Residential yields and vacancy rates in Minato-ku – September 2013

According to real estate listing site Homes, the average yield on an apartment in Minato-ku in September was 6.0%, up 0.3 points from last month. The average yield across Tokyo was 7.9%, down 0.2 points from August.

The vacancy rate was 9.9% in Minato-ku and 11.0% across Tokyo.

Building age and gross yield (yield after deducting monthly building fees):

  • 1-15 yrs old: 5.83% (5.09%)
  • 15-30 yrs old: 6.87% (5.66%)
  • 30+ yrs old: 8.61% (6.98%)

Average advertised monthly rent for an apartment <10 mins from the nearest train station: 

  • Studio: 129,500 Yen (+1,300 Yen from last month)
  • 1-Bedroom: 216,200 Yen (+5,300 Yen)
  • 2-Bedroom: 287,600 Yen (+10,100 Yen)
  • 3-Bedroom: 321,900 Yen (+600 Yen)

Notes:

The published yields are based on listings advertised on the Homes site. These listings are primarily investment-type properties, such as small tenanted studios, which typically have a higher yield than larger 2 or 3-bedroom family-type apartments.

The calculations do not include:

  • Rental management fees
  • Annual fixed asset taxes
  • Any income taxes payable
  • Purchase fees
  • Repairs

Source: Homes (Data obtained September 9 2013)