Residential yields and vacancy rates in Minato-ku – June 2013

According to listing site Homes, the average yield on an apartment in Minato-ku as of June 2013 was 7.22%. The average yield across Tokyo was 8.3%. The vacancy rate was 9.9% in Minato-ku and 11.0% across Tokyo.

The published yields are based on listings advertised on the Homes site. These listings are primarily investment-type properties, such as small tenanted studios, which typically have a higher yield than larger 2 or 3-bedroom family-type apartments.

Older buildings tend to have higher rental yields, as shown below.

Building age and gross return (return after deducting monthly building fees):

  • 0-15 yrs old:   5.88% (5.14%)
  • 15-30 yrs old: 6.88% (5.76%)
  • 30+ yrs old:    8.87% (7.33%)

The returns do not include: 

  • Rental management fees
  • Annual fixed asset taxes
  • Any income taxes payable
  • Purchase fees
  • Repairs

Average advertised monthly rent for an apartment <10 mins from the nearest train station:

  • Studio: 131,700 Yen
  • 1-Bedroom: 212,500 Yen
  • 2-Bedroom: 276,900 Yen
  • 3-Bedroom: 318,400 Yen

Source: Homes (Data obtained June 9 2013)

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