A market report shows rent in Montreal actually rose in 2020 — even as the COVID-19 pandemic battered the economy.
Rent on a "per-square-foot basis" was up 7% in 2020, according to the report from Rentals.ca and Bullpen Research & Consulting.
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Rents are not falling in Montreal because they were not that expensive to begin with.
Paul Danison, spokesperson for Rentals.ca
The reason for the increase is Montreal’s relative affordability, explained Paul Danison, a spokesperson for Rentals.ca.
“Rents are not falling in Montreal because they were not that expensive to begin with,” he said. “There is less incentive or motivation for tenants to move to a cheaper market.”
“There are probably some who are moving out for more space for a home office for less rent, but we are not seeing an exodus,” he continued.
But the rent rise in Montreal did not affect all parts of the city equally, as shown in this nifty map.
The map breaks down the data by neighbourhood and shows that while some areas of the city saw average rent prices plummet by more than 40%, others saw an increase of up to 38%.
“In Montreal, despite a robust sample of listings, there is significant volatility in the average rent levels by postal code,” reads the report.
“H2X and H3A are two of the most active areas in Montreal and include the downtown core and McGill University. These two postal codes have experienced rent growth of 4% and 9% year over year respectively.”
However, some of the largest rent decreases were also found in several neighbourhoods downtown, in addition to the East End.
“It would take some time studying each postal code to determine what factors are causing the volatility,” said Danison.
The Rentals.ca report was compiled using a sample that consists primarily of apartments that have been vacated.