It's looking like now is a good time to start renting a new Montreal apartment if you've been searching for a while.
According to liv.rent's December 2021 Montreal Rent Report, the average cost to rent an unfurnished one-bedroom apartment in the city has dropped by $50 since November. It's now reportedly an average of $1,236 a month to rent an unfurnished 3 1/2 in Montreal.
As for furnished versions of this size apartment, the report states that the average rent price is $1,442 in December 2021, about the same decline from November as the unfurnished price.
Now, as for deciding where to live, Downtown Montreal is said to be the most expensive part of town to rent in this month, with an average price of $1,433 for an unfurnished one bedroom. But liv.rent claims this area still "saw significant declines in the prices of both furnished (-7.41%) and unfurnished (-11.57%) units" this month.
Meanwhile, you can find the same type of apartment in Côte-des-Neiges for $333 cheaper on average, and this is reportedly the neighbourhood with the lowest rent prices right now.
Also, if you've been looking for an apartment with some extra space, "three-bedroom units are only slightly more expensive than two-bedroom units" in neighbourhoods like Downtown, Plateau Mont-Royal and Saint-Laurent — so it could be worth the few extra dollars!
Here's a little breakdown of average furnished apartment prices in every Montreal neighbourhood, in case you don't have your own furniture just yet.
Liv.rent says the report is put together "with liv.rent data and data scraped manually from top listing sites," which "shows the most accurate reflection of the true cost of rent."
MTL Blog reached out to Canada Mortgage and Housing Corporation to see if these trends are consistent with its research. We'll update this article once a response is received.
This article’s cover image was used for illustrative purposes only.