Greater Tokyo new condo price-to-rent ratio sees record-high in 2024

The Price-to-Rent (PTR)* ratio for new condominiums in the Greater Tokyo Area (GTA) reached a record high in 2024, according to data released by real estate research firm Tokyo Kantei on May 7th.

The GTA average PTR climbed to 28.93, up 2.93 points from the previous year, marking the fifth consecutive year of increases.

*The original report, linked below, refers to this ratio as “Mansion PER”; “Mansion” being the Japanese term for apartment-condos and the “PER” calculation matching the more commonly known “Price-to-Rent" ratio.

PTR indicates how many years of rent it would take to recoup the purchase price of a condo. Tokyo Kantei calculates this by standardizing both sale and rental prices to 70 square meters, based on listings near train stations. Units under 30 square meters or for commercial use are excluded.

New Condos: Prices Surge Ahead of Rents

In 2024, the average price of new condos at 103 stations in the GTA jumped to ¥102.88 million, a 17.7% increase year-on-year.

Related Content: Greater Tokyo brand new condo supply lowest on record says Real Estate Economic Institute (April, 2025)

Meanwhile, the GTA average monthly rent rose just 3.2% to ¥284,192.

This price-rent gap caused the 2024 PTR to rise significantly.

Greater Tokyo map with key stations highlighted.  Click image to expand. Note the legend in the lower right corner.  Original image courtesy of Tokyo Kantei, edited by Patience Realty.

Notably, 66% of stations surveyed had a PTR of 26 or more, up 23.3 points from 2023; meaning it would take over 26 years of rent to match the purchase price in most areas.

The highest PTR was 53.07 at Shirokane-Takanawa Station (Toei Mita Line).

The lowest was 14.58 at Inage-Kaigan Station (JR Keiyo Line).

Greater Tokyo Existing Condos - Record Highs Continue 

The PTR also rose for 10-year-old existing condos, reaching 28.87 across 254 stations-up 2.03 points from the year before.

Most stations (58.7%) recorded PTRs of 26 or higher, reflecting a growing trend over the past decade.

In 2015, the most common PTR was in the 18-20 range. By 2022, units with a PTR of 26 or more became the dominant category, and that share continued to rise in 2024.

• Highest PTR: 67.92 at Hanzomon Station (Tokyo Metro Hanzomon Line)

  
  

• Lowest PTR: 18.64 at Kita-Kogane Station (JR Joban Line)

Existing Units No Longer a Bargain?

Tokyo Kantei noted that while existing condos were once considered relatively affordable, the perception may no longer hold. The firm pointed out that resale prices have risen sharply in recent years, while rent increases have been more moderate.

As a result, in some areas-such as Azabu Juban, Kamiyacho, and Shibuya PTRs for existing condos now exceed those of new units, challenging the idea that existing properties can offer better value.

Further Reading:

2024 Greater Tokyo Price-to-Rent (Mansion PER) Report (Tokyo Kantei; Japanese only)

[INSERT PDF HERE]

Source:

R.E. Port News (Japanese only)