Tokyo apartment rents see 6% year-on-year increase

According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,496 Yen/sqm in May 2018, down 0.6% from the previous month but up 6.0% from last year. This is the sixth month in a row to see a year-on-year increase. The average apartment size was 55.79 sqm and the average building age was 18.5 years.

Yokohama City (-0.1%) and Kobe City (-1.5%) have both seen average rents fall from last year. Nagoya City, meanwhile, has seen the year-on-year average increase by 15.2%.

The peak rental season seen between January and March has ended, with landlords of empty apartments starting to reduce rents in order to attract tenants during the current off-season.

Source: Tokyo Kantei, June 14, 2018.

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