According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in May was 4.7%, down 0.1 points from the previous month and down 0.6 points from last year. The average gross yield across Tokyo was 6.6%, showing no change from the previous month but down 0.5 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 869,700 Yen/sqm as of May 1, down 1.1% from the previous month but up 9.8% from last year. The average asking price for land was 1,211,818 Yen/sqm, up 0.5% from the previous month and up 5.7% from last year.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 4.74% (4.20%)
- 15-29 yrs old: 5.30% (4.50%)
- 30+ yrs old: 6.13% (4.78%)
Apartments less than 10 years old had an average gross yield of 4.19% (3.75% after deducting building fees).
Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 128,400 Yen (-1,700 Yen from last month)
- 1-Bedroom: 213,500 Yen (0 Yen)
- 2-Bedroom: 298,600 Yen (+1,600 Yen)
- 3-Bedroom: 328,700 Yen (+4,700 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
Sources: Homes (Data obtained May 7, 2015)
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