In February, the average rent of a condominium-type apartment in Tokyo’s 23 wards increased for the 5th month in a row and has reached the highest since Tokyo Kantei began keeping records.
The average monthly rent in the 23 wards was 4,023 Yen/sqm, up 1.8% from the previous month and up 3.5% from last year. The increase is due to a larger share of brand-new apartments hitting the market along with several high-priced luxury rentals. Rents had previously peaked at around the 3,400 Yen/sqm level in mid-2008.
There was a seasonal bump in rents across the greater Tokyo area. The months of January, February, and March are often the busiest months of the year for the rental industry as tenants move in preparation for starting new jobs or education in the fiscal year starting April 1.
Source: Tokyo Kantei, March 16, 2023.
