According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in greater Tokyo was 2,720 Yen/sqm in December 2016, down 0.7% from the previous month but up 3.5% from December 2015. The average apartment size was 59.84 sqm and the average building age was 20.2 years.

In the Tokyo metropolitan area, the average monthly rent was 3,198 Yen/sqm, down 0.4% from the previous month but up 1.0% from 2015. The average apartment size was 57.69 sqm and the average building age was 18.2 years.

In Tokyo’s 23 wards, the average monthly rent was 3,353 Yen/sqm, up 0.1% from the previous month and up 1.3% from last year. The average apartment size was 57.02 sqm and the average building age was 17.7 years.

Rents in Yokohama, Kobe and Nagoya are all down around 1% from 12 months prior.

Average monthly rent per sqm in December 2016:

Tokyo 23 wards 3,353 Yen (+0.1% from Nov. 2016; +1.3% from Dec. 2015)
Yokohama City 2,112 Yen (+1.1%; -1.0%)
Saitama City 1,786 Yen (+5.4%; +2.0%)
Chiba City 1,460 Yen (+0.3%; +0.9%)
Osaka City 2,280 Yen (-0.6%; +11.9%)
Kobe City 1,804 Yen (+0.3%; -1.2%)
Nagoya City 1,679 Yen (0.0%; -1.2%)

Rental market for the year of 2016

The average monthly rent for the greater Tokyo area in 2016 was 2,646 Yen/sqm, up 1.0% from 2015 and the fourth year in a row to record an increase. In Tokyo’s 23 wards, average monthly rents increased by 1.9% to 3,326 Yen/sqm. This was also the fourth year in a row to record an increase. Rents are now about 40 Yen below the previous peak in 2008.

Rent in the Kinki region (including Osaka and Hyogo) and Chubu region (including Nagoya) remained flat in 2016.

*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, January 17, 2017.

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