Tokyo condo rents rise for 7th year in 2024 at slower rate than 2023
Tokyo condominium rents rose again in 2024, although the pace of growth slowed substantially from the previous year, according to Tokyo Kantei.
The average rent in Tokyo increased 3.2% year-on-year to ¥4,163 per square meter, compared with a 7.5% rise in 2023. Across the Greater Tokyo Area, average rents increased 2.6% to ¥3,603 per square meter.
Rent growth lost momentum after mid-year
Tokyo Kantei’s monthly data show that rents continued to rise during the first half of 2024 before easing later in the year.
In Tokyo’s 23 wards, rents reached ¥4,336 per square meter in June. They then declined during much of the second half before ending the year at ¥4,295 per square meter in December.
The Greater Tokyo Area showed a similar pattern. Average rents rose through the first half of the year, then fell month-on-month from July through November before increasing again in December.
Tokyo Kantei linked the broader slowdown partly to pressure on household finances. Weak real wage growth made it harder for tenants to absorb continued large rent increases, even as residential demand remained comparatively firm.
Further Reading
Tokyo Kantei 2024 Annual Average Condominium Rent Report (Japanese only)
