According to the latest data on the residential rental market provided by AtHome, the average advertised rent across all four apartment types saw a year-on-year decline in Tokyo’s 23 wards.
The biggest drop has been for small apartments under 30 sqm (323 sq.ft) that cater to single occupants. The average advertised monthly rent was 88,408 Yen in July, down 2.0% from last year. Rents in this market segment have been declining since hitting a peak in early 2020. This is the 4th month in a row to see a year-on-year decrease.
The pandemic has impacted the rents of smaller-sized apartments more so than larger family-type ones. The 30 ~ 50 sqm size range, designed for couples, had an average advertised monthly rent of 131,462 Yen, down 1.3% from last year. The 50 ~ 70 sqm size range, designed for families, saw rents drop 0.7% from last year to 190,868 Yen. The large family-type apartments over 70 sqm saw rents drop 1.4% to 337,713 Yen.
Kanagawa Prefecture saw the average rent of a large family-type apartment (70 sqm +) hit the highest level since January 2015. The average advertised monthly rent was 197,303 sqm, up 15.2% from last year. Chiba Prefecture saw similar growth in this segment of the rental market, with rents up 10.9% y-o-y for large family-type apartments. This was the 4th month in a row to see double-digit increases.
Source: AtHome, August 27, 2021.
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