Residential rental growth slows in Tokyo

Japan apartment rents Oct2015

According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,681 Yen/sqm in October, up 1.3% from the previous month and up 3.0% from last year. The increase is due to a larger share of transactions in the Tokyo metropolitan area, which is pulling up the average. The average apartment size was 59.65 sqm and the average building age was 19.2 years.

In the Tokyo metropolitan area, the average rent was 3,184 Yen/sqm, up 0.1% from the previous month and up 2.7% from last year. The average apartment size was 57.08 sqm and the average building age was 17.4 years.

In Tokyo’s 23 wards, the average rent was 3,317 Yen/sqm, down 0.3% from the previous month but up 2.6% from last year. The average apartment size was 56.49 sqm and the average building age was 17.0 years.

Average monthly rent per sqm in October 2015:

Tokyo 23-ku3,317 Yen (-0.3% from Sept; +2.6% from Oct. 2014)
Yokohama City2,167 Yen (+0.6%; +2.3%)
Saitama City1,744 Yen (-1.5%; -2.4%)
Chiba City1,463 Yen (-1.7%; -0.2%)
Osaka City2,054 Yen (+1.1%; -7.8%)
Kobe City1,756 Yen (+1.2%; +3.7%)
Nagoya City1,663 Yen (0.0%; -0.2%)

*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 17, 2015.

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