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

According to listing site Homes, the average yield on an apartment in Minato-ku in July 2013 was 6.0%, down 1.22 points from last month. The average yield across Tokyo was 8.0%, down 0.3 points from last month. The vacancy rate was 9.9% in Minato-ku and 11.0% across Tokyo.

 

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

  • 0-15 yrs old:   5.75% (5.03%)
  • 15-30 yrs old: 6.29% (5.40%)
  • 30+ yrs old:    8.75% (7.07%)

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

  • Studio: 130,800 Yen (-900 Yen from last month)
  • 1-Bedroom: 215,600 Yen (+3,100 Yen)
  • 2-Bedroom: 288,900 Yen (+12,000 Yen)
  • 3-Bedroom: 311,700 (-6,700 Yen)

Notes:

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.

The calculations do not include:

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

Source: Homes (Data obtained July 9 2013)

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