The Quebec rental market has experienced significant changes over the past year, with 2-bedroom apartments seeing notable rent increases across all major metropolitan areas. Whether you’re a tenant searching for affordable housing or an investor analyzing market trends, understanding the current rental landscape is crucial for making informed decisions.
Key Findings: Quebec 2-Bedroom Rental Market 2024
The latest rental data reveals substantial year-over-year increases in 2-bedroom apartment rents across Quebec, with some regions experiencing more dramatic changes than others. Both turnover units (newly rented apartments) and non-turnover units (existing tenancies) have seen consistent upward pressure on pricing.
| Geography | Turnover Units – Average Rent in Oct 2023 | Turnover Units – Average Rent in Oct 2024 | Non-turnover Units – Average Rent in Oct 2023 | Non-turnover Units – Average Rent in Oct 2024 |
|---|---|---|---|---|
| Québec 10,000+ | 1,210 | 1,310 | 1,005 | 1,086 |
| Saguenay CMA | 857 | 980 | 761 | 843 |
| Drummondville CMA | 887 | 1,114 | 794 | 841 |
| Montréal CMA | 1,310 | 1,407 | 1,052 | 1,126 |
| Ottawa-Gatineau CMA (Qué. part) | 1,375 | 1,422 | 1,208 | 1,324 |
| Québec CMA | 1,128 | 1,219 | 1,009 | 1,113 |
| Sherbrooke CMA | 941 | 1,028 | 878 | 986 |
| Trois-Rivières CMA | 860 | 1,047 | 764 | 839 |
Understanding Turnover vs. Non-Turnover Units
Before diving into the rental data, it’s essential to understand the distinction between turnover and non-turnover units, as this significantly impacts rental pricing across Ontario.
Turnover Units
Turnover units are apartments that have become vacant and are being rented to new tenants. These units represent the current market rate for rentals, as landlords can set rents at market value when signing new leases. Key characteristics include:
- Recently vacated apartments with new tenant applications
- Rents set at current market rates without rent control restrictions
- Reflect true market demand and supply conditions
- Typically higher than non-turnover units due to market pricing freedom
Non-Turnover Units
Non-turnover units are apartments with existing tenancies where the same tenant continues to occupy the unit. These rentals are subject to Ontario’s rent control guidelines, which limit annual rent increases. Key features include:
- Occupied by the same tenant from the previous year
- Subject to Ontario’s rent increase guidelines (typically 2-3% annually)
- Protected from significant rent hikes through provincial legislation
- Often significantly below current market rates
Why This Distinction Matters
The gap between turnover and non-turnover rents illustrates the impact of Ontario’s rent control system. This difference, often called the “rent gap,” shows how much rents have increased in the broader market while existing tenants remain protected from dramatic increases.
Montreal Average Rent: Quebec’s Most Expensive 2-Bedroom Market
Montreal remains Quebec’s priciest market for 2-bedroom rentals:
- Turnover units: $1,407 average rent (October 2024), up from $1,310 in 2023
- Non-turnover units: $1,126 average rent (October 2024), up from $1,052 in 2023
- Year-over-year increase: 7.4% for turnover units, 7.0% for existing tenancies
The Montreal Census Metropolitan Area continues to command premium rents due to its economic opportunities, cultural attractions, and university presence. The $281 gap between turnover and non-turnover units highlights the advantage of maintaining existing tenancies versus searching for new accommodations.
Ottawa-Gatineau Average Rent (Quebec Portion): Premium Pricing Near the Capital
The Quebec portion of Ottawa-Gatineau ranks as the second most expensive region:
- Turnover units: $1,422 average rent (October 2024), up from $1,375 in 2023
- Non-turnover units: $1,324 average rent (October 2024), up from $1,208 in 2023
- Year-over-year increase: 3.4% for turnover units, 9.6% for existing tenancies
This market benefits from proximity to federal employment opportunities while maintaining Quebec’s favorable rental regulations.
Quebec City Average Rent: Balanced Growth in the Provincial Capital
Quebec City offers more moderate pricing with steady growth:
- Turnover units: $1,219 average rent (October 2024), up from $1,128 in 2023
- Non-turnover units: $1,113 average rent (October 2024), up from $1,009 in 2023
- Year-over-year increase: 8.1% for turnover units, 10.3% for existing tenancies
The provincial capital provides a balance between urban amenities and relatively affordable housing compared to Montreal.
