Kioi Residence luxury rental apartment building now 80% full

Tokyo Garden Terrace Kioicho 2

Kioi Residence, the rental-only apartment building in the recently completed Tokyo Garden Terrace Kioicho complex, is proving popular with tenants with 80% of the apartments already under application. Despite facing north, the most popular apartments have been the ones overlooking the historic former residence of Prince Yi Un, which will be used for weddings and functions.

The 21-storey building was only completed last month. The 135 apartments range in size from 55 ~ 227 sqm (590 ~ 2,440 sq.ft), and rents range from 350,000 ~ 2,400,000 Yen (3,300 ~ 22,500 USD) per month. Read more

by Zoe Ward

Residential yields in Minato-ku - June 2016

Tokyo Apt Yield 201606

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.4% in June 2016, up 0.2 points from the previous month but down 0.3 points from last year. The average yield across Tokyo was 6.2%, down 0.1 points from the previous month and down 0.5 points from last year.

The average asking price for a second-hand apartment in Minato-ku was 979,942 Yen/sqm as of June 1, up 0.9% from the previous month and up 14.3% from last year. The average asking price for land was 1,391,818 Yen/sqm, up 1.2% from the previous month and up 14.8% from last year.Read more

by Zoe Ward

Average apartment rent in April 2016

Japan Apt Rent Apt2016

According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,666 Yen/sqm in April, up 3.0% from the previous month and up 2.5% from last year. The average apartment size was 59.21 sqm and the average building age was 19.0 years.

In the Tokyo metropolitan area, the average monthly rent was 3,156 Yen/sqm, down 1.9% from the previous month but up 1.2% from last year. The average apartment size was 56.51 sqm and the average building age was 17.3 years.

In Tokyo’s 23 wards, the average monthly rent was 3,307 Yen/sqm, down 1.4% from the previous month but up 2.1% from last year. The average apartment size was 55.94 sqm and the average building age was 16.7 years.

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by Zoe Ward

Residential yields in Minato-ku - May 2016

Tokyo Apartment Yield May2016

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.2% in May 2016, down 0.1 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.3%, up 0.3 points from the previous month but down 0.3 points from last year.

The average asking price for a second-hand apartment in Minato-ku was 971,614 Yen/sqm as of May 1, up 0.2% from the previous month and up 11.7% from last year. The average asking price for land was 1,375,151 Yen/sqm, up 0.9% from the previous month and up 13.5% from last year.Read more

by Zoe Ward

Landlords: Should you choose a fixed-term or ordinary rental lease?

If you are planning to purchase an investment property in Japan, it is important to understand the key differences between the two types of rental leases available so that you can choose the one that best meets your requirements.

There are typically two types of rental agreements in Japan - fixed-term and ordinary. A fixed-term lease requires the tenant to vacate the property at the end of the rental term, while an ordinary lease can be renewed by the tenant indefinitely.  Ordinary leases tend to be more in favour of the tenant, while fixed-term leases are more in favour of the landlord.

If you are planning to sell your property in a few years, or move into it yourself, a fixed-term lease ensures that your property will be vacant when you need it to be.

Although the fixed-term lease system has been around since 2000, it is not widely used. A survey by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) in 2014 found that just 3.2% of lease agreements had fixed-terms. A search on rental listing site Chintai.net shows that approximately 3.6% of rental listings in Tokyo’s 23 wards are for fixed-term leases. In Minato ward, the figure is higher with 7.9% of listings for fixed-term leases.
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by Zoe Ward

Average apartment rent in March 2016

Japan Rent March 2016

According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,589 Yen/sqm in March, up 2.4% from the previous month but down 0.9% from last year. The average apartment size was 59.69 sqm and the average building age was 19.6 years.

In the Tokyo metropolitan area, the average monthly rent was 3,216 Yen/sqm, up 1.7% from the previous month and up 3.5% from last year. The average apartment size was 56.21 sqm and the average building age was 17.5 years.

In Tokyo’s 23 wards, the average rent was 3,354 Yen/sqm, up 1.4% from the previous month and up 3.8% from last year. The average apartment size was 55.70 sqm and the average building age was 16.9 years.

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by Zoe Ward

Residential yields in Minato-ku - April 2016

According to real estate listing site Homes, the average gross yield on an apartment in Minato-ku in Tokyo was 4.3% in April 2016, down 0.2 points from the previous month and down 0.5 points from last year. The average yield across Tokyo was 6.0%, down 0.2 points from the previous month and down 0.6 points from last year.

The average asking price of a second-hand apartment in Minato-ku was 969,714 Yen/sqm, up 7.1% from the previous month and up 10.3% from last year. The average asking price for land was 1,363,030 Yen/sqm, down 0.6% from the previous month but up 13.0% from last year.Read more

by Zoe Ward