According to Tokyo Kantei, the average monthly rent of a condominium apartment in greater Tokyo was 2,601 Yen/sqm in March, up 1.5% from the previous month and up 2.4% from March 2013. The average apartment size was 59.50 sqm and the average building age was 18.5 years.
The average rent in Tokyo’s 23-ku was 3,191 Yen/sqm, up 1.3% from the previous month and up 3.6% from last year. This is the fifth month in a row where the average rent has increased from the previous month. The average apartment size was 56.40 sqm and the average building age was 16.7 years.
It is difficult to say whether this data represents a true increase in rent as Tokyo, and Minato-ku in particular, has seen an increase in the number of new apartment buildings which is lowering the average building age and increasing the average rent.
The average rent in Tokyo’s 23-ku is currently 6.6% lower than its peak of 3,416 Yen/sqm in July 2008.
Average monthly rent per sqm in March 2014:
- Tokyo 23-ku: 3,191 Yen (+1.3% from the previous month; +3.6% from March 2013)
- Yokohama City: 2,198 Yen (+1.1%; +0.6%)
- Saitama City: 1,809 Yen (+1.4%; -2.2%)
- Chiba City: 1,563 Yen (+1.2%; +6.5%)
- Osaka City: 2,181 Yen (-0.9%; +4.8%)
- Kobe City: 1,836 Yen (+0.5%; -1.0%)
- Nagoya City: 1,737 Yen (+1.0%; +4.1%)
*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, April 14, 2014.