According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in October was 4.5%, down 0.1 points from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.5%, showing no change from the previous month and down 0.4 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 871,257 Yen/sqm as of October 1, 2015, down 0.4% from the previous month but up 9.3% from last year. The average asking price for land was 1,269,090 Yen/sqm, up 2.6% from the previous month but down 0.7% from last year.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 4.63% (4.08%)
- 15-29 yrs old: 5.30% (4.55%)
- 30+ yrs old: 5.84% (4.82%)
Apartments less than 10 years old had an average gross yield of 4.40% (3.94% after deducting building fees).
Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 133,100 Yen (+1,300 Yen from last month)
- 1-Bedroom: 219,600 Yen (+5,800 Yen)
- 2-Bedroom: 294,700 Yen (-400 Yen)
- 3-Bedroom: 349,400 Yen (+10,900 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
- Purchase fees
Source: Homes (Data obtained October 7, 2015).