Can someone make them stop? Asking for a friend.
For Montrealers trying to find an affordable apartment to rent, July’s increased prices may be discouraging.
In June, the average cost for an unfurnished 3 ½ in Montreal was $1464, according to a report on the average rental prices in Montreal published by liv.rent. Now, barely one month later, the average has increased by nearly $75 to $1539/month.
You don't need to be a math genius to know that a 5% increase in average rent from one month to the next is bad news.
The liv.rent report for July is based on data from real estate websites covering both furnished and unfurnished apartments in eleven of the island's most populous neighbourhoods, from Saint-Laurent to Saint Henri.
The most expensive neighbourhood this month was, perhaps unsurprisingly, downtown Montreal, with an average cost for a 3 ½ of $1,785. This is $416 more than the least expensive neighbourhood, Côte-des-Neiges.
The Plateau-Mont-Royal was the second most expensive neighbourhood with an average rent of $1,713 for an unfurnished 3 ½.
For furnished apartments, the Plateau and downtown are still the priciest: a Plateau 3 ½ will cost you $1,963 while a downtown spot will set you back $1,908.
If you’re looking for a fully furnished apartment on a tighter budget, try hunting in Côte-des-Neiges or Hochelaga–Maisonneuve. To be closer to downtown without paying downtown prices, consider Westmount, where the average 3 ½ will cost you $1,482.
Given this year’s strong upward trend, stay tuned for how expensive Montreal rent will be by the next big move-in day in September!