Tokyo’s residential rental market remains stand-out performer as surrounding areas continue to decline
The average advertised rent for a condo-type apartment in Tokyo’s 23 wards reached a new record high in October of 4,866 Yen per square meter, up 14.1% year-on-year, according to Tokyo Kantei. Asking rents in newer builds less than five years old have come down from their peak seen in July, while rents in older buildings have shown more consistent growth since spring.
Rents in Yokohama City have dropped month-on-month for the past six months, and are currently 14.1% below their peak seen in May 2024. The average asking rent in October was 2,800 Yen per square meter, down 1.3% from the previous month and down 7.0% year-on-year. Rents in Saitama and Chiba cities are also down 12.7% and 16.1% respectively from their peaks seen in 2024.Read more
Tokyo rents peak as landlords seek lower rents on new-builds
The average advertised rent of an apartment in Tokyo's 23 wards was 4,809 Yen per square meter in September, down 1.0% from the previous month as landlords of new-builds adjust rents downwards to meet lower-than-expected tenant demand. This is the first monthly drop in 10 months.Read more
Cheaper apartments see surge in tenant inquiries in Tokyo
With rents and consumer prices continuing to rise in Tokyo, tenants are increasingly seeking out more affordable housing options. This is evidenced by a steep increase in inquiries on 'apaato' compared with 'mansion' type rental listings.
According to real estate listing portal AtHome, inquiries on apaato-type listings in Tokyo's 23 wards for the month of July were up 59% year-on-year while those for mansion-type listings increased by 25%.Read more
Apartment rents reach record high in Tokyo, decline elsewhere
The average asking rent of an apartment in Tokyo’s 23 wards reached a record high of 4,851 Yen per square meter in July. This is the sixth consecutive month to set a new price record. Rents were up 1.0% from the previous month and 12.2% from last year. Meanwhile, Yokohama, Saitama, Chiba, Osaka, and Kobe city all saw a drop in year-on-year rents. Read more
Tokyo apartment rents hit new high in June
Asking rents in Tokyo’s 23 wards reached 4,803 Yen per square meter in June, up 2.4% from the previous month and up 10.8% from last year. The increase is somewhat the result of a larger share in brand-new and near-new apartments, especially luxury apartments in central Tokyo, that have pulled up the average.Read more
Tensions rise over minpaku conversions
Short-term rental conversions are becoming a growing source of tension in Japan’s multi-family sector, with some landlords attempting to illegally force out long-term tenants to make way for profitable short-term guests. At the same time, neighbors are increasingly raising complaints about noise, security, and trash issues. In Osaka City, where ‘minpaku’ (short-term letting) rules are the most relaxed in the country, resident backlash is starting to gain momentum, with city officials now considering launching a project team to introduce countermeasures.Read more
Build-to-rent developers going bathless in Japan?
There has been a long-held belief that apartments with full bath tubs are a lot easier to lease out than ones with just showers, no matter how small the apartment. Few build-to-rent developers have been willing to take the risk to go bathless in their projects. But, with a younger generation of tenants, and new pressures in the rental market, some are taking the plunge with shower-only offerings.Read more