Furnished vs Unfurnished Rental In Montreal: Which Makes More Money For Landlords?

Two landlords. Same building. Same floor plan. One nets $600 more per month than the other. The difference isn't location, condition, or luck — it's how the apartment is set up and who it's rented to. If you're trying to decide whether to furnish your Montreal rental or leave it empty, this article gives you the honest numbers, the real trade-offs, and what experienced landlords in this city actually do.

The Furnished Premium — What the Numbers Actually Show

Let's start with the data, because the answer is more nuanced than "furnished always earns more."

For basic, unfurnished apartment rentals in Montreal — standard 12-month leases — the citywide average monthly rent for a one-bedroom apartment reached approximately $1,694 in August 2025, according to liv. rent's monthly market tracking. Furnished apartments targeting the same general market averaged around $1,708/month in the same period — a difference of just $14.

That's a narrower gap than most landlords expect, and it matters. Over the past year, rent's data shows that Montreal is one of the only major Canadian cities where rents continued rising in 2025 — but the traditional furnished apartment premium over unfurnished has essentially collapsed in the broad listings market, with prices converging to near-parity through much of the year.

So does that mean furnishing your unit isn't worth it? Not quite — because these numbers only tell half the story.

The gap between furnished and unfurnished income isn't really a furnishing question. It's a tenant question. When you rent an unfurnished apartment on a standard Quebec lease, you're competing with every other landlord in the neighbourhood on price alone, targeting long-term residents who may or may not stay, and locking yourself into Quebec's Tribunal administratif du logement framework on rent increases.

When you rent a fully furnished unit to relocating professionals, expats, insurance displacement cases, or international students on monthly rental terms, you're in an entirely different market — one where the price isn't determined by what your neighbour down the street is charging for their empty apartment, but by what move-in ready, all-inclusive temporary housing is worth to someone arriving in Montreal with two suitcases and no time to shop for a bed frame.

That's where the real income gap lives.

What "Furnished" Actually Means for Your Bottom Line

The monthly rent premium on a furnished apartment in Montreal depends almost entirely on the rental format:

Standard furnished long-term lease (12 months+): The premium over an unfurnished equivalent is typically modest — anywhere from $50 to $150/month in most neighbourhoods. You're providing the furniture as a convenience, but you're still operating under Quebec's long-term residential tenancy rules. The furnishing helps attract tenants, but it doesn't dramatically change the income math.

Medium-term all-inclusive furnished rental (31–90+ days): This is a different product entirely. A one-bedroom furnished apartment near downtown Montreal or the metro, priced all-inclusive with utilities and Wi-Fi, targeting corporate clients or relocating professionals, realistically commands $1,900–$2,300/month. A comparable unfurnished one-bedroom on a 12-month lease in the same neighbourhood would rent for $1,500–$1,800. The gap here isn't marginal — it's $300–$500/month or more.

Two-bedroom furnished, medium-term: $2,300–$2,800/month all-inclusive, compared to $1,900–$2,200 for an unfurnished long-term equivalent. The spread widens further for well-located, well-managed units.

The honest caveat: the furnished premium requires you to actually reach the right tenant pool — and that means going beyond standard listing platforms. Relocating professionals and expats don't browse the same sites as people looking for 12-month leases. This is part of why the "furnished earns more" equation breaks down for some landlords who furnish their unit and then list it on Kijiji.

The Real Costs of Furnishing — And When They Pay Off

The upfront furniture cost to properly furnish a one-bedroom Montreal apartment to a professional standard — bed and bedding, sofa, dining set, kitchen equipment, lamps, decent art — runs roughly $5,000–$10,000, depending on whether you buy new or source smartly. A two-bedroom costs more. This isn't optional spending if you want the income premium; a poorly furnished unit doesn't justify a furnished price.

Here's the math that actually matters: at a $400/month premium over an unfurnished equivalent (a realistic figure for a medium-term furnished unit targeting the right market), you recover a $8,000 furniture investment in 20 months. After that, the premium is pure additional rental income. Quality furniture in a well-maintained unit can last 7–10 years before needing significant replacement.

The maintenance costs associated with furnishings are real but manageable. Medium-term tenants — stays of 31 days to several months — are generally much harder on furniture than long-stay residents, but easier than short-term guests cycling in and out every few nights. The damage risk sits somewhere between Airbnb and a traditional lease, and a proper damage deposit (which Quebec law allows you to collect under non-residential medium-term agreements) mitigates most of it.

