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  • Writer's pictureAdam German

Greater Tokyo Area average condo rents drop for first time in 11 months

On October 17th, Tokyo Kantai released monthly data on condominium rental prices in Japan’s three major metropolitan areas for September 2023.

The below figures represent the average rent per square meter for condominiums and are in no way a guarantee of rent levels. They are meant for informational purposes only. Consult a licensed realtor for your specific real estate needs

In the Greater Tokyo Area, the average rent per square meter saw a 0.3% decline from the previous month, marking the first drop in 11 months, with a rate of ¥3,566 per square meter.


Broken down by prefectures:

Pref. Name

Avg Rent / SQM

Month on Month %

Tokyo

¥4,132

No change

Saitama

¥2,017

0.3% up

Chiba

¥1,961

0.1% up

Kanagawa

¥2,488

0.8% down

Tokyo itself maintained a rate of ¥4,132 per square meter, showing no change.


Saitama Prefecture experienced a slight increase of 0.3%, reaching ¥2,017 per square meter.


Meanwhile, Chiba Prefecture recorded a minor uptick of 0.1%, rising to ¥1,961 per square meter for the first time in three months.


Conversely, Kanagawa Prefecture continued its descent, dropping 0.8% to ¥2,488 per square meter, continuing the trend from the previous month.


In the Kinki, or Greater Osaka, area, average rent per square meter increased by 0.7% to ¥2,205, marking the first uptick in three months.


Osaka Prefecture also saw a 0.8% increase to ¥2,482 per square meter, marking the first positive shift in three months. Hyogo Prefecture experienced a 0.4% increase, reaching ¥1,867 per square meter, continuing the upward trend from the previous month.


Moving to the Greater Nagoya Area, both Aichi Prefecture and the entire region saw consecutive declines for two months, with Aichi dropping by 0.9% to ¥1,983 per square meter and the region as a whole seeing a 0.8% decrease to ¥1,935 per square meter.


Further Reading:

Tokyo Kantei September 2023 rent trends report (Japanese only)

Rent Data Sept 2023 Kantei
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