The cost of renting an apartment in Montreal has been a hot topic of debate recently, and a new report looks to shed some light on just how expensive rent is, in our city.
According to the latest National Rent Report by Rentals.ca and Bullpen Research & Consulting, Montreal came in twenty-first place for average monthly rent in August for a one-bedroom home at $1,461. The city also had the fourteenth highest average monthly rent for a two-bedroom at $1,900. Meanwhile, Laval finished closely behind at twenty-fifth for average monthly rent for a one-bedroom home at $1,366 and at twenty-fourth for average monthly rent for a two-bedroom at $1,651.
According to the report, Montreal has seen its average rental rate steadily decrease throughout 2020, before experiencing some small increases in early 2021. But since August 2019, the average rent in Montreal has actually declined 19.5%, which is the largest decrease experienced out of the selected municipalities.
This all sounds like good news, right? Well, not really. Finishing low on the list might not seem so bad but the truth is, the decline can be attributed to a change in the unit sizes for rent in the market. In other words, newer condos and apartments are made smaller (919 psf average in August 2019, 783 psf average in August 2021).
Check out the graph below and visit rentals.ca for more info.