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  • Writer's pictureAdam German

Tokyo share house 74 percent leased up before build completion

Kokuyo Corporation, a well-known Japanese company, has introduced a unique concept with the opening of THE CAMPUS FLATS TOGOSHI marking the company’s first-ever shared housing venture, near Tokyo's Togoshi Koen Station on the Tokyu Oimachi Line.

 
Key Takeaways:
  • Rents charged are competitive market rate rents despite many rooms not having private showers or kitchens.

  • Tenants are all Japanese; a relatively new phenomena from the foreign dominated tenant make of up shared housing.

  • In addition to room rents, the building offers purpose built rental studio spaces for residents and the public at large.

  • To reduce operating costs, smart technology was installed throughout to limit the need for on site staff.

 

As reported by Kenbiya on October 9th, this transformation involved renovating an employee dormitory into a modern living space that also incorporates a variety of studios catering to different interests and activities.

Courtesy of Kokuyo.


What sets the property apart is the presence of eight studio spaces, designed to accommodate a wide range of activities. These studios are located on the ground and basement floors and are available for usage fees separate from rents.


These studio spaces cater to diverse interests, from fitness and cooking to workshops, events, counseling, online meetings, relaxation, beauty treatments, and even outdoor pop-up spaces for retail and exhibitions. These studios are not exclusive to residents; outsiders can also book them, and residents receive a 10% discount.

Courtesy of Kenbiya.


The popularity of THE CAMPUS FLATS TOGOSHI is evident, as even before its official opening on September 1st, as 74 percent of units had lease applications submitted.


The question arises: What makes the shared housing concept so appealing for Japanese tenants?


One key factor is the changing mindset of younger generations. Chiaki Arakawa of Kokuyo Corporation shared insights from surveys targeting millennials, revealing that a significant percentage express a desire for continuous self-improvement and an interest in side ventures.

Courtesy of Kokuyo.


The property aims to support residents in their pursuit of challenges and personal development. It offers three distinct propositions: from a place to live to a place to experiment, from closed-off to open to the city, and from shared to studio spaces.


By converting a lounge, traditionally a space for relaxation and socializing, into studios for experimentation, THE CAMPUS FLATS TOGOSHI opens up to the city and encourages both residents and non-residents to use these spaces.

Courtesy of Kokuyo.


Young people who resonate with this concept are keen to apply for residency, seeing it as an opportunity to explore their passions without the barriers of space and cost that may have held them back previously.

Courtesy of Kokuyo.


Regarding rent rates, the property is priced competitively. The rental units start from the second floor, with various room types, sizes, and amenities. While rents are in line with market averages, it's the flexibility in lease terms that sets it apart.


Residents can choose contracts ranging from three months to one year, with the option to renew. However, the short-term nature of these contracts may result in frequent turnover, adding to initial contract fees received when a new lease is struck.


In addition to residential rentals, studio usage fees represent another revenue stream for the property. Prospective residents attend orientation sessions to discuss their intended studio use, attracting those with clear aspirations.


The expectation is that these studios will contribute significantly to the property's income, much like rental fees.


To minimize operational costs, Kokuyo has implemented smart technology, automating various processes. Residents can access their units and studios via smart locks, eliminating the need for traditional check-in services.


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