Residential yields and vacancy rates in Minato-ku – May 2014

Tokyo apartment yields May 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in May was 5.3%, down 0.1 points from April. The average gross yield across Tokyo was 7.1%, down 0.1 points.

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

The average asking price of a secondhand apartment in Minato-ku was 792,143 Yen/sqm as of May 1, up 1.4% from the previous month. The average asking price for land was 1,146,060 Yen/sqm, up 2.9%.

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

  • 1-14 yrs old: 5.39% (4.76%)
  • 15-29 yrs old: 6.36% (5.16%)
  • 30+ yrs old: 7.93% (6.14%)

Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:

  • Studio: 128,100 Yen (-1,800 Yen from last month)
  • 1-Bedroom: 214,100 Yen (-2,700 Yen)
  • 2-Bedroom: 286,100 Yen (+800 Yen)
  • 3-Bedroom: 309,000 Yen (-7,300 Yen)

Notes: 

The published yields are based on listings advertised on the Homes site. These listings are mainly 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 May 9, 2014).

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