According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,560 Yen/sqm in November, down 1.6% from the previous month but up 0.3% from last year. This is the first time in five months to see a month-on-month decline in rent. The average apartment size was 59.90 sqm and the average building age was 19.5 years.
The average monthly rent in Tokyo’s 23-ku was 3,199 Yen/sqm, down 1.1% from the previous month but up 2.8% from last year. The average apartment size was 56.76 sqm and the average building age was 17.7 years. Although rents across all areas within Tokyo have started to weaken, they are still hovering around the 3,200 Yen/sqm range.
Average monthly rent per sqm in November 2014:
- Tokyo 23-ku: 3,199 Yen (-1.1% from October; +2.8% from November 2013)
- Yokohama City: 2,122 Yen (+0.2%; -0.8%)
- Saitama City: 1,767 Yen (-1.1%; -2.8%)
- Chiba City: 1,451 Yen (-1.0%; -3.2%)
- Osaka City: 2,110 Yen (-5.3%; -3.3%)
- Kobe City: 1,790 Yen (+5.7%; -2.1%)
- Nagoya City: 1,636 Yen (-1.8%; +0.4%)
*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, December 11, 2014.