Rent: Legault is still at sea
François Legault still doesn’t know the price of a 4½ in Montreal.
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Kate
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Blork 10:12 on 2024-04-18 Permalink
No surprise, but it’s not like there’s only one price. It probably ranges between $1200 and $3500 and that’s before you even go looking at the fancy places.
Kate 11:26 on 2024-04-18 Permalink
At the risk of sounding like Legault, is $1200 really the low price now?
carswell 11:44 on 2024-04-18 Permalink
In CDN, not a wealthy borough, the average price for a 3 1/2 last year was just under $1,200, Kate.
Blork 12:51 on 2024-04-18 Permalink
I’m sure there are cheaper 4-1/2s on the Plateau than $1200, but those are edge cases I think, such as places with the same tenant since 1992 or whatever.
Ian 12:54 on 2024-04-18 Permalink
Just checking padmapper now the only 2 bed under 1200 on the entire island is on St Jacques in Upper Lachine. Kijiji gave me a couple of 4½s in Repetigny, a place in Deux-Montagnes, and a basement apartment in Pointe-aux-trembles.
Légault is serving real Lucille Bluth vibes.
https://www.youtube.com/watch?v=Nl_Qyk9DSUw
Andrew 15:06 on 2024-04-18 Permalink
I’d never heard of Upper Lachine as a neighbourhood, just a street so I checked the listing. Funnily enough it’s a block away from the police shooting yesterday, that’s what Padmapper calls that corner of NDG.
560 sq feet for a 4-1/2 is absurd though, the rooms are minuscule.
mare 16:59 on 2024-04-18 Permalink
There’s a huge difference between what people pay for a 41/2 and the prices of the ones that are advertised. The ones that have a normal rent, with landlords who have raised the rents with 1-2% every year like the regie allows, can still be in the $700 range. My neighbours rent 4 4 1/2s in that price range. And really, those aren’t that scarce. But you will never see them being advertised on Kijiji, because even if the current tenants don’t transfer their leases, the landlords won’t have any problems finding tenants through word of mouth. Or if they do put it on Kijiji, they’re inundated with potential candidates. Not all landlords illegally raise their prices with hundreds of dollars between tenants. The prices of the ones you see advertised are either ridiculous high for their size or state, or are new construction, where landlords are corporations with hundreds of free units.
Rents of newly constructed 4 1/2s are obviously much higher than $700. And the kicker is that their rents *can* be legally raised with hundreds of dollars in the first 5 years after construction, even when they’re rented. So sometimes tenants have to move out because they can’t afford a 15% rent increase.
DeWolf 20:51 on 2024-04-18 Permalink
I wonder what effect Bill 31 will have because we really do have two parallel markets in Montreal. One is the “market-rate” or open market which is quite expensive. Then you have the somewhat impenetrable lease-transfer-and-nice-landlord market — the “friend” market — which is way more affordable. With the CAQ’s new law the latter market will shrink, but how quickly I don’t know.
I have friends who’ve had to move within the past year and for whatever reason they weren’t able to tap into the “friend” market, and things are dire for them.
I moved a little over two years ago and got a 6 1/2 for a price that was reasonable on the open market but is vastly more expensive than what the “friend” market can offer. But the open market keeps going up. If I were to move again today, I wouldn’t be find anything comparable. That’s pretty messed up.