New apartment supply increases for first time in 11 months

The number of brand-new apartments released for sale across greater Tokyo in July increased by 7.8% from last year, according to the Real Estate Economic Institute. This is the first year-on-year increase in 11 months. After several months of intentionally limiting supply, and with the summer bonus season upon us, developers decided to release more apartments onto the market.

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With limited rental relief, restauranteurs face bleak outlook

A new rental support payment was rolled out on July 14, allowing small-to-mid-sized businesses and sole proprietors to receive up to 2/3rds of their monthly store or office rent for six months, capping out at 6 million Yen for businesses and 3 million Yen for individuals. As of July 30, 170,000 applications had been made.

The wait has been too long for some restaurants, with customer levels not returning to normal after the state of emergency was lifted on May 25. Many had hoped that diners would return in June, but a second wave of the pandemic starting in July may deal a final blow for many. Late summer and autumn could see a spate of restaurant closures.

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