Greater Montréal's rental market has loosened, not collapsed. According to the Rental Market Report published by Canada Mortgage and Housing Corporation (CMHC) on 11 December 2025, the vacancy rate for purpose-built rental apartments in the metropolitan area rose from 2.1% to 2.9% between October 2024 and October 2025. The average two-bedroom rent reached $1,346, up 7.2%.
CMHC's mid-year update, published on 9 June 2026, adds that asking rents in Montréal have barely moved, and that Montréal sits roughly within CMHC's balanced range. For an owner, that means less room for error on price and presentation, and more weight on renewals.
The key figures, area by area
The data cover private purpose-built apartments in October 2025. Percentage changes are CMHC's, calculated on the same buildings from one year to the next.
| Area | Vacancy 2024 → 2025 | 2-bedroom, average rent | All units, average rent |
|---|---|---|---|
| Montréal metropolitan area | 2.1% → 2.9% | $1,346 (+7.2%) | $1,290 (+7.4%) |
| Island of Montréal | 2.0% → 3.1% | $1,361 (+7.4%) | $1,283 (+7.8%) |
| Laval | 2.4% → 3.4% | $1,362 (+7.9%) | $1,347 (+8.0%) |
| South Shore | 1.4% → 2.5% | $1,315 (+6.4%) | $1,309 (+6.4%) |
By unit size, the average rent across the metropolitan area was $1,005 for a studio, $1,131 for one bedroom, $1,346 for two bedrooms and $1,626 for three bedrooms or more.
Why the market loosened
CMHC attributes the higher vacancy to two trends:
- More supply: a large number of new rental buildings were completed, for a second year in a row.
- Less demand: fewer non-permanent residents (temporary workers, international students) and higher unemployment. The drop was sharpest downtown, in Notre-Dame-de-Grâce and on the South Shore.
Some landlords even offered rent-free months. Yet average rent growth sped up, driven mainly by renewed leases. Affordable units remained scarce, and rents grew faster than incomes.
Vacant versus occupied units: a wide gap
Across the metropolitan area, a vacant unit was listed at $1,628 on average, compared with $1,281 for an occupied one. For a two-bedroom, the gap was $1,817 versus $1,333.
The same pattern shows up in increases: for a two-bedroom, rent rose 17.2% when the tenant changed in 2025, compared with 6.0% when the same tenant stayed. The turnover rate fell to 9.4%: tenants are moving less.
Plexes and condos: two different pictures
Small buildings (3 to 5 units)
In buildings of 3 to 5 units, which covers many plexes, vacancy was only 2.1%, with an average rent of $1,273 ($1,312 for a two-bedroom). Buildings of 100 units or more, by contrast, stood at 5.7%. The loosening is concentrated in large, new buildings.
Rented condos
In the market for condos offered for rent, vacancy rose from 1.4% to 2.1%. A two-bedroom condo rented for $1,826 on average across the region, well above the $1,346 for a traditional purpose-built apartment.
| 2-bedroom condo | Average rent (Oct. 2025) |
|---|---|
| Metropolitan area | $1,826 |
| Island of Montréal | $2,064 |
| Laval | $1,729 |
| South Shore | $1,772 |
| Downtown and Nuns' Island | $2,702 |
What the June 2026 update says
- Asking rents for two-bedrooms in Montréal changed little between early 2024 and late 2025, while they fell in other large Canadian cities.
- Vacancy went up, but turnover went down in most rent ranges: tenants are staying put. In 2025 it ranged from 8.7% in the cheapest quarter of units to 16.9% in the most expensive quarter.
- CMHC's preliminary estimate is that a vacancy rate between 1.5% and 4.0% reflects a balanced market in Montréal. At 2.9% in 2025, the region is roughly in balance.
- Nationally, rental incentives became more common in the first half of 2026.
CMHC also expected the large number of units under construction to push vacancy higher. Its next full report is expected around December 2026.
What it means for owners
The points below are our reading of the data.
If you rent out a condo
Your unit rents above the average, but it sits alongside many new buildings, where vacancy is highest. Good photos, a spotless unit and a well-set rent matter more than ever. An empty month often costs more than a slightly lower rent.
If you own a plex
Vacancy is still low, but your tenants are staying longer. Revenue growth therefore comes mostly from renewals: a notice sent on time and a complete calculation that includes taxes, insurance and major work. We explain it in our article on 2026 rent increases, where the base percentage is 3.1%.
When a tenant changes
The gap between new-lease rents (+17.2%) and renewals (+6.0%) makes Section G of the lease important: a new tenant paying more than the lowest rent of the last 12 months can ask the TAL to fix the rent. Fill it in accurately.
Key takeaway: a roughly balanced market rewards preparation. A well-presented unit at the right price, and renewals handled on time, beat an ambitious increase followed by weeks of vacancy.
Laval, the South Shore and Montréal
Laval has the highest vacancy of the three areas (3.4%) but also the strongest rent increases, while the South Shore remains the tightest (2.5%). We manage properties in each of these areas: see our pages on rental management in Laval and rental management on the South Shore.
Wondering what rent to aim for on your condo or plex? Location Ajax has worked with owners across Greater Montréal since 2019. Write to us through the contact form: a 30-minute consultation and a written quote, both free.
This article provides general information as of 25 September 2026. It is not legal advice. For a specific situation, check with the Tribunal administratif du logement or a lawyer.
Frequently asked questions
What is the vacancy rate in Montréal?
According to CMHC, it was 2.9% in October 2025 in the Montréal metropolitan area, up from 2.1% a year earlier. It was 3.1% on the Island, 3.4% in Laval and 2.5% on the South Shore.
What is the average rent for a 2-bedroom in Montréal?
In October 2025 it was $1,346 across the metropolitan area for a purpose-built apartment, according to CMHC. A two-bedroom condo offered for rent averaged $1,826.
When will CMHC publish its next figures?
The next full Rental Market Report is expected around December 2026, based on the October 2026 survey.
