Montreal has long been seen as an affordable alternative to cities like Toronto and Vancouver. And while there is some truth to that statement, local rental rates are climbing at an alarming pace.
According to the latest report by liv.rent, the average apartment’s rent in Montreal has risen by $241 since January of this year.
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Liv.rent says that some of the year’s most dramatic rent increases occurred over the past month. According to the report, the city-wide average has risen by $44 this October to $1,541 for an unfurnished, one-bedroom unit. As for furnished single-bedroom pads, those are going for a median price of $1,683 a month.
Rent in different neighbourhoods across the island seems to be increasing at varying rates, though. While downtown and Westmount rent actually went down, others surged. The most dramatic increase occurred in Verdun, where the average monthly rent price for furnished, one-bedroom units rose by a whopping 29.53% from September to October.
As for the most expensive neighbourhood in the city, that title still belongs to The Plateau. The least expensive is Hochelaga-Maisonneuve, where you can rent an unfurnished one-bedroom apartment for less than $1,400.
To explore the entire rent report, you can visit liv.rent’s website.
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