The average monthly rent of a condominium-type apartment across greater Tokyo (Tokyo, Kanagawa, Saitama, and Chiba prefectures) was 3,391 Yen/sqm in January, up 1.6% from the previous month and the 3rd month in a row to see a month-on-month increase.
This was primarily due to a larger share of listings in the Tokyo metropolitan area, where rents are higher than in the surrounding prefectures.
In Tokyo’s 23 wards, the average rent was 3,950 Yen/sqm, up 1.9% from the previous month and the 4th month in a row to see a monthly increase. Average rents are now up 3.2% from January 2022. A larger share of listings in newer buildings built within the past 5 years along with some high-priced transactions pulled up the average, but rents in buildings over 11 years old also saw an increase.
Meanwhile, Saitama City (-1.0%) and Chiba City (-2.2%) saw declines due to a larger share of listings in older buildings.
Osaka City saw rents increase by 1.1% from the previous month to 2,705 Yen/sqm. This is the first time in 7 months that the average has risen above 2,700 Yen. Rents in buildings less than 10 years old have increased, while buildings over 10 years old have seen rents flatten out.
Source: Tokyo Kantei, February 14, 2023.
