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Market Report

Montreal Multifamily Market Report

3Q 2022

Affordability, Academics and Artificial Intelligence
Create Young and Talented Workforce

Universities play a major role in the multifamily market. With the return of in-person learning, the Montreal metro has started its recovery from the health crisis, and is beginning to see vacancy lower and rental rates grow. Not only is the return of students a key driver for apartment performance, the high-quality education institutions in Montreal play an important role in creating a young, talented and growing labour force. Industries like life science and technology lead the way in employment growth for the metro, both of which actually expanded during the health crisis. One key area in the technology sector that is becoming a niche in the city is the artificial intelligence branch. Specifically, AI that focuses on language translation, which suits the market perfectly as Montreal is known for its diversity in languages. The return of students, plus job creation in the high-paying technology sector, is driving down vacancy for both lower-tier and higher-tier rental assets. Declining availability and strengthening demand is putting upward pressure on rental rates.

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