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)
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
Source: Homes (Data obtained September 9 2013)