On November 16th, Tokyo Kantei disclosed the monthly changes in average condominium rents for October 2023 for Japan's three major metropolitan areas.
The figures were calculated by converting the advertised rents per square meter for condominiums being leased.
In the Greater Tokyo Area (GTA), the average rent stood at ¥3,541, a 0.7% decrease from the previous month (Month-on-Month; MoM), marking the second consecutive monthly decline.
Looking at the GTA broken down by prefecture:
Prefecture | Avg. Rent / SQM | MoM Change |
Tokyo | ¥4,105 | 0.7% down |
Saitama | ¥2,036 | 0.9% up |
Kanagawa | ¥2,474 | 0.6% down |
Chiba | ¥1,988 | 1.4% up |
In the Greater Osaka, or Kinki, region, the average rent was ¥2,196 (a 0.4% decrease), showing a slight decline once again.
Osaka prefecture experienced a marginal decrease at ¥2,476 (a 0.2% decrease), while Hyogo prefecture saw a small but consistent rise for three months at ¥1,875 (a 0.4% increase).
The Greater Nagoya, or Chubu, region registered an average rent of ¥1,939 (a 0.2% increase). Aichi prefecture slightly increased to ¥1,986 (a 0.2% increase).
Further Reading:
Tokyo Kantei October 2023 Average Condo Rent Report (Japanese only)
Source:
R.E. Port News (Japanese only)
