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  • Writer's pictureAdam German

Second month of higher average condo rents in nine Japanese cities

Updated: Jul 10

On June 25th, At Home, a real estate information service dominant in Japan wide rental listings, released the May 2024 report on rental price trends for condos and wood-frame apartments in major cities across Japan. 


The survey defines "rent" as the total monthly payment by tenants, which includes the base rent, management fees, and common service fees.  

 

The study covered 13 key areas: the Greater Tokyo Area broken down into the following regions; Tokyo 23 wards, Tokyo non-23 wards, Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture as well as Sapporo, Sendai, Nagoya, Kyoto, Osaka, Kobe, Hiroshima, and Fukuoka cities. 


May 2024 Average Asking Rents for Condos and Wood-Frame apartments in 13 Japanese regions

AtHome data translated by Patience Realty. Full data linked in Japanese press release at the end of this article.


For the second consecutive month, the average asking rent for rental condos increased year-on-year (YoY, or same month last year) across all size categories in nine areas: Tokyo’s 23 wards, suburban Tokyo, Kanagawa Prefecture, Saitama Prefecture, Sapporo, Sendai, Nagoya, Osaka, and Fukuoka. 


By unit size, the top year-on-year increases in average asking rent were:

 

  • 30 square meters or less in Chiba Prefecture, up 4.8% YoY to 65,149 yen. 


  • 30-50 square meters in Tokyo’s 23 wards, up 7.7% YoY to 149,996 yen. 


  • 50-70 square meters in Fukuoka, up 12.6% YoY to 109,764 yen. 


  • Over 70 square meters in Fukuoka, up 13.9% YoY to 174,356 yen. 


For family-sized units, the average asking rent exceeded May YoY levels for seven consecutive months in all 13 areas.  


Notably, eight areas—Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture, Sapporo, Sendai, Nagoya, Osaka, and Fukuoka—reached their highest levels since January 2015. 


Turning to wood-frame apartments, the top May YoY increases in average asking rent were:

 

  • 30 square meters or less in Osaka, up 3.5% YoY to 58,985 yen. 


  • 30-50 square meters in Sendai, up 5.5% YoY to 62,880 yen. 


  • 50-70 square meters in Tokyo’s 23 wards, up 7.9% YoY to 148,528 yen. 


*There were not enough 70 plus square meter wood-frame units to provide meaningful averages hence why they are not listed here. 


The average rent for 50-70 sqm wood-frame apartments exceeded the previous year’s levels in all 13 areas.  The 23 wards of Tokyo, Sapporo, and Osaka in particular saw their highest levels since January 2015. 


Further Reading: 

AtHome May 2024 report on residential rental price trends in major cities across Japan 

chintai-yachin-202405
.pdf
Download PDF • 3.32MB

Source: 

R.E. Port News (Japanese only) 

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