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).
