Rents for more spacious ‘family-type’ apartments in Japan’s major cities reached record highs in October, according to a report released by multiple-listing provider and data aggregator AtHome. The larger-sized rental housing is becoming an interesting segment of the market to observe as would-be homebuyers are starting to shift to rental housing as they become priced out of the condo market.
In Tokyo’s 23 wards, advertised rents increased across all apartment sizes, with the greatest increase seen in apartments over 70m2. Apartment rents in this size bracket increased by 11.3% from last year to 374,788 Yen/month. Apartments sized between 30 ~ 50m2 increased by 6.6%, and apartments under 30m2 suitable for single occupants increased by 3.7%. Family-type apartments in the 50 ~ 70m2 bracket increased by 8.6% to 216,604 Yen/month.
Average rent increases since 2015:
| Location | <30m2 | 30~50m2 | 50~70m2 | 70m2+ |
|---|---|---|---|---|
| Tokyo’s 23 wards | +11.9% | +20.8% | +33.1% | +29.5% |
| Kanagawa | +6.4% | +9.8% | +13.5% | +24.1% |
| Saitama | +9.3% | +14.9% | +22.2% | +29.1% |
| Chiba | +7.8% | +11.3% | +13.4% | +24.6% |
| Sapporo | +9.7% | +5.6% | +13.1% | +28.9% |
| Sendai | -7.5% | +2.9% | +9.4% | +16.3% |
| Nagoya | +14.5% | +7.2% | +14.5% | +10.9% |
| Osaka | +7.0% | +13.5% | +20.5% | +26.5% |
| Fukuoka | +15.0% | +15.5% | +27.9% | +38.7% |
The report covers 10 areas across Japan: Tokyo’s 23 wards, Western Tokyo, Kanagawa Prefecture, Saitama Prefecture, Chiba Prefecture, Sapporo City, Sendai City, Nagoya City, Osaka City, and Fukuoka City. The data is based on residential apartment rental listings on the AtHome website. Rental data includes any additional maintenance or management charges. Apartments under 30m2 are considered single-occupant housing, 30~50m2 is couples, 50~70m2 is family-type, and 70m2+ is large-type family.
Source: AtHome News Release, November 27, 2023.
+ There are no comments
Add yours