Average apartment rents in Tokyo increase for 7th month

According to Tokyo Kantei, the average monthly rent of a condominium in Tokyo’s 23 wards was 3,485 Yen/sqm in June 2018, down 0.3% from the previous month but up 5.9% from last year. This is the 7th month in a row to see a year-on-year increase. The average apartment size was 55.84 sqm and the average building age was 18.7 years.

Yokohama City saw average rents drop 4.8% from last year, while Saitama City saw a 4.0% decline.

The share of new construction can sway average rent figures in a city. Osaka City, for example, has the highest share with 14.1% of the listings in brand-new buildings. This has helped to support high average rents. The average age of an apartment building in Osaka City was 14.0 years in June, much newer than the average of 27.9 years seen in Chiba and 22.9 years seen in Yokohama.

Source: Tokyo Kantei, July 17, 2018.