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

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)

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 December 7 2013)

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