Drummondville Average Rent: Significant Market Transformation
Drummondville experienced the most dramatic rent increases:
- Turnover units: $1,114 average rent (October 2024), up from $887 in 2023
- Non-turnover units: $841 average rent (October 2024), up from $794 in 2023
- Year-over-year increase: 25.6% for turnover units, 5.9% for existing tenancies
This smaller metropolitan area has seen substantial market shifts, potentially driven by spillover demand from larger urban centers.
Trois-Rivières Average Rent: Emerging Growth Market
Trois-Rivières shows strong rental market momentum:
- Turnover units: $1,047 average rent (October 2024), up from $860 in 2023
- Non-turnover units: $839 average rent (October 2024), up from $764 in 2023
- Year-over-year increase: 21.7% for turnover units, 9.8% for existing tenancies
This mid-sized market demonstrates significant rental appreciation while maintaining relative affordability.
Sherbrooke Average Rent: Steady University Town Growth
Sherbrooke maintains consistent market growth:
- Turnover units: $1,028 average rent (October 2024), up from $941 in 2023
- Non-turnover units: $986 average rent (October 2024), up from $878 in 2023
- Year-over-year increase: 9.2% for turnover units, 12.3% for existing tenancies
The university town continues attracting students and professionals, supporting stable rental demand.
Saguenay Average Rent: Affordable Option with Growth Potential
Saguenay offers Quebec’s most affordable 2-bedroom market:
- Turnover units: $980 average rent (October 2024), up from $857 in 2023
- Non-turnover units: $843 average rent (October 2024), up from $761 in 2023
- Year-over-year increase: 14.4% for turnover units, 10.8% for existing tenancies
Despite significant percentage increases, Saguenay remains the most budget-friendly option for 2-bedroom rentals in Quebec.
Market Trends and Analysis
Turnover vs. Non-Turnover Unit Pricing
Across all Quebec markets, turnover units (newly available rentals) command higher rents than non-turnover units (existing tenancies). This “turnover premium” ranges from $98 in Ottawa-Gatineau to $281 in Montreal, reflecting the value of tenant stability and Quebec’s rent control regulations.
Regional Growth Patterns
The data reveals three distinct growth patterns:
- High-growth smaller markets: Drummondville and Trois-Rivières experienced the largest percentage increases
- Steady major markets: Montreal and Quebec City showed consistent but moderate growth
- Premium stability: Ottawa-Gatineau maintained high rents with modest increases
Tips for 2-Bedroom Apartment Hunters in Quebec
For Renters
- Consider smaller CMAs: Saguenay, Trois-Rivières, and Sherbrooke offer better value
- Negotiate renewals: The turnover premium makes staying put financially advantageous
- Expand search radius: Suburban areas within CMAs may offer better pricing
- Time your search: Avoid peak moving seasons (July 1st in Quebec) for better negotiating power
For Property Investors
- Monitor emerging markets: Drummondville and Trois-Rivières show strong appreciation potential
- Consider market fundamentals: University towns and government centers provide stable demand
- Factor turnover costs: High turnover premiums justify tenant retention strategies
Looking Ahead: Quebec 2-Bedroom Rental Market Outlook
The consistent rent increases across all Quebec CMAs suggest continued upward pressure on 2-bedroom apartment pricing. Factors driving this trend include:
- Population growth in urban centers
- Limited new construction relative to demand
- Inflation affecting operating costs
- Migration patterns from higher-cost provinces
Prospective renters should budget for continued annual increases, while current tenants may find value in maintaining existing leases. The significant gap between turnover and non-turnover rents underscores the importance of Quebec’s tenant protection laws in maintaining housing affordability.
Conclusion
Quebec’s 2-bedroom rental market in 2024 reflects broader Canadian housing trends, with all regions experiencing meaningful rent increases. While Montreal and Ottawa-Gatineau command premium pricing, emerging markets like Drummondville and Trois-Rivières offer both affordability and growth potential. Understanding these regional dynamics helps both renters and investors make informed decisions in Quebec’s evolving rental landscape.
For the most current rental listings and market updates, monitor local real estate platforms and consider engaging with licensed rental agents familiar with specific neighborhood dynamics within each CMA.
Data Source
| Source Name: | CMHC, Rental Market Survey |
| Source Link: | https://www.cmhc-schl.gc.ca/ |
| Release Date: | December 17, 2024 |
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