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.
What do Tokyo's most aging neighborhoods have in common
Tokyo’s 23 wards have as many as 15 city blocks that would be classed as ‘marginal villages’ due to their aging demographics. A marginal village is one where over 50% of the residents are over the age of 65.
The Asahi Shimbun newspaper used census data from 2020 to create a list of the oldest neighborhoods in Tokyo. Of the approximately 3,000 city blocks in the 23 wards, 15 are marginal villages.
Office vacancy rate stays flat in Tokyo
The office vacancy rate in central Tokyo remained unchanged at 6.49% in September, according to office brokerage Miki Shoji. Office rents, however, continued to decline with the average rent dropping 94 Yen from August to 20,156 Yen per tsubo (approx. 6,098 Yen/sqm).
Central Tokyo apartment transactions up 11.9%
According to REINS, the average sale price per square meter for a second-hand apartment sold across greater Tokyo in September reached 691,000 Yen, a 11.2% increase from last year and the 29th month in a row to see a year-on-year increase.
Tokyo Apartment Sales in September 2022
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of September 2022:
Tokyo apartment asking prices increase for 26th month
Apartment prices continue to rise in Tokyo’s 23 wards, with Tokyo Kantei reporting that the average asking price of a 70 sqm (753 sq.ft) second-hand apartment reached 68,840,000 Yen in August. This is a 0.6% increase from the previous month and a 7.1% increase from last year. It’s also the 26th month to see an increase. This may be partly due to the upcoming Autumn sales season - typically the second busiest time of the year for home sales.
New apartment listings drop 40% in August
The number of brand-new apartments released for sale across greater Tokyo in August dropped 40.1% from last year to just 1,162 units. This time last year saw several large-scale projects hit the market as the capital was emerging from a state of emergency.