Tokyo condo asking rents hit new highs amid uneven growth
Tokyo's average condominium asking rent exceeded JPY 5,000 per square meter for the first time in September 2026, according to Tokyo Kantei, as the capital's rental market continued to strengthen.
However, asking rents for the newest condominium units are showing greater resistance to further increases, suggesting that the upward trend is not uniform.
Photo by Dmitrijs Tokyo on Unsplash
The average asking rent in Tokyo prefecture rose 0.8% from August to JPY 5,025 per square meter, an increase of 8.9% year-on-year.
It was the fourth consecutive monthly increase and the first reading above JPY 5,000 since Tokyo Kantei began its survey in March 2009.
In the Tokyo 23 wards, average asking rents climbed 0.9% month-on-month to JPY 5,215 per square meter, up 8.4% from a year earlier. This also marked the fourth consecutive monthly increase.
For perspective, JPY 5,025 per square meter translates into approximately JPY 251,250 per month for a 50-square-meter condominium. This is a mathematical illustration based on the prefectural average, not the actual average advertised rent for properties of that size.
[H2] Newer condominiums face greater resistance
Despite the continued increase in overall asking rents, Tokyo Kantei identified a difference between newer and older condominium properties.
In the Tokyo 23 wards, units completed within the past five years, including newly built condominiums, continued to show resistance to further asking-rent increases. By contrast, asking rents for properties more than five years old remained comparatively firm.
The difference suggests that the market for newer condominiums may be approaching a point where further asking-rent increases are becoming harder to sustain, even as older properties continue to see growth.
However, this does not establish that rents for newer condominiums have peaked. Changes in the mix of available properties can also influence average asking rents.
Greater Tokyo asking rents continue to rise
Across the Greater Tokyo Area, comprising Tokyo, Kanagawa, Saitama and Chiba prefectures, average condominium asking rents increased 1.1% month-on-month to JPY 4,288 per square meter, up 11.6% year-on-year.
Kanagawa rose 0.9% to JPY 2,935 per square meter, while Chiba gained 0.7% to JPY 2,246.
Saitama was the exception, declining 0.4% to JPY 2,400 per square meter, although its average remained 13.5% above the previous year's level.
Further Reading:
Tokyo Kantei - September 2026 Condominium Rental Market Report (Japanese only)
