In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.

In Tokyo’s 23 wards, the average monthly rent was 3,799 Yen/sqm, down 0.4% from the previous month and down 0.6% from last year. This was the 5th month in a row to see a month-on-month decrease and is the first time in over 2.5 years to see rents fall below 3,800 Yen/sqm. Rents in Saitama City were down 0.2% from last year, while Yokohama City saw a mild 0.6% increase. 

Source: Tokyo Kantei, October 17, 2022.