Villeray-Parc-Extension has the most competitive prices, with an average of just over $2,000 for an unfurnished three-bedroom. A comparable unit would cost you closer to $3,500 in Westmount and downtown.

For a cheaper shared living situation, mainstay Hochelaga-Maisonneuve is another smart choice, with three-bedroom rent close to $2,000 as well.