Apartment rents in Tokyo remain flat throughout pandemic

Unlike some other major cities across the world, average apartment rents in Tokyo have remained somewhat flat throughout the pandemic with little volatility.

According to data released by Tokyo Kantei, the average monthly rent for an apartment in Tokyo’s 23 wards was 3,828 Yen/sqm in January 2022, down 0.6% from January 2021 but up 2.5% since January 2020.

They have, however, increased by 28.5% since the most recent market bottom in October 2012, but the rate of increase has fallen short of the 70% increase in apartment sale prices over the same period. As a result, the yields on investment properties have been compressed. 

Tokyo Kantei’s data looks at the advertised rent of condominium-style apartments, and excludes apartments sized under 30 sqm (323 sq.ft), offices, and retail spaces.

Source: Tokyo Kantei, February 14, 2022.

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