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

According to real estate listing site Homes, the average yield on an apartment in Minato-ku in November was 5.8%, unchanged from the previous month. The average yield across Tokyo was 7.6%, down 0.1 points from October.

The vacancy rate in Minato-ku remains unchanged at 9.9% and 11.0% across Tokyo.

The average asking price of a secondhand apartment was 706,071 Yen/sqm as of November 1, up 2.65% from the previous month. The average asking price for land was 1,069,394 Yen/sqm, up 2.37% from last month.

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

  • 1-14 yrs old: 5.85% (5.10%)
  • 15-29 yrs old: 5.43% (4.62%)
  • 30+ yrs old: 8.11% (6.55%)

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

  • Studio: 126,700 Yen (-3,100 Yen from last month)
  • 1-Bedroom: 211,100 Yen (-4,500 Yen)
  • 2-Bedroom: 283,400 Yen (-8,100 Yen)
  • 3-Bedroom: 307,800 Yen (-13,600 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 November 11 2013)

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