According to Tokyo Kantei, the average monthly rent of a condomonium apartment in greater Tokyo was 2,562 Yen/sqm in December, up 0.1% from the previous month and up 1.9% from the previous year. The average apartment size was 59.62 sqm and the average building age was 19.7 years.
In Tokyo’s 23-ku, the average monthly rent was 3,195 Yen/sqm, down 0.1% from the previous month but up 2.3% from the previous year.
Average monthly rent per sqm in December 2014:
- Tokyo 23-ku: 3,195 Yen (-0.1% from November; +2.3% from December 2013)
- Yokohama City: 2,121 Yen (0.0%; -1.0%)
- Saitama City: 1,748 Yen (-1.1%; -2.0%)
- Chiba City: 1,485 Yen (+2.3%; -1.3%)
- Osaka City: 2,057 Yen (-2.5%; -5.8%)
- Kobe City: 1,788 Yen (-0.1%; -0.8%)
- Nagoya City: 1,634 Yen (-0.1%; +0.2%)
The rental market in 2014
In greater Tokyo, the average rent in 2014 was 2,585 Yen/sqm, up 1.9% from 2013. Rental prices started to decline following a peak in 2009, but began to recover in 2013 and 2014.
In the Tokyo metropolitan area, the average rent in 2014 was 3,061 Yen/sqm, up 2.5% from 2013. This was the first time since 2010 that the average rent had exceeded 3,000 Yen/sqm, and is said to be due to a higher number of newer apartments being supplied on the rental market (newer apartments tend to command a higher rent than older ones).
In Tokyo’s 23-ku, the average rent in 2014 was 3,186 Yen/sqm, up 3.1% from 2013.
*Data is based on the average advertised rent of family-type condominiums which may be higher than actual rent after negotiations. It does not include apartments less than 30 sqm in size, commercial or retail spaces.
Source: Tokyo Kantei, January 15, 2015.
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