On November 16th, Tokyo Kantei released the updated average monthly rents of on-market residential condominiums in three of Japan’s major metropolitan areas for October.
The areas include Greater Tokyo, Greater Osaka and Greater Nagoya.
The rents were calculated by dividing the advertised rents by the size in square metres and then calculating the averages from there.
Note that these are averages so specific rents on specific condos will be different from these figures. For example, luxury rental condos in Central Tokyo can be higher than 6,000 yen per square metre, almost double the averages posted here.
These figures are presented to illustrate trends only. Always consult with a real estate agent for property specific information.
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The average rent in the Greater Tokyo Area (Kanto) rose for the first time in three months, albeit slightly, to 3,308 yen, up 0.4% from the previous month, reaching the 3,300 yen level for the first time since the survey began in 2009.
By prefecture, Tokyo rose 0.4% to 3,738 yen, Kanagawa Prefecture rose 0.3% to 2,393 yen, Saitama Prefecture fell 1.6% to 1,783 yen, and Chiba Prefecture rose 0.6% to 1,745 yen.
The Greater Osaka (Kinki) Area saw upward movement to 1,965 yen, up 0.4% from the previous month.
In Osaka Prefecture, the average was 2,132 yen (down 0.1%), and in Hyogo Prefecture, it was 1,681 yen (up 0.6%). Both prefectures have fallen below the level of the same month last year since June, indicating a weakening trend in the medium to long term.
In the Greater Nagoya Area (Chubu), the average rents fell sharply to 1,860 yen, down 2.0% Year-on-Year (YoY). The main reason for this was the increase in the number of older buildings being advertised for rent as older buildings command less rent levels than newer ones.
The main area of Aichi Prefecture also saw a large decline to 1,899 yen, down 2.1% YoY.
Further Reading
Tokyo Kantei Monthly Condo Rent Report (Japanese only; November, 2021)
