According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,602 Yen/sqm in October, up 1.0% from the previous month and up 2.8% from last year. This is the first time in four months that the rent has exceeded 2,600 Yen/sqm. The average apartment size was 60.20 sqm and the average building age was 19.2 years.
The average monthly rent in Tokyo’s 23-ku was 3,233 Yen/sqm, up 0.8% from the previous month and up 4.9% from last year. The average apartment size was 56.74 sqm and the average building age was 17.4 years. Starting with Tokyo’s central 6 wards, almost all areas in the 23 wards have been seeing either stable or strong growth in rent.
Yokohama City is seeing a continued downwards trend. In Kobe City, the average building age increased from 19.9 years to 21.3 years, which caused a corresponding drop in average rent.
Average monthly rent per sqm in October 2014:
- Tokyo 23-ku: 3,233 Yen (+0.8% from September; +4.9% from October 2013)
- Yokohama City: 2,118 Yen (-1.1%; -1.5%)
- Saitama City: 1,787 Yen (+0.5%; -2.0%)
- Chiba City: 1,466 Yen (+1.5%; -4.0%)
- Osaka City: 2,227 Yen (+2.7%; +2.2%)
- Kobe City: 1,694 Yen (-6.0%; -6.6%)
- Nagoya City: 1,666 Yen (-1.5%; +3.3%)
*Data is based on the average advertised rent of family-type condominiums which may be higher than actual rent after negotiations. It does not include apartments less than 30 sqm in size, commercial or retail spaces.
Source: Tokyo Kantei, November 13, 2014.