The days of cheap rent in Montreal appear to be long gone.
It may not sound drastic when compared to the ridiculously high rates in cities like Vancouver or Toronto, but the price of two-bedrooms in Montreal is actually up a whole 12% since this time last year. Consequently, the price of renting a two-bedroom went up 11.1% since January 2022.
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According to Zumper’s Canadian National Rent Report, Montreal ranked as the 16th most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,500 and $1,960, respectively.
Montreal’s seemingly large increases are minor when compared to some other cities. For example, Toronto’s average two-bedroom rent rose 24.3% over the last calendar year while Halifax’s climbed 36%.
None were as high as London, though. According to Zumper, the Ontario town enters 2023 with the largest year-over-year rent price growth rate for two-bedrooms in the nation, up 39.9%.