Renting Apartments in Montreal: The Benefits
Montreal apartments continues to boast the cheapest rent prices in Canada
One of the major advantages of living in Montreal is the low cost of rental housing. In spite of rent prices increasing over the past 6 years, renting apartments in Montreal remains very affordable in comparison to other major Canadian and US cities.
Perhaps this explains the popularity of renting in Montreal: almost 60% of residents rent rather than own their apartments.
In addition to their affordability, housing in Montreal is much larger than in Vancouver and Toronto. From typical Montreal duplexes and modern single-family dwellings, to post-industrial style loft apartments and fully-equipped condo rentals in the downtown area, renters can choose from a variety of housing types that can meet individual and family budgets.
Apartment Rental Prices
Rental prices vary depending on apartment sizes and their location in the city. In most cases, the closer you are to the city center, the higher the rent. The average costs per month for renting apartments in Montreal are:
- 1-1/2 (studio apartment) - between $650-$850
- 2-1/2 or 3-1/2 (one-bedroom) - between $750-$950
- 4-1/2 (two-bedroom) - between $900-$1300
- 5-1/2 and up (three or more bedrooms) - between $1150 and up
- Rooms - between $400-$600
The Plateau Mont-Royal and McGill Ghetto are considered the most expensive Montreal neighbourhoods. It should be noted also that price does not always correspond to the quality and size of an accommodation. So, it is important to visit and inspect apartments, as many as possible, before deciding on one.
Vacancy Rates in Renting Apartments
In 2003 and 2004, Montreal experienced an unexpected rental crisis that saw an occupation rate that was close to 100%, brought on by a high demand for affordable rental housing, but a supply had not kept pace.
Since then, the situation has stabilized. The CMHC reported that the rental vacancy rate rose to 2.7% in Montreal due, in part, to low mortgage rates drawing renters towards homeownership. The report also showed that registered high vacancy rates for Montreal condo apartments at 1.2 per cent and 2.8 per cent.