The price-earnings ratio (PER) for brand-new apartments across greater Tokyo in 2020 was 24.69, up slightly from 2019 (24.36). A high PER means a low rental yield.
The average monthly rent of a brand-new 70 sqm apartment in 2020 was 256,601 Yen, up 2.6% from 2019. Meanwhile, the average price of a brand-new 70 sqm apartment was 77,430,000 Yen, up 6.0% from 2019.
The Gakugei-daigaku Station area provided the lowest rental yield in greater Tokyo with a PER of 36.00. The average monthly rent was 287,113 Yen, while the average apartment price was 124,020,000 Yen, resulting in a gross rental yield of 2.78%. This is due to a high-end apartment building completed within a 5-minute walk from the station with apartments priced from 140 ~ 400 million Yen.
Seijogakuen-mae Station was in second spot with a PER of 34.10. The average monthly rent was 255,653 Yen, while the average apartment price was 104,600,000 Yen, resulting in a gross yield of 2.93%.
Central Tokyo’s Gaienmae Station was in 6th spot with a PER of 32.24. The average monthly rent was 496,326 Yen, while the average apartment price was 192,000,000 Yen, resulting in a gross yield of 3.10%.
Shibuya Station was ranked 14th, and Daikanyama Station was in 19th place.
Source: Tokyo Kantei, May 6, 2021.
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