According to Tokyo Kantei, the average rent of a condominium apartment in greater Tokyo was 2,536 Yen/sqm in 2013. This is the first time in 4 years that the average annual rent has seen an increase.
In 2012, the average rent in Tokyo’s 23-ku was getting close to falling below 3,000 Yen/sqm, but by 2013 it began to climb upwards again. Rents in surrounding cities have remained relatively stable over the past few years. Osaka and Kobe City have seen an increase in new apartments hitting the market in 2012~2013, which has pulled up the average rent.
For the month of December, the average monthly rent in greater Tokyo was 2,514 Yen/sqm, down 1.0% from last year and down 1.5% from the previous month. The average apartment size was 58.90 sqm (634 sqft) and the average building age was 19.1 years.
The average rent in Tokyo’s 23-ku was 3,124 Yen/sqm, up 1.7% from last year and up 0.4% from the previous month. The average apartment size was 55.29 sqm (586 sqft) and the average building age was 17.4 years.
Average monthly rent per sqm in December 2013:
- Tokyo 23-ku: 3,124 Yen/sqm (+1.7% from last year; +0.4% from the previous month)
- Yokohama City: 2,143 Yen (-2.4%; +0.2%)
- Saitama City: 1,783 Yen (+0.5%; -1.9%)
- Chiba City: 1,505 Yen (+3.9%; +0.4%)
- Osaka City: 2,183 Yen (+5.9%; 0.0%)
- Kobe City: 1,803 Yen (+1.8%; -1.4%)
- Nagoya City:1,631 Yen (+0.1%; +0.1%)
*Data is based on the average advertised rent of family-type condominiums which may be higher than the actual rent after negotiations. It does not include apartments less than 30 sqm in size, commercial or retail spaces.
Source: Tokyo Kantei, January 15, 2014.