On April 23rd, AtHome Real Estate Information Service announced the Condominium and Apartment Rent Trends in Major Cities Nationwide report for March 2024.
AtHome is a Japan based property portal known for being the go-to destination for those looking to rent an apartment nationwide.
In this survey, "rent" encompasses the advertised monthly amount tenants pay, including "rent + management fees/common service charges, etc."
The survey covered 13 areas: the Greater Tokyo Area (including Tokyo 23 wards, Tokyo non-23 ward cities, Kanagawa, Saitama, and Chiba prefectures) and the cities (not prefectures) of Sapporo, Sendai, Nagoya, Kyoto, Osaka, Kobe, Hiroshima, and Fukuoka.
Courtesy of AtHome, translated by Patience Realty.
The rent levels presented are averages and are meant to illustrate trends over time. They in no way offer any kind of guarantee. Real estate is dictated by hyper-local variations so always consult with a licensed real estate broker for your property specific needs.
March 2024 Japan Average Condo Rents
Average advertised condominium rents in 11 of 13 areas measured - Tokyo's 23 wards and non-23 wards, Kanagawa, Saitama, Chiba, Sapporo, Sendai, Nagoya, Kyoto, Osaka, and Fukuoka—surpassed the March 2023 averages.
The top Year-on-Year (YoY) changes by condo sizes were:
Condo Sizes | Area | YoY Change | Avg. JPY Rent |
30 sqm or less | Saitama Pref. | 6.0% up | 61,375 |
30 - 50 sqm | Tokyo 23 Wards | 7.6% up | 148,273 |
50 - 70 sqm | Fukuoka City | 15.0% up | 108,955 |
70 plus sqm | Kyoto City | 18.2% up | 191,946 |
50 to 70 square meter units for families exceeded the March 2023 figures in all 13 measured areas, marking the fifth consecutive month of YoY rises.
Notably, seven areas - Tokyo non-23 wards, Kanagawa prefecture, Chiba prefecture the cities of Sendai, Nagoya, Osaka, and Hiroshima - have reached their highest average rent levels since January 2015.
March 2024 Japan Average Wood-Frame Apartment Rents
Conversely, the top YoY increases in average advertised wood-frame apartment rents were:
Condo Sizes | Area | YoY Change | Avg. JPY Rent |
30 sqm or less | Saitama Pref. | 4.2% up | 52,982 |
30 - 50 sqm | Sendai City | 4.9% up | 63,025 |
50 - 70 sqm | Osaka City | 7.5% up | 121,265 |
*Wood-frame apartments don't have enough 70 plus square meter units to measure with accuracy.
50 to 70 square meters family-sized apartments have surpassed the previous YoY figures for the second consecutive month across all 13 areas.
Six areas - Tokyo's 23 wards, Kanagawa, Saitama and Chiba prefectures as well as the cities of Nagoya and Kobe - have reached their highest average rent levels since January 2015.
Further Reading:
AtHome Real Estate Information Service Condominium and Apartment Rent Trends in Major Cities Nationwide report for March 2024 (Japanese only)
Source:
R.E. Port News (Japanese only)
