The Montreal rental market has rarely been so bubbling. Last year, the average rent for a two-bedroom apartment in the metropolitan area climbed 5.4%, thus crossing the symbolic milestone of 1,000 dollars, shows new data from the Canada Mortgage and Housing Corporation (CMHC).
The number of available homes in the area, which had increased slightly amid the pandemic, fell again last year. The vacancy rate for housing units in the region thus fell from 3% to 2% in the region and from 3.7% to 2.3% on the Island of Montreal.
The average rent for a two-bedroom apartment rose $90 in the Montreal area to $1,022. This 5.4% increase in the average rent is the strongest in 20 years in the metropolitan area, according to the CMHC. It was 3.9% in 2021.
The vacancy rate for housing in the suburbs of the Island of Montreal, for its part, remained very tight, around 1%, despite the addition of thousands of new apartments built in the northern and southern crowns of the city.
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