Sapporo’s oldest capsule hotel closes, apartment rents hit a record high, and Keio Plaza Hotel to offer monthly stays. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.

Sapporo’s oldest capsule hotel closes

Capsule Inn Sapporo closed its doors on January 24, ending 40 years of operations. It is said to be the oldest capsule hotel in Sapporo. In recent years it was running at a loss, made even worse by the pandemic. Sapporo’s entertainment district of Susukino continues to struggle with a sharp drop in tourists and shortened restaurant operating hours. On January 31, nearby Spa Hotel SOLE Susukino permanently closed. The capsule hotel opened in an existing office building in August 2013. BIZCOURT Cabin Susukino has been temporarily closed since March 2020.

Apartment rents in Tokyo hit record high in January

According to Tokyo Kantei, the average monthly advertised rent of a condominium-type apartment in the Tokyo metropolitan area was 3,723 Yen/sqm in January. This is the highest on record. In Tokyo’s 23 wards, the average rent was 3,853 Yen/sqm, up 0.8% from the previous month and up 3.2% from last year. In Osaka City, rents remained relatively flat at 2,464 Yen/sqm.

Keio Plaza Hotel offering monthly stays

Keio Plaza Hotel in Shinjuku is following in the Imperial Hotel’s footsteps by offering hotel rooms on a monthly rental basis. A standard room (23.5 sqm) can be rented for 210,000 Yen (US$1,980), including tax, for a 30 night stay. A 33.7 sqm superior room goes for 240,000 Yen, while a 35.5 sqm deluxe room goes for 270,000 Yen. Up to two people can stay in the room. The packages include breakfast each day in the hotel restaurant, car parking, conference room use and newspaper delivery. Up to 16 rooms will be made available under this plan. A further 20 rooms in their South Annex are also on offer, with a 30.1 sqm room going for 160,000 Yen. Breakfast not included. The campaign runs from February 17 to May 15, 2021.