While the cost of living continues to increase, the price of apartments in Montreal is no exception to this upward trend. According to a new report, an unfurnished 4 ½ in the metropolis costs around $2,277 per month in October. However, some neighborhoods are more affordable than others – you can also check where you could live comfortably depending on your budget and salary.
The real estate rental platform liv.rent recently updated its analysis of rental prices for unfurnished apartments in ten of Montreal’s most popular neighborhoods. Since the start of 2024, the average monthly rent for two-bedroom units has jumped by $53, from $2,224 in January to $2,277 in October, according to calculations carried out by Narcity Québec. This represents an increase of just over 2% in the space of ten months.
Also read: Here is the salary you need to earn to afford a 3 1/2 in Montreal depending on the neighborhood
Considering that expenses related to rent must not exceed 35% of gross income, according to the recommendations of the Government of Canada, it is therefore necessary to earn at least $78,068 per year for renting a room in Montreal. However, your income and/or that of your household may be lower and allow you to have a 4 ½ in certain areas of the metropolis without going into debt.
What you need to know: Now here is the list of neighborhoods and average monthly costs to rent an unfurnished two-bedroom apartment.
We present this ranking in descending order, according to the most recent prices of the liv.rent platform as well as the annual income necessary (calculated by Narcity Québec) to live comfortably in each of these sectors:
- Downtown: $2,831 (minimum salary of $97,062 per year)
- Westmount: $2,697 (minimum salary of $92,468 per year)
- Verdun: $2,467 (minimum salary of $84,582 per year)
- Plateau-Mont-Royal: $2,429 (minimum salary of $83,280 per year)
- Saint-Henri: $2,237 (minimum salary of $76,697 per year)
- Saint-Laurent: $2,147 (minimum salary of $73,611 per year)
- Notre-Dame-de-Grâce/Côte-des-Neiges: $2,082 (minimum salary of $71,382 per year)
- Hochelaga-Maisonneuve: $1,973 (minimum salary of $67,645 per year)
- Ahuntsic-Cartierville: $1,924 (minimum salary of $65,965 per year)
- Villeray-Parc-Extension: $1,901 (minimum salary of $65,177 per year)
It is therefore in the north-central part of the island, in Ahuntsic-Cartierville and Villeray-Parc-Extension, where the cheapest rents are located at the moment. In fact, these are the only neighborhoods in this ranking where you can live earning less than $66,000 per year – compared to the $63,000 to $65,000 needed last September.
You can also check the average prices for apartments with one or three bedrooms, according to the most recent data from the liv.rent website.
If you didn’t know: Tenants can benefit from financial assistance of up to $170 per month thanks to the Quebec government’s Housing Allowance program.
To be eligible for this benefit from Revenu Québec, your 2023 family income must not exceed the maximum threshold, established between $21,500 and $42,900, depending on your financial situation.
