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.
Real estate rental platform liv.rent just dropped its latest report on how much it costs to rent an unfurnished one-bedroom in 10 of Montreal's most sought-after neighbourhoods. Since the start of 2024, the average rent in Montreal for this type of unit has already risen by $113, from $1,599 in January to $1,712 in September — a seven percent increase in less than a year!
Based on the Government of Canada's recommendation that rent shouldn't be more than 35% of your gross income, you'd need to earn at least $58,697 a year to comfortably rent in the average Montreal apartment. But depending on your income, you might still be able to snag a 3 ½ in certain neighbourhoods without breaking the bank.
Here's a breakdown of the average monthly rent for one-bedroom apartments in Montreal's top neighbourhoods, along with the minimum annual salary you'd need to live comfortably in each area, based on the 35% rule:
- Verdun: $1,964 average rent; $67,337 minimum salary
- Westmount: $1,944 average rent; $66,651 minimum salary
- Downtown: $1,917 average rent; $65,725 minimum salary
- Plateau-Mont-Royal: $1,838 average rent; $63,017 minimum salary
- Saint-Henri: $1,675 average rent; $57,428 minimum salary
- Hochelaga-Maisonneuve: $1,634 average rent; $56,022 minimum salary
- Ahuntsic-Cartierville: $1,564 average rent; $53,622 minimum salary
- Notre-Dame-de-Grâce/Côte-des-Neiges: $1,564 average rent; $53,622 minimum salary
- Saint-Laurent: $1,555 average rent; $53,314 minimum salary
- Villeray-Parc-Extension: $1,423 average rent; $48,788 minimum salary
As you can see, rents are lowest in the north-central part of the island, where you can even live on less than $50,000 a year — it's the only spot in this ranking where that's possible.
And if you're curious about two- or three-bedroom prices, liv.rent's September Rent Report has the latest numbers for those too.
If you didn't already know, tenants can get up to $170 a month through Quebec's Shelter Allowance Program. To qualify, your household income in 2023 has to fall between $21,500 and $42,900, depending on your family situation.
This story was adapted from the article "Voici le montant tu dois gagner pour te payer un 3 1/2 à Montréal selon le quartier," which was originally published on Narcity Quebec by Josianne Desjardins.
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