Average rent drops for 3rd consecutive month in Tokyo

In September, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,287 Yen/sqm, down 0.2% from the previous month and down 2.4% from last year. This is the 3rd month in a row to record a year-on-year drop in rents and the lowest level seen in the past 12 months.

Across the greater Tokyo area, the average monthly rent was 2,632 Yen/sqm, up 0.2% from the previous month but down 1.2% from last year. A slightly larger share of transactions in the Tokyo metropolitan area helped to pull up the average.

Rents in Yokohama were down 1.6% from the previous month but up 6.6% from last year. In Osaka City, rents were up 1.2% from the previous month and up 0.4% from last year.

Source: Tokyo Kantei, October 16, 2017.