According to Tokyo Kantei, the average monthly rent of a condominium-type apartment in Tokyo’s 23 wards was 4,236 Yen/m2 in November, up 0.2% from the previous month and up 10.7% from last year.
Rents increased across all building age ranges, with buildings aged between 6 ~ 10 years and 30+ years setting record highs for the month.
November is typically a month that would see a drop in average rents as the busy Autumn moving season has ended. However, this is not the case this year with market conditions favoring landlords. The high cost of buying a home or condominium has turned some would-be buyers to rent instead of buy, adding further pressure on the demand side in Japan’s residential rental market.
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, December 14, 2023.
