Residential yields in Minato-ku – December 2015

Dec Apt Yield

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.7% in December, showing no change from the previous month and down 1.2 points from last year. The average gross yield across Tokyo was 6.2%, down 0.1 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 890,285 Yen/sqm as of December 1, up 1.4% from the previous month and up 6.8% from last year. The average asking price for land was 1,317,575 Yen/sqm, up 2.9% from the previous month and up 4.7% from last year.

The average asking price for a house (with a total floor area of 100 sqm) in Minato-ku was 182,311,000 Yen.

Dec Apt Land Prices

Building age and gross yield (yield after deducting monthly building fees):

  • 1-14 yrs old: 4.74% (4.17%)
  • 15-29 yrs old: 5.24% (4.50%)
  • 30+ yrs old: 6.29% (5.13%)

Apartments less than 10 years old had an average gross yield of 4.40% (3.96% after deducting building fees).

Average advertised monthly rent for an apartment less than 10 minutes walk from the nearest train station:

  • Studio: 130,600 Yen (-500 Yen from last month)
  • 1-Bedroom: 211,300 Yen (-2,100 Yen)
  • 2-Bedroom: 289,400 Yen (+1,300 Yen)
  • 3-Bedroom: 324,000 Yen (-8,000 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
  • Repairs
  • Taxes

Source: Homes (Data obtained December 7, 2015).

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