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The number of online rental units in Montreal is rebounding after a historic decline

The total of tourist accommodations with active listings increased from 4.6 thousand to 6.9 thousand between February and June.

28/06/2024 - After reaching the lowest level in recent years, the number of online rental units in Montreal has recently begun to increase again, according to data from the AirDNA platform. This unexpected rise comes after a period of restrictions imposed by the Quebec government following a fire in an illegal Airbnb unit in Old Montreal on March 16, 2023.

  • Highest point: The highest number of units was recorded in July 2022, with 9,400 units.
  • Lowest point: The lowest number of units was recorded in February 2024, with 4,600 units.
  • Feb-June 2024: During this period, there has been an upward trend, with numbers increasing from 4,600 in January to 6,900 in June.

Montreal has strengthened control over rental units, requiring a registration certificate (CITQ) and displaying the certificate number and expiration date in online listings and on housing doors to facilitate monitoring.

Influences on the number of units

  • Legal restriction and monitoring:

Following a fire in an online rental unit, in March 2023, Montreal authorities intensified monitoring and licensing requirements, resulting in a significant decrease in available units, reaching 4,600 in February 2024. This unexpected increase since then suggests that many owners are adapting to the new rules.

  • Seasonality and tourist demand:

It is normal to see an increase in the number of units during the summer months due to higher tourist demand. However, the continued increase since February 2024 is notable and may indicate a recovery in the market after the intense monitoring phase. Additionally, the number of units increases during the summer as many owners rent out their primary residences for short-term stays while on vacation.

  • Real estate market and economy:

Fluctuations in the real estate market, including rent increases and property prices, can influence owners' decisions to list or withdraw their properties from online rental platforms. General economic conditions, such as recessions or recoveries, can also impact the supply of rental units.

How the increase affects your performance

The increased competition in Montreal's online rental market forces owners to stand out while remaining compliant with regulations. Professional property management services play a crucial role in this competitive context. They ensure legal compliance, optimize listings and pricing to maximize income, and provide ongoing maintenance and support to maintain a high-quality tenant experience. This enables owners to remain competitive and improve their performance.

Explore the services offered by TeamCHECKiN.