On August 28th, AtHome, a real estate information service dominant in Japan-wide rental listings, released their July 2024 report on average rent 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, as advertised on their property portal.
The survey covers 13 regions: the Greater Tokyo Area (Tokyo’s 23 wards, Tokyo non-23 wards, Kanagawa Prefecture, Saitama Prefecture, and Chiba Prefecture), along with Sapporo, Sendai, Nagoya, Kyoto, Osaka, Kobe, Hiroshima, and Fukuoka.
The average advertised rent for apartments surpassed the previous year's July levels across all size categories in eight regions: Kanagawa, Saitama, Sapporo, Sendai, Nagoya, Kyoto, Osaka, and Fukuoka.
AtHome data translated by Patience Realty. Full data linked in Japanese press release at the end of this article.
By unit size, the top year-on-year (YoY) increases in average asking rent were:
30 square meters or less: Saitama Prefecture saw a 6.3% YoY rise, with an average rent of ¥62,705.
30-50 square meters: Tokyo’s 23 wards experienced a 7.4% YoY increase, with an average rent of ¥151,461.
50-70 square meters: Sapporo saw an 11.9% YoY rise, with an average rent of ¥89,968.
Over 70 square meters: Fukuoka witnessed a 14.6% increase, with an average rent of ¥180,276.
Family-sized apartments saw year-on-year increases in 12 of the 13 surveyed regions, excluding Kobe, for the second consecutive month.
Notably, Tokyo’s 23 wards, Kanagawa, Saitama, Chiba, Sapporo, and Nagoya reached their highest rent levels since January 2015.
Looking at wood-frame apartment average rents, the top July YoY increases were:
30 square meters or less: Chiba Prefecture saw a 3.8% YoY rise, with an average rent of ¥52,843.
30-50 square meters: Saitama Prefecture experienced a 5.8% YoY increase, with an average rent of ¥71,858.
50-70 square meters: Tokyo’s 23 wards saw an 8.0% YoY rise, with an average rent of ¥151,489.
*There weren’t enough 70 plus square meter wood-frame units to provide meaningful averages hence why not listed here.
Further Reading:
AtHome July 2024 report on residential rental price trends in major cities across Japan
Source:
R.E. Port News (Japanese only)
