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Tokyo 23-ward average rental cost continue to climb

Just a quick update on Tokyo’s rental market. Recently, Tokyo Kantei has released its data for rents for 2015. In 2015, the average monthly rent for an apartment in Tokyo’s 23 wards reached JPY 3,265 yen/square meter, which represents a year-on-year (YoY) increase of 2.5%. According to the Kantei press release, this is also the third consecutive year that rents have grown in “downtown” Tokyo.

The rise in rents can mainly be attributed to the real estate construction boom that has been happening in Tokyo — while one would think the gluttony of addition supply would dampen prices — contrary to this — newly-built, snazzy residences command a price premium when released into the market, thus costing a lot more to rent — which in turn, pushes up rental averages. According to Tokyo Kantei, in 2012, newly constructed apartments made up a mere 3% of the Tokyo 23-ward rental market, and this number has risen to almost 8% in 2015.

For the press release (in Japanese): http://www.kantei.ne.jp/release/PDFs/T2015.pdf

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