With the first month of 2022 behind us, Montreal has continued to maintain its reputation of having affordable rent, especially when compared to the costs in other big Canadian cities.
Nonetheless, the cost of living has gone up over the past month.
According to the number crunchers at liv.rent, the average cost for an unfurnished one-bedroom is now $1,681, an increase of over 3% from last month. Furnished one-bedrooms saw a slight increase as well, now averaging at $1,573.
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Looking at prices from this time in 2022, Montreal’s city-wide rental rates for an unfurnished, one-bedroom unit have increased by an average of $159 in the past 12 months alone.
liv.rent
Certain neighbourhoods were more affected by the price increases than others. For example, average rent prices in Hochelaga-Maisonneuve rose across the board this February, for one-, two-, and three-bedroom furnished and unfurnished units.
Meanwhile, Saint Henri is now the most expensive neighbourhood to rent an unfurnished, one-bedroom unit in – with an average monthly rent price of $1,834.
Since furnished units go for an average of $108 more than their unfurnished counterparts, the liv.rent report says landlords “can still earn a higher profit by renting out their units already furnished,” while also attracting “different renter demographics such as students and those looking for short-term rentals.”
Click here to read the entire February report.
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