Residential yields and vacancy rates in Minato-ku – June 2014

Minato Tokyo yields June 2014

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in June was 5.3%, showing no change from May but down 1.9 points from June 2013. The average gross yield across Tokyo was 7.2%, up 0.1 points from May but down 1.1 points from June 2013.

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 792,800 Yen as of June 1, up 657 Yen from May. The average asking price for land was 1,180,606 Yen, up 3.0%.

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

  • 1-14 yrs old: 5.23% (4.60%)
  • 15-29 yrs old: 6.53% (5.37%)
  • 30+ yrs old: 8.37% (6.57%)

Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station: 

  • Studio: 130,200 Yen (+2,100 Yen from last month)
  • 1-Bedroom: 214,800 Yen (+700 Yen)
  • 2-Bedroom: 286,200 Yen (+100 Yen)
  • 3-Bedroom:  318,700 Yen (+9,700 Yen)

Notes:

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
  • Repairs

Source: Homes (Data obtained June 9, 2014).

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