The average rent for an apartment in Tokyo’s 23 wards saw a 5.3% year-on-year increase in 2018 – the highest annual percentage increase in over 10 years. This was due in part to the fact that over 10% of the listings in the first half of the year were new construction. Newly built apartments tend to command higher rents than older ones, and can pull up the average. Average rents in Tokyo are now up 16% from their bottom in 2012.
Yokohama City saw average rents drop by 1.4% in 2018. Average rents have seen a year-on-year drop in the city for the past 8 out of 10 years. Nagoya City saw the largest improvement with a 9.9% increase in 2018, following a 2.5% increase in 2017. New construction accounted for over 9% of rental listings.
Source: Tokyo Kantei, January 17, 2019.