The average rent for small-sized, brand-new condos in Tokyo’s central 5 & 23 wards reached a record high in the second half of 2024, according to a report from the Japan Real Estate Institute released March 13th.
Chart courtesy of the Japan Real Estate Institute, edited by Patience Realty.
The condo sizes are defined as follows:
Small-sized condos = 40 square meters and less
Mid-sized condos = 40 to 80 square meters
Large-sized condos = 80 square meters and above
All percentages referred to below are changes compared to the 1st half of 2024.
Tokyo's "central 5 wards" refer to Chiyoda, Chuo, Minato, Shinjuku and Shibuya wards and are measured separately from the 23 ward because of their large impact on average rents due to high demand.
That said, the central 5 wards are also included in the 23 ward average rent calculations.
Tokyo Central 5 Ward Brand New Condo Rent Average
Small-sized condos: ¥4,875 per square meter (+0.7%) (Record High)
Mid-sized condos: ¥5,751 per square meter (-2.3%)
Large-sized condos: ¥7,967 per square meter (-3.0%)
Tokyo 23 Ward Brand New Condo Rent Average
Small-sized condos: ¥4,042 per square meter (+1.2%) (Record High)
Mid-sized condos: ¥3,989 per square meter (+0.5%) (Record High)
Large-sized condos: ¥6,728 per square meter (-5.8%)
The above information is presented to illustrate trends only and does not in any way guarantee rent levels. Real estate is a hyper-local venture so always consult a licensed realtor for your property specific needs.
Further Reading:
2024 2nd Half Japan Real Estate Institute Tokyo 23 Ward Rent & Price Trend Report (Japanese only)
Source:
R.E. Port News (Japanese only)
