On August 15, Tokyo Kantei released its analysis of their month-on-month (MoM) average rent trends for condos in Japan’s three major metro areas for July 2024.
The reported figures represent rents divided by size in square meters, presented as an average rent-per-square-meter.
Chart courtesy of Tokyo Kantei, edited by Patience Realty.
The average rent in the Greater Tokyo Area (GTA) decreased by 1.0% from the previous month, reaching ¥3,632 per square meter.
This marked the first decline in 9 months, influenced by factors such as the overall aging of the properties and a reduction in the share of Tokyo Prefecture rental condo inventory.
That said, the July 2024 GTA average is up 3.2% Year-on-Year (YoY) when compared to July 2023.
The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures.
July 2024 Average Greater Tokyo Condo Rents By Prefecture
Prefecture | Avg. Condo Rent | MoM % Change | YoY % Change |
Tokyo | ¥4,187 | 0.6% down | 3.6% up |
Kanagawa | ¥2,910 | 1.3% down | 15.1% up |
Chiba | ¥2,020 | 0.2% down | 2.7% up |
Saitama | ¥2,222 | 1.6% up | 11.2% up |
Chiba Prefecture marks four straight months of MoM average rent decline.
In contrast, Saitama Prefecture continued MoM increases for a third straight month.
Further Reading:
Tokyo Kantei July 2024 Japan Major Metro Average Rent Level Report (Japanese only; contains more granular historical data than that outlined above)
Source:
R.E. Port News (Japanese only)
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