According to Tokyo Kantei, the average rent for an apartment in greater Tokyo for the month of September fell 0.1% to 2578 Yen per square meter. In Tokyo’s 23 wards, the average rent remained unchanged at 3,038 Yen/sqm, but is down 3.1% from September, 2010, and is currently at the lowest level seen in over 4 years. The average rent fell 0.2% in Kanagawa, 0.8% in Chiba and 2.6% in Saitama with Saitama City recording a fall of 4.2% from the month before. The aging apartment buildings in the City’s Chuo and Urawa wards contributed to the decline.

On a positive note, the average rent in Tokyo City’s central 6 wards, including Chiyoda, Chuo and Minato, is beginning to show signs of leveling out. The average rent in Tokyo’s 23 wards reached a peak of 3,416 Yen/sqm in July, 2008, but the following Lehman Shock and March 11 Tohoku disaster have caused the average rent to fall.

Source:
Monthly Condominium Rent Movement Report for September, Tokyo Kantei, October 17, 2011.

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