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average rent montreal

Here's how much it costs to live comfortably in Montreal in 2024, based on a new ranking

As the cost of living continues to rise in Quebec, many residents are exploring ways to manage the growing impact of inflation — whether by taking on multiple jobs, working extra hours, or seeking financial assistance through the Canada Revenue Agency and Revenu Québec. But would it surprise you to learn that Montreal is actually one of Canada's most affordable cities when compared to other urban centres?

MovingWaldo, a tech company focused on streamlining the residential moving process, recently ranked Canada’s 10 most populous cities based on their affordability. Using data from sources like the Canadian Real Estate Association, Realtor.ca, Zumper, and Numbeo, the report compared the cost of buying a home, renting a one-bedroom apartment, and the overall cost of living in each city.

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montreal rent

Here's how much you need to earn to afford a 4 1/2 in popular Montreal neighbourhoods

As the cost of living continues to rise, rent prices in Montreal are no exception. According to a new report, the average unfurnished 4 ½ (two-bedroom) property in the city currently costs $2,222 per month.

However, some Montreal neighbourhoods offer more affordable housing options than others. Thanks to real estate rental platform liv.rent's latest report, you can find out which areas suit you best based on how much you're willing to spend on rent.

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montreal rent

Here's how much you need to earn to afford a 3 1/2 in popular Montreal neighbourhoods

As rent prices keep climbing across Quebec, Montreal's housing market is definitely feeling the pinch. This month, the average cost of an unfurnished 3 ½-room apartment in the city hit $1,712 per month, according to a new report.

But depending on where you're looking, some neighbourhoods are still more budget-friendly than others. So, if you're curious about where your salary can take you in Montreal, you're in the right place.

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montreal apartments for rent

6 Things Tenants Need To Know Before Renting A Montreal Apartment

As average rent creeps up, finding quality, affordable Montreal apartments is becoming increasingly difficult, even for people who have lived here their whole lives. An abundance of suspicious listings and sketchy landlords poses an additional challenge.

For those from outside of Montreal, especially international students, it’s understandably common to be unaware of local housing rights and the regulations that protect them. This can lead to people falling for scams and making avoidable mistakes that can make or break their time in the city.

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montreal rent

Montreal's February Rent Report Is Out & Here's Where You Might Be Able To Afford To Live

Buying a home is feeling increasingly unachievable for many Canadians, who turn instead to a life of renting someone else's property in order to avoid sleeping on the street. The hunt for a good apartment to rent in Montreal is somewhat easier than searching for a house to own, but folks here and everywhere are disillusioned.

As of 2022, 33 per cent of non-homeowners "believe they will never be able to buy a family home," 15 per cent more than in 2021, according to a survey by Mortgage Professionals Canada (MPC).

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montreal apartments

Montreal Rents Have Dropped — But Don't Get Your Hopes Up

If you're that person who spent nearly $900 at a bakery using Uber Eats, the average Montreal apartment rent being just over $1,500 probably doesn't faze you. But if you're someone who has a more normal relationship with money, Montreal's rent averages may be relatively upsetting.

But only relatively, because Toronto's average rent for an unfurnished one-bedroom has been just over $2,000 since September 2022. In Vancouver, the same apartment might sell for an average above $2,200, so Montrealers can rest assured that our housing crisis, though it is awful, is way better than everyone else's.

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montreal apartments for rent

How Many Hours An Average Montrealer Has To Work To Afford An Average Montreal Rent

In case working didn't make you sad enough, the February 2022 Rental Market Report from the Canada Mortgage and Housing Corporation (CMHC) suggests the ability to simply afford a Montreal rental apartment is requiring more work hours.

As of October 2021, a Montreal-area resident making the average wage had to work 105.8 hours a month in order to not spend more than 30% of their gross income on rent for an average two-bedroom apartment. That's almost three hours more than they had to work in October 2020 (102.9 hours). As a benchmark, CMHC notes that 150 hours a month (or 37.5 hours a week) is considered full-time.

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