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What is the average rent in Tokyo?

The Real Estate Information Network System (REINS) for Eastern Japan recently released its quarterly report on average residential rent in Tokyo and the surrounding prefectures, for January to March 2015. REINS data is compiled from its member real estate agents, based on rental leases signed in the period.

The data is segmented into two broad rental categories: “mansion” (マンション) and “apa-to” (アパート).Generally, “apa-to” in Japan refer to two-story residential buildings. Many apa-to tend to be older buildings made of wood. “Mansions” are residential buildings that have three or more stories. Usually, they are constructed of steel, reinforced concrete or steel-reinforced concrete.

This article covers the data for mansion only.

Trends for Tokyo and Kanto

For the first quarter of 2015, the average rent in Tokyo’s 23 wards was 97,000yen (about $802) per month. The average rent per sqm was 2,936yen/sqm.

What are the trends for Tokyo and the surrounding prefectures, compared to the same quarter last year?

Areas of Tokyo, outside of the 23-wards, saw a big drop in the number of residential rental leases signed (down about 37%, from 3,607 to 2,260).

Of the six broad geographic areas covered (Saitama Prefecture, Chiba Prefecture, Tokyo 23-wards, Tokyo Other, Yokohama/Kawasaki, and Kanagawa Prefecture), Tokyo 23-wards had the highest average rent, at 97,000yen/month. Saitama and Kanagawa Prefectures had the lowest average rents, at 68,000 yen and 66,000yen/month, respectively.

Areas of Tokyo outside the 23-wards saw the biggest rent increase, at 7%, compared to the same period in 2014, with the average rent increasing from 72,000yen to 77,000yen/month. Kanagawa Prefecture had the biggest drop in rent, down 4%, from an average of 69,000yen to 66,000yen/month.

In terms of average rent per square meter, Tokyo 23-wards, had the highest cost at 2,936yen/sqm, but this was down slightly (-0.2%) from the same period in 2014. Kanagawa Prefecture had the lowest rent per square meter, at 1,727 yen/sqm. Tokyo other than the 23-wards had the biggest drop in rent/sqm, from 2,150 yen to 2,100yen/sqm, a decrease of 2.3%.

Click on the chart below for details.

REINS Kanto Residential Rent Jan Mar 2015

Trends for Tokyo 23 Wards

What are the trends for the 23 wards of Tokyo, compared to the same quarter last year?

Meguro-ku and Chuo-ku saw the biggest decreases in the number of residential leases signed. From January to March 2015, there were 838 leases signed for residential properties in Meguro-ku, down about 32% from the same period in 2014. Chuo-ku saw a decrease of about 29%, for a total of 416 leases signed for the first quarter of 2015.

In the 23 wards, average rent decreased in 12 wards, stayed the same in one (Chuo-ku), and increased in 10 wards. Minato-ku saw the biggest average rent increase at 24.7%, from an average of 166,000yen to 207,000yen/month. Itabashi-ku had the lowest average rent for the period, at 80,000yen/month.

In terms of the average rent per square meter in the 23 wards, 12 wards saw a decrease, one stayed the same (Koto-ku), and 10 saw an increase. Minato-ku had the biggest increase, at 13%, from an average of 3,903yen/sqm to 4,409yen/sqm. Katsushika-ku had the biggest decrease in rent per square meter from 2,144yen/sqm to 2,079yen/sqm, a drop of 3%.

Click on the chart below for details.

Rent Tokyo 23 Wards

Source: Real Estate Information Network System (REINS)

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