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Here’s how much you need to earn to afford a 4 1/2 in popular Montreal neighbourhoods
<img src="https://www.mtlblog.com/media-library/buildings-in-montreal.webp?id=53720818&width=1200&height=600&coordinates=0%2C39%2C0%2C39"/><br/><br/><p>As the cost of living continues to rise, <a href="https://www.mtlblog.com/average-rent-prices-montreal-september-2024" target="_blank" rel="noopener">rent prices in Montreal</a> are no exception. According to a new report, the average unfurnished 4 ½ (two-bedroom) property in the city currently costs $2,222 per month. </p><p>However, some <a href="https://www.mtlblog.com/montreal/heres-which-popular-montreal-neighbourhoods-had-the-cheapest-rent-in-2022" target="_self" rel="noopener">Montreal neighbourhoods</a> offer more affordable housing options than others. Thanks to real estate rental platform <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's latest report</a>, you can find out which areas suit you best based on how much you're willing to spend on rent.</p><p>In its report, liv.rent analyzes the cost of rent in 10 popular Montreal neighbourhoods, looking at both furnished and unfurnished one-bedroom, two-bedroom and three-bedroom units.</p><p>Since the start of 2024, the average rent for unfurnished two-bedroom units has remained more or less the same, having risen from $2,022 per month in January to $2,222 per month in September, according to calculations made by MTL Blog. That’s not the case for the average 3 ½, which climbed by $113 per month, from $1,599 to $1,712 since the beginning of the year.</p><p>Considering that <a href="https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html" target="_blank" rel="noopener">rental expenses</a> should not exceed 35% of gross household income, according to recommendations by the Government of Canada, it is therefore necessary to earn at least $76,182 per year for an average two-bedroom rental in Montreal. But depending on your income, you might still be able to snag a 4 ½ in certain neighbourhoods without going into debt.</p><p>Here's a breakdown of the average monthly rent for two-bedroom apartments, condos and other dwellings in Montreal's top neighbourhoods, along with the minimum annual salary you'd need to live comfortably in each area, based on the 35% rule:<span></span></p><ul><li><strong>Downtown:</strong> $2,761 (minimum salary of $94,662 per year)</li><li><strong>Westmount: </strong>$2,563 (minimum salary of $87,874 per year)</li><li><strong>Verdun:</strong> $2,323 (minimum salary of $79,645 per year)</li><li><strong>Saint-Henri:</strong> $2,325 (minimum salary of $79,714 per year)</li><li><strong>Plateau–Mont-Royal:</strong> $2,297 (minimum salary of $78,754 per year)</li><li><strong>Saint-Laurent:</strong> $2,153 (minimum salary of $73,817 per year)</li><li><strong>Hochelaga-Maisonneuve:</strong> $2,049 (minimum salary of $70,251 per year)</li><li><strong>Notre-Dame-de-Grâce/Côte-des-Neiges</strong>: $1,976 (minimum salary of $67,748 per year)</li><li><strong>Villeray–Parc-Extension:</strong> $1,914 (minimum salary of $65,622 per year)</li><li><strong>Ahuntsic-Cartierville:</strong> $1,866 (minimum salary of $63,977 per year)</li></ul><p>As you can see, the north-central part of the island is the place to be for some of the most budget-friendly rent prices in the city right now. </p><p><span></span>Ahuntsic-Cartierville is the only neighbourhood in this study where you can afford to earn less than $65,000 per year. </p><p>If you're curious about rent prices for one- or three-bedroom units, <a href="https://liv.rent/blog/rent-reports/september-2024-montreal-rent-report/" target="_blank" rel="noopener">liv.rent's September 2024 Report</a> has the latest numbers for those types of properties as well.</p><p>This story was originally published in French on Narcity Québec. It was adapted from the article "<em><a href="https://www.narcity.com/fr/montreal/prix-appartement-loyer-montreal-deux-chambres-salaire-2024" target="_blank" rel="noopener">Voici le montant tu dois gagner pour te payer un 4 1/2 à Montréal selon le quartier</a></em>," which was originally published by Josianne Desjardins.</p><p><em>This article's cover image was used for illustrative purposes only.</em></p>