Residential yields in Minato-ku – October 2015

Tokyo Apartment Yield Oct 2015

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.

Tokyo Apartment Land Prices Oct 2015

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
  • Repairs
  • Taxes

Source: Homes (Data obtained October 7, 2015).

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