Rent prices in Montreal: how does the city stack up against major metropolises?

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Rent prices in Montreal: how does the city stack up against major metropolises?

Key information:

  1. Montreal is one of the most affordable cities in the developed world, with a median rent of 1,300 USD for a 3-room apartment.
  2. There are huge differences worldwide: for the same surface area, a tenant can pay between $100 and $3,700 a month, depending on the city.
  3. Western Europe, North America and East Asia concentrate the highest rents, while Eastern Europe, Latin America and South Asia remain affordable.
  4. The cost of housing in Montreal varies greatly from one neighborhood to the next, with a possible difference of over $1,200 for the same type of property.
  5. Buy or rent ? Montréal remains a safe bet over the long term, but it all depends on your time horizon, contribution and asset strategy.

At a time when the cost of living is skyrocketing in many of the world’s major cities, is Montreal still a truly affordable option for renters?

A recent international study comparing rents in over 60 countries helps to answer this question by putting Montreal’s figures into perspective with those of metropolises such as Paris, New York, Toronto and London.

In this article, we delve into the key data: average rents, price trends, direct comparison with the world’s major cities. The goal ? To provide you with a clear vision of Montreal’s position on the global rental housing scene, whether you’re a tenant, investor or simply curious about the market.

Time needed: 10 minutes

  1. Rent prices in Montreal: how does the city stack up against major metropolises?

  2. Worldwide rental prices

  3. What is the average rent in Montreal?

  4. Is Montreal more or less expensive than Toronto, Paris or New York?

  5. In which cities will housing be most expensive in 2025?

  6. Worldwide rental trends

  7. Should you rent or buy in Montreal in 2025?


The analysis presented in this article is based on a comparative study conducted in 2024, bringing together median monthly rents in over 60 countries and 150 major cities worldwide. The data covers three types of dwelling (studio, 2-room, 3-room) and is expressed in US dollars (USD) for direct comparison. The study also includes an essential indicator: the proportion of monthly income spent on rent. Based on public and private sources (rental platforms, national databases, real estate observatories), it reflects rents on the private market, excluding social housing. The figures used are medians, to avoid distortions caused by extreme rents. This approach provides a clear and balanced view of housing costs worldwide.

Rent prices in Montreal: how does the city stack up against major metropolises?

According to the data compiled in the comparative study, the median rent for a 3-room apartment in Montreal is 1,300 USD per month. This figure places the Quebec metropolis in the middle of the world rankings, well below major capitals such as New York (USD 3,695), London (USD 3,364) and Paris (USD 2,064).

On a Canadian scale, Toronto has a median rent of USD 1,900, making Montreal around 32% less expensive for an equivalent unit. This significant difference confirms that, despite rising prices in recent years, Montreal remains more affordable than many cities in North America and Western Europe.

Worldwide rental prices

The study provides a global overview of rents in over 60 countries, distinguishing between studio, 2-room and 3-room apartments.

Compare rents in different countries with our interactive map :

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Rent prices in Europe

A historically expensive region, Western Europe is still marked by high rental pressure in major metropolitan areas. Rents are among the highest in the world, even outside capital cities.

CountryStudio ($)2 rooms ($)3 rooms ($)Continent
Albania285383507Europe
Germany89112681652Europe
Austria87612111580Europe
Belgium103014001835Europe
Bosnia-Herzegovina320430565Europe
Bulgaria403538713Europe
Cyprus87511871561Europe
Croatia557733950Europe
Denmark102113841814Europe
Spain77410681360Europe
Estonia6879261217Europe
Finland82511031322Europe
France98413771821Europe
Greece6028341066Europe
Hungary460599791Europe
Ireland120115611964Europe
Island99313511770Europe
Italia82311491474Europe
Latvia5707621003Europe
Lithuania6108061047Europe
Luxembourg136917542408Europe
Malte100213221712Europe
Norway88611851554Europe
Netherlands126416282229Europe
Poland481627822Europe
Portugal7349921265Europe
Roumania387506662Europe
United-Kingdom107814571910Europe
Serbia402539708Europe
Slovakia530696921Europe
Slovenia6328451093Europe
Switzerland151420322874Europe
Sweden85611851541Europe
Turkey498670881Europe


The table highlights significant differences within Europe itself. Rents in Western Europe are much higher than in Eastern Europe and the Balkans.

The most expensive countries

  • Switzerland ($2,874), Luxembourg ($2,408), the UK ($1,910) and Malta ($1,712) dominate the rankings.
  • The $1,500 threshold is often exceeded for a 3-room apartment in densely urbanized Western European and island countries.
  • These countries generally combine tight markets with high wages, which justifies these levels.

