According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in February was 5.4%, down 0.4 points from January. The average gross yield across Tokyo was 7.4%, down 0.1 points the previous month.
The vacancy rate remains unchanged at 9.9% in Minato-ku and 11.0% across Tokyo.
The average asking price of a secondhand apartment in Minato-ku was 759,486 Yen/sqm as of February 1, up 2.8% from the previous month. The average asking price for land was 1,072,424 Yen/sqm, up 27.8% from January.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 5.38% (4.71%)
- 15-29 yrs old: 5.31% (4.64%)
- 30+ yrs old: 6.98% (5.69%)
Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 126,100 Yen (-1,100 Yen from last month)
- 1-Bedroom: 224,800 Yen (+6,200 Yen)
- 2-Bedroom: 291,800 Yen (+3,300 Yen)
- 3-Bedroom: 312,900 Yen (+10,000 Yen)
The published yields are based on listings advertised on the Homes site. These listings are mainly 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
Source: Homes (Data obtained February 9 2014)
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