According to real estate listing site Homes, the average yield on an apartment in Minato-ku in December was 6.0%, up 0.2 points from last month. The average yield across Tokyo remains unchanged at 7.6%.
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 715,557 Yen/sqm as of December 1, up 1.34% from the previous month. The average asking price for land was 1,071,212 Yen, up 0.17% from last month.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 5.90% (5.15%)
- 15-29 yrs old: 5.84% (4.97%)
- 30+ yrs old: 8.31% (6.59%)
Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 127,200 Yen (+500 Yen from last month)
- 1-Bedroom: 215,300 Yen (+4,200 Yen)
- 2-Bedroom: 278,500 Yen (-4,900 Yen)
- 3-Bedroom: 309,100 Yen (+1,300 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 December 7 2013)