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  • Writer's pictureAdam German

Average condo rents in Greater Tokyo Area decline for second straight month

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)

Tokyo Kantei October 2023 Average Condo Rent Report
.pdf
Download PDF • 484KB

Source:

R.E. Port News (Japanese only)

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