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  • Writer's pictureAdam German

Average condo rents increase across 8 areas and all property size categories

On December 21st, Japan based property portal AtHome announced their Trends in Rental Apartment Listings in Major Cities Nationwide report for November, 2023.


According to the survey, the term "rent" is defined as the total amount tenants pay monthly, including rent plus management fees and common service charges. 


The survey measured ten areas: five regions in the Greater Tokyo Area (23 wards of Tokyo, non-23 ward cities in Tokyo prefecture, Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture), Sapporo City, Sendai City, Nagoya City, Osaka City, and Fukuoka City.


In the rental condo sector, eight areas—Tokyo's 23 wards, other areas in Tokyo, Saitama Prefecture, Chiba Prefecture, Sendai City, Nagoya City, Osaka City, and Fukuoka City—exceeded the previous year's figures across all area sizes.


Among the size categories, the highest Year-on-Year (YoY) increase in specific area sizes was observed in the following property categories and areas: 


  • Below 30 square meters (suitable for singles)" category in Tokyo's 23 wards (an increase of 3.8% from the previous year, average rent ¥91,146) 


  • 30-50 square meters (suitable for couples)" in Tokyo's 23 wards (a 7.2% increase, ¥143,190)


  • 50-70 square meters (suitable for families)" in Fukuoka City (a 19.6% increase, ¥106,305) 


  • Above 70 square meters (suitable for large families) in Fukuoka City (an 11.8% increase, ¥164,181)


Family-oriented apartments have consistently exceeded the previous year's figures for 11 consecutive months across all ten areas. Among them, eight areas—Tokyo's 23 wards and non-23 ward cities, Kanagawa Prefecture, Chiba Prefecture, Sapporo City, Sendai City, Osaka City, and Fukuoka City—have reached their highest levels since January, 2015.


The top rising rates for rental apartments were seen in: 


  • Saitama Prefecture for singles (a 3.3% increase, ¥52,923)


  • Sendai City for couples (a 6.5% increase, ¥62,434)


  • Sendai City for families (a 10.6% increase, ¥74,271) 


Except for Sapporo City and Osaka City, family-oriented rents exceeded the previous year's figures in eight areas. 


Among these, six areas—Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture, Sendai City, Nagoya City, and Fukuoka City—have reached their highest levels since January, 2015.


Further reading:

AtHome Trends in Rental Apartment Listings in Major Cities Nationwide report for November, 2023 (Japanese only with wood-frame multi-family rental data included)

AtHome Nov 2023 Rent Trends
.pdf
Download PDF • 2.76MB

Source: 

R.E. Port News (Japanese only)

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