The most affordable countries

  • Albania ($507), Bosnia-Herzegovina ($565) and Serbia ($708) have the lowest rents for a 3-room apartment.
  • Even some EU countries like Romania ($662) and Bulgaria ($713) remain very affordable.
  • These countries are still attractive to expatriates and investors looking for high rental yields at low entry prices.

A coherent hierarchy

  • There is a clear gradation West strong, > East, with a European average that seems to be around $1,200-1,300 for a 3-room apartment.
  • The rent for a 3-room apartment in Switzerland is 5.6 times higher than in Albania, illustrating the persistent economic divide across Europe.

Rental prices in North America


The North American rental market is contrasted, with high rents in Canada and the United States, and much more affordable rents in Mexico.

CountryStudio (USD)2 rooms (USD)3 rooms (USD)
United States1 121$1 502$2 007$
Canada950 $1 303$1 760$
Mexico439 $603 $792$

The North American rental market shows marked differences between the three countries analyzed. While the United States and Canada have high rents, Mexico stands out for its affordability.

Canada

Studio : 950 $ – 2 rooms : 1 303 $ – 3 rooms : 1 760 $

Rents in Canada remain at the top of the world rankings, driven by tight markets such as Toronto and Vancouver. Montreal, on the other hand, remains below this national average, with a 3-room apartment priced at around $1,300.

United-States

Studio : 1 121 $ – 2 rooms : 1 502 $ – 3 rooms : 2 007 $

The United States boasts the highest rents in North America. The national average is over $2,000 for a 3-bedroom, but there are huge variations: over $4,000 in New York, compared with less than $1,000 in some Midwestern states. This figure reflects a two-speed market, where affordable supply remains scarce in major metropolitan areas.

Mexico

Studio : 439 $ – 2 rooms : 603 $ – 3 rooms : 792 $

Mexico offers much lower rents than Canada or the United States. Even in urban areas like Mexico City or Guadalajara, a 3-room apartment is often under $800. It’s one of the most affordable countries in the OECD zone, making it a popular option for expatriates or teleworkers looking for a lower cost of living.

Rental prices in Asia

In Asia, there is a striking gap between highly developed markets such as Japan and countries with very low rental costs such as India and Pakistan, where rents reflect both local living standards and urban density.

CountryStudio (USD)2 rooms (USD)3 rooms (USD)
Japon850 $1 180 $1 654 $
India90 $145 $216 $
Pakistan81 $120 $138 $

Japan

Rents in Japan are comparable to those in Western Europe. Large metropolises such as Tokyo and Osaka concentrate most of the supply, with well-maintained but often compact housing. The market is highly structured, which explains the stability of prices despite strong demand.

India

Rents here are among the lowest in the world. Even in cities like Delhi, Mumbai and Bangalore, a 3-room apartment is still well under $300. Accessibility is high, but differences in quality and comfort can be considerable depending on the neighborhood.

Pakistan

Pakistan is the least expensive country in this study. Even in major cities like Karachi and Lahore, family housing remains extremely affordable. On the other hand, market stability and housing quality can vary greatly from one area to another.

The three continents studied illustrate radically different rental realities.

European prices range from over $2,800 for a 3-room apartment in Switzerland to less than $700 in Albania or Romania, with a clear divide between West and East.

North America, on the other hand, is more evenly matched at the top end of the world rankings: a 3-bedroom apartment costs an average of between $1,700 and $2,000 in Canada and the United States, while Mexico stands out with rents under $800, while offering access to major cities at a moderate cost.

Finally, Asia stands out for its extreme polarization: Japan rivals the European capitals, while India and Pakistan boast the lowest rents in the survey, with 3-bedroom apartments at less than $220.

This diversity reflects not only living standards, but also the structure of rental markets and available supply. For the same surface area, a tenant can pay between $100 and $2,800 per month, depending on the region of the world.

What is the average rent in Montreal?

Montreal’s rental market in 2025 will vary significantly by dwelling type and neighborhood. Recent data indicate a general upward trend in rents, although some areas remain more affordable.

Rents by housing type in Montreal

According to Apartments.com and narcity.com, in April 2025, average rents in Montreal will be as follows:

Studio : 1 327 $ per month

1-bedroom apartment (3 ½): $1,543 per month

2-bedroom apartment (4 ½): $2,074 per month

3-bedroom apartment (5 ½): $2,726 per month

Rental prices by neighbourhood in Montreal

Beyond the Montreal average, rents vary greatly from one neighborhood to another. Differences between central and peripheral areas can exceed $1,200 per month for the same type of dwelling.

