Kyoto’s most expensive rental apartment building is scheduled open in May 2018. The 5-storey La Tour Kyoto Higashiyama residence is being developed by Sumitomo Realty in the Higashiyama ward. It will be part of Sumitomo’s ‘La Tour’ brand of high-end rental apartments. The developer currently operates 20 La Tour buildings in central Tokyo, but this will be their first one outside of the capital.
It is located to the south of the of Heian Shrine and 400 meters from the Westin Miyako Kyoto Hotel. The 52 apartments will range in size from 70 ~ 130 sqm (753 ~ 1,399 sq ft). A 90 sqm apartment is expected to rent for around 400,000 Yen/month (3,500 USD), while a corner penthouse unit is expected to be around 800,000 Yen/month (7,100 USD). Rental contracts will be 3-year fixed-term leases.
Prospective tenants are expected to be wealthy Tokyo residents looking for a second-home in Kyoto. Over 70 inquiries have already been made on the 52 apartments.
Kyoto city has about 15 rental apartment listings priced over 300,000 Yen/month (2,600 USD). Currently, the most expensive residential rental in the city is a 100 year old traditional Japanese house also in Higashiyama ward which is listed for 1,200,000 Yen/month (10,000 USD).
Finding spaciously-sized apartments in Kyoto is extremely difficult as building height limits and little-to-no supply of development sites has meant that large-ish rental apartments have not been built in recent years.
Source: The Kyoto Shimbun, July 15, 2017.