On September 14th, Tokyo Kantei released average condo rental data for August, 2023. Regions covered are Japan’s major metro areas of Greater Tokyo as well as Osaka and Hyogo prefectures.
Key Takeaways:
The Greater Tokyo Area’s average condo rent in August 2023 rose 1.7% to ¥3,578/sqm, marking the tenth consecutive month of increase.
Broken down by GTA prefectures, Tokyo and Saitama avg. rents increased, while Kanagawa and Chiba dropped due to a rise in older properties being advertised.
Osaka's avg. rent decreased by 0.4%, while Hyogo's rose by 1.0%.
The Greater Tokyo Area (GTA) refers to Tokyo, Saitama, Kanagawa and Chiba prefectures.
Figures are calculated by converting the advertised rent for condominiums to a rent-per-square-meter basis.
All percentage changes refer to Month-on-Month (MoM) change, or the change when compared to the previous month.
The data averages all condos advertised for rent, regardless of class or year built. Luxury condo rentals will have a higher square meter than the average. The opposite is true for older, smaller condos.
The average rent per SQM is also an average across the geographical location being referenced and more in demand addresses could have higher than average rent per sqm.
Across the GTA, the average rent reached 3,578 yen, a 1.7% increase compared to the previous month, marking the tenth consecutive monthly rise.
Broken down by prefecture:
Prefecture | Avg. JPY Rent / SQM | % Change MoM |
Tokyo | 4,133 | 2.2% up |
Saitama | 2,011 | 0.6% up |
Kanagawa | 2,508 | 0.8% down |
Chiba | 1,960 | 0.3% down |
Among the prefectures, Tokyo printed its second consecutive monthly increase. Chiba and Kanagawa prefectures both saw declines that are attributed to older rental properties coming on the rental market.
Osaka prefecture experienced a 0.4% decrease, reaching 2,463 yen, marking its second consecutive monthly decrease.
Hyogo prefecture saw a 1.0% increase, reaching 1,859 yen avg. sqm rent, setting a new high for the past 12 months.
Source:
Tokyo Kantei August 2023 Condo Average Rent Report (Japanese only)
