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)
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
Source: Homes (Data obtained May 9, 2014).