Nagoya hotel sells for 7.7 billion Yen
One REIT acquired the trust beneficiary rights to the Comfort Inn Nagoya Sakae Ekimae hotel in March for 7.74 billion Yen. This is the REIT’s first acquisition of a hotel, following its 2024 announcement that it would be considering assets other than offices.Read more
Tokyo apartment rents increase 1.6% y-o-y
The average advertised rent of condo-type apartments in Tokyo’s 23 wards reached 4,332 Yen/m2 in January, according to Tokyo Kantei. This is a 0.9% increase from the previous month and a 1.6% increase from January 2024.Read more
Nagoya hotel sells for 6.5 billion Yen
The Japan Prime Realty Investment Corporation J-REIT is acquiring a 153-room hotel on the eastern side of Nagoya Station. The acquisition price is 6.5 billion Yen (approx. US$44 million), which is around 42.5 million Yen per key. The cap rate is 4%, although it is leased to the operator under a fixed + variable rental agreement.Read more
Denso sells 10ha former factory site in Nagoya
A developer is acquiring the 10 hectare site of a former factory in Nagoya, with the acquisition price thought to be over 20 billion Yen (approx. US$140 million).Read more
Gap between studio and larger apartment rental market widens
There is a growing divide in the rental market between the small studio-type and larger family-type apartments in Japan’s major centers. Based on the latest data for the month of March, the gap is widening with larger rental apartments seeing double-digit y-o-y growth in some cities. But is this rental growth reflecting an actual increase in tenant budgets or are landlords just hiking up advertised rents? Let's take a look.Read more
Apartment rents in Tokyo reach record high in 2023
Renewed population growth in Tokyo has resulted in rents in the 23 wards increasing by 8.0% to a record high of 4,152 Yen/sqm in 2023. Average rents are now 30% higher than they were in 2014.
Rising property prices are also causing a growing number of would-be buyers to turn to the rental market instead, adding extra pressure on the demand side.
All major urban centers surveyed by Tokyo Kantei saw annual rental price growth in 2023, although some have seen growth at a higher pace than others. Tokyo’s 23 wards saw the highest year-on-year increase of 8.0%, followed by Saitama City (+7.6%) and Kobe City (+7.4%). Osaka City saw a 3.9% increase after a 7.7% increase in 2022.
The data provided by Tokyo Kantei is based on the advertised rent of condominium-type apartments recorded in Tokyo Kantei’s database and is limited to family-type apartments (excluding apartments under 30 sqm in size, office and retail space).
Source: Tokyo Kantei, January 17, 2023.
Here’s where apartment rents are increasing the most across Japan
Rents for more spacious ‘family-type’ apartments in Japan’s major cities reached record highs in October, according to a report released by multiple-listing provider and data aggregator AtHome. The larger-sized rental housing is becoming an interesting segment of the market to observe as would-be homebuyers are starting to shift to rental housing as they become priced out of the condo market.Read more