MONTREAL APARTMENT MARKET
As seen on Rentx
Montreal Apartment Market benefit from change in mentality
Patrice Ménard, co-owner and real estate broker at PMML, said a change in mentality has also led to the construction of more new rentals in Montreal. “I am a tenant by choice,” is the view held by both the young and baby boomers, he said.
Many empty nesters are selling their bungalows and moving into rental apartments in Montreal.
Wilson said there is room for increases in rental rates in Montreal. He noted Montrealers spend 20 to 30 per cent of their incomes on rent compared with the 30 to 40 per cent spent by Torontonians and Vancouverites.
The potential for rent increases is highest in new properties which are in high demand from renters, said James Palladino, managing director, RBC Capital Markets Real Estate Group. In the short term, it should be possible to raise rents in newly built apartments in downtown Montreal from $2.40 to $2.60 per square foot to above $3, he said.
Palladino said rents in Montreal Apartments are considered extremely low by foreign investors who see there is more profit to be made elsewhere.
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