According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.7% in November, up 0.2 points from the previous month but down 0.6 points from last year. The average gross yield across Tokyo was 6.3%, down 0.2 points from the previous month and down 0.6 points from last year.
The average asking price of a second-hand apartment in Minato-ku was 877,700 Yen/sqm as of November 1, 2015, up 0.7% from the previous month and up 9.3% from last year. The average asking price for land was 1,280,909 Yen/sqm, up 0.9% from the previous month and up 0.6% from last year.
Building age and gross yield (yield after deducting monthly building fees):
- 1-14 yrs old: 4.70% (4.17%)
- 15-29 yrs old: 5.34% (4.56%)
- 30+ yrs old: 6.45% (5.19%)
Apartments less than 10 years old had an average gross yield of 4.32% (3.89% after deducting building fees).
Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:
- Studio: 131,100 Yen (-2,000 Yen from last month)
- 1-Bedroom: 213,400 Yen (-6,200 Yen)
- 2-Bedroom: 288,100 Yen (-6,600 Yen)
- 3-Bedroom: 332,000 Yen (-17,400 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 November 7, 2015).
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