This Map Shows Where Average Rents Have Gone Up The Most In Montreal
Rent is falling across most major Canadian cities, such as Toronto and Vancouver. But that’s not the case here. A recent market report shows rent in Montreal is actually rising — even as the COVID-19 pandemic continues battering the economy.
Rent on a "per-square-foot basis" is up 7% in 2020, according to the report from Rentals.ca and Bullpen Research & Consulting.Rentals.ca
The reason for the increase is Montreal’s relative affordability, explained Paul Danison, a spokesperson for Rentals.ca.Rentals.ca
“Rents are not falling in Montreal because they were not that expensive to begin with,” he said. “There is less incentive or motivation for tenants to move to a cheaper market.”
“There are probably some who are moving out for more space for a home office for less rent, but we are not seeing an exodus,” he continued.
But the rising rents in Montreal have not affected all parts of the city equally, as shown in this nifty map.
The map breaks down the data neighbourhood by neighbourhood, and it shows that while some areas of the city have seen average rents plummet by more than 40%, others have seen an increase of up to 38%.
“In Montreal, despite a robust sample of listings, there is significant volatility in the average rent levels by postal code,” reads the report.
“H2X and H3A are two of the most active areas in Montreal and include the downtown core and McGill University. These two postal codes have experienced rent growth of 4% and 9% year over year respectively.”
However, some of the largest rent decreases were also found in several neighbourhoods downtown, in addition to the East End.
“It would take some time studying each postal code to determine what factors are causing the volatility,” said Danison.