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

Tokyo apartment yields august 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in August was 5.3%, up 0.1 points from last month but down 0.4 points from August 2013. The average gross yield across Tokyo was 7.0%, down 0.1 points from last month and down 1.1 points from last year.

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 August 1, up 0.79% from last month. The average asking price for land was 1,276,970 Yen/sqm, up 2.1% from last month.

Minato apartment land prices august 2014

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

  • 1-14 yrs old: 5.14% (4.50%)
  • 15-29 yrs old: 5.06% (4.32%)
  • 30+ yrs old: 8.68% (6.82%)

Apartments less than 10 years old had an average gross yield of 4.50% (4.04% after deducting building fees).

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

  • Studio: 130,600 Yen (-1,600 Yen from last month)
  • 1-Bedroom: 214,700 Yen (-1,700 Yen)
  • 2-Bedroom: 285,000 Yen (-5,400 Yen)
  • 3-Bedroom: 305,300 Yen (-8,400 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 August 7, 2014).

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