According to Tokyo Kantei, the average rent for a condominium apartment (one with a private landlord, rather than a rental-only building) increased in Japan’s three major regions in December.
The average monthly rent in greater Tokyo (Tokyo, Kanagawa, Saitama and Chiba) in December increased by 3.0% from the previous month to 2,540 Yen/sqm, although it remains 1.1% lower than December 2011.
In the Kinki region (Osaka and Hyogo), the average monthly rent increased by 3.4% from the previous month to 1,746 Yen/sqm, and is 1.1% higher than December 2011. Osaka saw the biggest increase as rents jumped 5.9% in December to 1,861 Yen/sqm. Tokyo saw a monthly increase of 3.1% in December, with an average monthly rent of 2,978 Yen/sqm.
Rent across all cities, bar Chiba, were up for the month. Osaka City saw the biggest increase of 6.2%, while rents in Tokyo’s 23-ku increased by 2.9%.
Tokyo Kantei suggests the increase is due an increase in supply of relatively new apartments, which command higher rents. In Osaka, for example, the average apartment age dropped from 17.1 years to 15.7 years.
While many cities saw increases, not everyone was so lucky. The average rent in Chiba Prefecture dropped 0.2% over the month to 1,485 Yen/sqm. This figure is down 5.7% from December 2011. Chiba City saw a drop of 2.6% over the month to 1,449 Yen/sqm, and an overall drop of 9.1% since 2011.
Data Collection Method:
The data used in this report is based on ‘family type’ apartments, and excludes apartments under 30sqm in size, offices and retail spaces.
The average rents are based on advertised rents. Actual contracted rent may be lower after negotiations.
- Greater Tokyo – 39,188 properties
- Kinki Region – 20,031 properties
- Chubu Region – 2,584 properties
Source: Tokyo Kantei Press Release, January 15, 2013.