Here’s a look at average monthly rents for a two-bedroom apartment (4 ½) in various metropolitan areas, in January 2025:

NeighborhoodLoyen medium (2 bedrooms)
Downtown (Ville-Marie)2 781 $
Westmount2 573 $
Verdun2 514 $
Plateau-Mont-Royal2 245 $
Saint-Laurent2 174 $
Notre-Dame-de-Grâce / Côte-des-Neiges2 188 $
Saint-Henri2 051 $
Ahunstic-Cartierville1 790 $
Villeray – Parc Extension1 763 $
Hochelaga-Maisonneuve1 552 $
téléchargement ville-marie

Discover our price analysis by neighborhood in Montreal!

The Downtown, Westmount and Verdun neighborhoods stand out for rents well above the Montreal average, flirting with or exceeding $2,500 per month for a 4 ½. These areas, prized for their accessibility, prestige or proximity to economic hubs, are the most expensive to rent.

Conversely, neighborhoods such as Hochelaga-Maisonneuve, Villeray and Ahuntsic-Cartierville offer more affordable rents, generally between $1,500 and $1,800, attracting families and young professionals looking for better value for money, while remaining at a reasonable distance from the center.

This difference of over $1,200 for the same type of apartment illustrates the crucial importance of location in the cost of housing in Montreal.

In which cities will housing be most expensive in 2025?

A comparison of rental markets in the world’s major cities reveals a clear polarization between North America, certain European metropolises and Asian hubs. The chart below illustrates the most expensive cities in which to rent an apartment, using Brussels as a benchmark (=100), with data expressed in euros and adjusted for the exchange rate on July 1, 2023.

The graph comparing rents worldwide, based on an index where Brussels = 100, highlights the impressive differences between major cities.

At the top of the ranking, Tokyo boasts an index of 357, meaning that rents there are more than three times higher than in Brussels. New York (338), London (308) and Singapore (309) also confirm their status as cities where the cost of housing is sky-high, well above the average. européennes.

In Europe, Dublin leads the way with an index of 249, followed by Geneva (232), Copenhagen (199), Luxembourg (188) and Paris (181), all well above the continental average. In contrast, cities such as Sofia (52), Nicosia (67), Varese (67) and Bucharest (75) remain very affordable, with rent levels less than half the benchmark.

Montreal, with an index of 119, is above Brussels but well below major North American capitals such as New York or Washington (224), making it one of Canada’s most affordable metropolises.

These differences reveal the extent to which the place of residence can vary the cost of housing: in some cases, for an equivalent surface area, rents can be up to eight times higher from one city to another.

Should you rent or buy in Montreal in 2025?

Montreal remains an attractive city, and a safe long-term investment. Despite rising interest rates and tight rental markets, it continues to offer solid opportunities for well-positioned buyers.

Before deciding whether to rent or buy, it’s essential to objectively compare your current rent with the monthly payments on an equivalent loan.

For example, a $450,000 condo, with a rate of around 5.5% over 25 years and a 20% downpayment, represents a monthly payment of approximately $2,400-$2,600, including taxes and fees. This is equivalent to the rent for a 4 ½-room apartment in central neighborhoods such as Verdun or the Plateau.

In addition to the immediate cost, the long-term loss of earnings must also be assessed:

  • By remaining a tenant, you expose yourself to continuously rising rents, without capitalization.
  • As an owner, you create a valuable asset, even if you incur short-term maintenance and interest costs.

Moreover, Montreal real estate remains historically resilient, with stable demand, sustained immigration, and a market that remains under pressure in many neighborhoods.

Read our monthly real estate statistics to find out everything you need to know about the market:

Conclusion

Whether you’re looking to buy or rent, Montreal remains a city full of potential. The rental market remains relatively affordable compared to the world’s major capitals, but the upward pressure on rents is prompting more and more households to consider buying as a strategy for long-term stability and value enhancement.

Before making a decision, it’s essential to compare your current rent with the total cost of a loan, evaluate your personal contribution, and think about your life horizon. In a context where supply remains limited and demand strong, positioning yourself early can make all the difference.

More than anything else, the support of professional, expert real estate brokers is essential for a successful real estate investment.

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Valérie Lacasse

valerie@equipels.com

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Valérie has been a real estate broker for over 10 years. Passionate about the industry and Montreal, she is one of Montreal’s most influential brokers, guaranteeing expertise and comprehensive support to her clients.

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