According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in March was 5.0%, down 0.2 points from the previous month and down 0.5 points from last year. The average gross yield across Tokyo was 6.6%, down 0.2 points from the previous month and down 0.7 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 890,457 Yen/sqm as of March 1, up 0.7% from the previous month and up 14.2% from last year. The average asking price for land was 1,246,667 Yen/sqm, down 0.6% from the previous month but up 17.2% from last year.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 4.97% (4.35%)
- 15-29 yrs old: 5.57% (4.71%)
- 30+ yrs old: 6.00% (4.85%)
Apartments less than 10 years old had an average gross yield of 4.40% (3.98% after deducting building fees).
Average advertised rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 127,500 Yen (-1,100 Yen from last month)
- 1-Bedroom: 215,700 Yen (+2,000 Yen)
- 2-Bedroom: 304,000 Yen (-5,400 Yen)
- 3-Bedroom: 319,900 Yen (-11,300 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
- Purchase fees
Source: Homes (Data obtained March 7, 2015)
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