Here's how much it costs to rent a 3 1/2 in different Montreal neighbourhoods right now
It may be winter, but local tenants are feeling the heat as the cost of rent in Montreal continues to climb.
A recent report by real estate platform liv.rent revealed that the average cost of rent for an unfurnished 3 ½ (one-bedroom) apartment has reached an average of $1,731 per month in several popular neighbourhoods.
While this is only a modest $2 increase from last month, it represents a significant 9.63% jump ($152/month) compared to December of last year and a 6% rise ($98/month) over the past six months.
"This upward trend contrasts with the decline in rental prices observed in other major urban centers like Metro Vancouver and Toronto in recent months," liv.rent noted.
That said, rental prices vary significantly depending on the area. According to the report, December saw increases across all types of unfurnished units in Saint-Laurent and Côte-des-Neiges–Notre-Dame-de-Grâce.
Meanwhile, rental prices for unfurnished units declined in the Plateau-Mont-Royal, Verdun and Hochelaga-Maisonneuve.
And, despite rising costs, Montreal's rental rates are still ultimately well below those in other major Canadian rental markets. In fact, liv.rent's national "Rental Market Trend Report" for 2024 ranked Montreal as the fifth most affordable city in Canada, following Edmonton, Niagara Falls, St. Catharines, and London.
Here's a breakdown of average December rents for a 3 ½ (one-bedroom) apartment in Montreal neighbourhoods, ranked from least to most expensive:
- Ahuntsic-Cartierville: $1,483
- Hochelaga-Maisonneuve: $1,548
- Villeray–Parc-Extension: $1,594
- Notre-Dame-de-Grâce/Côte-des-Neiges: $1,620
- Saint-Laurent: $1,523
- Plateau–Mont-Royal: $1,769
- Saint-Henri: $1,830
- Downtown: $1,918
- Verdun: $1,935
- Westmount: $2,091
To put these numbers into perspective, the Government of Canada recommends spending no more than 35% of your gross income on rent. Following this guideline, you'd need an annual income of at least $59,349 (or $4,946 per month) to comfortably afford the average one-bedroom apartment in Montreal.
Here's how much you would need to earn annually to live comfortably in each neighbourhood, based on the 35% rule:
- Ahuntsic-Cartierville: $50,845.71
- Hochelaga-Maisonneuve: $53,074.29
- Villeray–Parc-Extension: $54,651.43
- Notre-Dame-de-Grâce/Côte-des-Neiges: $55,542.86
- Saint-Laurent: $52,217.14
- Plateau–Mont-Royal: $60,651.43
- Saint-Henri: $62,742.86
- Downtown: $65,760
- Verdun: $66,342.86
- Westmount: $71,691.43
Curious about two- or three-bedroom prices? liv. rent's December Rent Report has the latest numbers for those, too.
Whether you're looking for a cozy one-bedroom or a spacious family home, keeping an eye on neighbourhood-specific trends can help you navigate Montreal's competitive rental market.
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