Tokyo’s most expensive rental apartments

La Tour Aobadai
La Tour Aobadai

The Real Estate Economic Institute has released a report on the luxury rental apartment market in Tokyo’s 23 Wards. Luxury apartments were defined as having a monthly rent of 300,000 JPY or higher. The findings are translated below:

  • Total: 27,786 apartments, of which 11,038 are in Minato-ku (39.7%)
  • Most expensive apartment was 5,310,000 JPY/Month

The assessment periods are from April, 2005 ~ November, 2008, and from December, 2008 ~ November, 2010.  In the previous market assessment from 2008, there were 24,504 luxury rental apartments. Since then, 3282 units have been added to the supply.

A breakdown of the areas and the stock of apartments is as follows:

  • Chiyoda-ku: 933 (up from 842)
  • Chuo-ku: 2681 (up from 2664)
  • Minato-ku: 11038 (up from 10558)
  • Shinjuku-ku: 2363 (up from 1606)
  • Bunkyo-ku: 449 (up from 265)
  • Shinagawa-ku: 1060 (up from 766)
  • Meguro-ku: 1195 (up from 1013)
  • Ota-ku: 8 (no change)
  • Setagaya-ku: 1329 (up from 1323)
  • Shibuya-ku: 3067 (up from 2497)

For apartments over 1,000,000 JPY/Month, there were 7,994 units, an increase of 1,412 units. Minato-ku had a total of 5,436 units over this price, and Chiyoda-ku had a total of 651 units over this price.

The top 5 apartments with the highest rent:
1) La Tour Daikanyama 5,310,000 JPY/Month
2) Roppongi Hills Residence 4,500,000 JPY/Month
3) Motoazabu Twins 3,300,000 JPY/Month
4) Shiroyama Trust Court 3,107,000 JPY/Month
5) Azabu Dai Ichi Mansions 2,800,000 JPY/Month

top-5-expensive-rental-apartments-in-tokyo

The top 5 apartments built after 2008 with the highest rent:
1) La Tour Daikanyama 5,310,000 JPY/Month
2) La Tour Shinjuku 2,300,000 JPY/Month
3) Garden Takanawa 2,020,000 JPY/Month
4) La Tour Aobadai 2,000,000 JPY/Month
5) La Tour Shibuya 2,000,000 JPY/Month

Many of these properties are owned by property trusts and cannot be purchased.

After the Lehman Shock in late 2008, the high grade rental market suffered greatly. The data in the report is based on asking prices. There are many cases where an apartment with an asking rent of 300,000 JPY may actually be rented in the 200,000 JPY range after negotiations.

Even after 2011, the high grade rental apartment supply in Minato-ku and Shibuya-ku is expected to remain in a slump in comparison with the peak of the economy.

Source:
Nikkei Press Release, December 8, 2010

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