Apartment rents in Tokyo hit record high in 2020

In spite of the widespread coronavirus pandemic and a state of emergency disrupting schools and workplaces, the average advertised rent of a condominium-type apartment across greater Tokyo hit the highest level on record in 2020.

According to Tokyo Kantei, the average monthly rent increased by 6.8% from 2019 to 3,081 Yen/sqm. This is the first time it has reached the 3,000 Yen/sqm level. All areas within greater Tokyo saw rising rents, but a larger share of listings in the Tokyo metropolitan area pulled up the average.

Rents in the Tokyo metropolitan area climbed 5.2% from 2019 to 3,661 Yen/sqm. Kanagawa Prefecture recorded a 7.5% increase to 2,296 Yen/sqm. Growth was more subdued in Saitama (+2.3%) and Chiba (+2.9%).

In the Kinki region, the average rent increased by 2.9% to 1,935 Yen/sqm. Osaka Prefecture reported a 2.5% rise. The Chubu region saw a 0.6% increase, with Aichi Prefecture seeing rents rise 0.6% to 1,791 Yen/sqm.

For the month of December, greater Tokyo saw rents increase by 0.4% from the previous month to 3,168 Yen/sqm. However, the Tokyo metropolitan area saw rents drop 0.2% to 3,690 Yen/sqm. Kanagawa saw rents fall 0.3%, and Chiba saw a 1.0% drop.

Source: Tokyo Kantei, January 14, 2021.

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