There's also the question of what you don't pay. An unfurnished apartment on a long-term Quebec lease generates no utilities cost for the landlord — the tenant pays Hydro-Québec and internet directly. A furnished all-inclusive rental means those costs come out of your revenue. Budget roughly $150–$250/month for utilities and internet in a one-bedroom, depending on season and usage. Factor that into your net income calculation.

Doing the math for a one-bedroom in downtown Montreal:

The net difference is around $200/month — meaningful but not transformative on its own. The bigger gain comes from occupancy rate: medium-term corporate tenants and relocation clients tend to book further in advance and stay longer than random long-term lease applicants. A unit that stays filled generates income; one that sits vacant while you wait for the right long-term tenant costs you money every day.

Who Actually Pays More — And Why That Changes Everything

The income comparison between furnished and unfurnished rental in Montreal isn't really about the furniture. It's about the tenant demand profile each model attracts — and those profiles have very different risk and stability characteristics.

Unfurnished, long-term lease: Your tenant pool is broad — anyone looking for a permanent home in Montreal. The average monthly rent is capped by what the market bears for unfurnished units in your neighbourhood. Under Quebec law, your ability to raise rent between tenancies is limited (the TAL publishes annual guidelines), and ending a lease early is genuinely difficult if the tenant doesn't cooperate. Tenant demand for unfurnished units is steady, but so is competition.

Furnished, medium-term rental: Your tenant pool is narrower but more qualified. Verified tenants in this segment — expats placed by their employer, professionals on temporary assignment, insurance-displacement cases referred by adjusters — arrive with confirmed budgets and specific needs. They're not browsing for the cheapest option; they need something that works, immediately. This creates a meaningful landlord profit advantage when your unit is positioned correctly: less negotiation on price, faster placement, and tenants with financial backing.

The downside of furnished medium-term is that vacancies hit harder when they happen. An unfurnished unit vacant for two weeks between leases is an annoyance. A furnished all-inclusive unit vacant for two weeks loses you both the rent and the utilities running in an empty apartment. Occupancy management matters a lot more in this model — which is one of the main reasons property management becomes worth it.

Furnished and Managed: Where the Two Decisions Combine

The owners who consistently earn the most from their Montreal apartments aren't necessarily the ones who furnish to the highest standard — they're the ones who combine a good-quality furnished setup with access to the right tenant pipeline.

Listing a furnished apartment on standard platforms and waiting for inquiries delivers middling results. The corporate clients, insurance adjusters, and relocation coordinators who fill furnished units at premium rates work through relationships and dedicated networks — the kind built by companies that have been placing tenants in furnished units for years.

For owners who want to put their unit to work without building those relationships themselves, Montreal Aparthotel is worth a direct conversation. They've been operating in the medium-term furnished rental market in Montreal for over 10 years, working directly with property owners who want their apartments occupied by verified tenants — relocating professionals, international students, expats, insurance cases — on stays of 31 nights to several months. Most of the units in their portfolio are owned by the company itself, which means they understand the landlord side of this equation firsthand.

The Bottom Line: Which Should You Choose?

Here's the honest answer, based on what the Montreal market actually shows:

If your goal is maximum simplicity with zero upfront investment, unfurnished long-term leasing is defensible. The rental yield is lower and you're subject to Quebec's residential tenancy rules, but it's the path of least resistance and still generates consistent monthly cash flow.

If your unit is in a well-connected neighbourhood — near the metro, in downtown Montreal, the Plateau, or similar areas with strong tenant demand from professionals and students — a fully furnished unit targeting medium-term stays will almost certainly earn more net income over the course of a year, once you account for the premium rent and strong occupancy. The furniture investment pays back within two years in most scenarios.

The comparison changes once more if you add professional management. The furnished premium shrinks a bit (management fees are real), but the consistency improves significantly — which is often what owners actually want. Predictable income, vetted tenants, no personal involvement. That's the trade-off that medium-term managed furnished rental offers, and for the right owner in the right neighbourhood, it's a better deal than either of the alternatives.

If you want to run the numbers on your specific unit, the simplest first step is getting an honest valuation from someone who knows the medium-term furnished rental market in Montreal from the inside. Montreal Aparthotel has been doing exactly that for over a decade: https://montreal-aparthotel.com/eng/owners

· +1 438-838-8833

· info@montreal-aparthotel.com.