Average apartment rent down in greater Tokyo

According to Tokyo Kantei, the average monthly rent of a condominium-type apartment across greater Tokyo in August was 2,628 Yen/sqm, down 0.1% from the previous month and down 1.2% from last year. The average apartment size was 59.74 sqm and the average building age was 21.1 years.

In Tokyo’s 23 wards, the average monthly rent was 3,295 Yen/sqm, down 0.2% from the previous month and down 2.3% from last year. This is the second month in a row to see a year-on-year decrease. Chiba, Osaka and Kobe cities all saw average rents fall from 12 months prior, while Yokohama, Saitama and Nagoya cities have seen rents increase from last year.

The average rent in Tokyo’s 23 wards is up 10.6% from the recent bottom of 2,979 Yen/sqm recorded in October 2012, but 3.5% below the peak of 3,416 Yen/sqm seen in July 2008.

Source: Tokyo Kantei, September 14, 2017.