Tokyo apartment rent hits 2.5 year low

In September, the average monthly rent of a condominium-type apartment in the Tokyo metropolitan area was 3,712 Yen/sqm, down 0.3% from the previous month and last year, and the lowest level seen in 12 months. Neighboring Saitama and Chiba both saw rents fall by 1.0% and 1.7% from the previous month, although they are still higher than they were 12 months ago.

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Tokyo apartment rents slide for second month

According to Tokyo Kantei, the average monthly rent of a condominium in greater Tokyo was 2,624 Yen/sqm in November, down 2.1% from the previous month but up 2.5% from last year. The average apartment size was 59.76 sqm and the average building age was 19.6 years.

In the Tokyo metropolitan area, the average rent was 3,157 Yen/sqm, down 0.8% from the previous month but up 3.1% from last year. The average apartment size was 56.99 sqm and the average building age was 18.0 years.

In Tokyo’s 23 wards, the average rent was 3,306 Yen/sqm, down 0.3% from the previous month but up 3.3% from last year. The average apartment size was 56.26 sqm and the average building age was 17.5 years.

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Building age vs. distance from station – which has the biggest impact on rent?

According to data released by Tokyo Kantei, an apartment building’s age has a bigger influence on rent than the distance from the nearest train station.

The difference in rent between an apartment less than 3 years old and a 30-yr old apartment is about 30 ~ 40%. Meanwhile, the difference in rent between an apartment less than a 3 minute walk from the nearest station compared to one 11 ~ 15 minutes away is around 20%.

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