Montréal is renowned for its low cost of living and availability of apartments, which is why so many students move out of Rez after their first year. In most cases, it's actually cheaper to live off campus. The University does not own any off-campus apartments, however, so besides their Web site, which posts rental listings, students are on their own to find a place to live.
If you want to live within walking distance of campus, also called "the ghetto," renting can be pretty pricey, with a two-bedroom running over 1,000 dollars. If you don't mind taking the Métro or the bus, however, prices go much lower. If you really don't mind commuting, prices can go as low as 800 dollars for a three bedroom, but that means a 45-minute train ride to campus everyday. Montréal has some of the best renter's laws around. Once you sign a lease, that room is officially considered private property, and no one, not even the landlord, has the right to search it without a warrant or permission. Also, legally, the only thing they can ask you for is a deposit to hold the apartment for you, and once you sign the lease, your first month's rent is due. Compare this to other cities where you have to pay first and last month, give a security deposit which you might never see, and Montréal looks pretty friendly. The one thing to be aware of is finder's fees. Especially in the ghetto, students and landlords try to charge absurd fees for helping you find your stylish and convenient apartment. This is, however, illegal, and you should take your money elsewhere to someone with more scruples. Most of the apartments are in pretty good condition, and there is enough availability so that whatever you are looking for, if you do your research, you can find it.