A summary for Tokyo is as follows:

Occupancy rates for mid-market apartments are expected to stay high for the foreseeable future, maintaining good momentum for average rents.

Average mid-market asking rents in the 23-ward area stood at JPY3,633 per sq m (JPY12,010 per tsubo), up 0.3% quarter-on-quarter (QoQ) and 1.0% year-on-year (YoY).

Note: 1 tsubo = approximately 3.306 sq m or 35.58 sq ft.

Rents in the central five wards rose 0.6% YoY to JPY4,187 per sq m (JPY13,841 per tsubo), and are down a marginal 0.2% QoQ.

In the first quarter, all areas posted over 1.0% rental growth YoY except for the central five wards and the Inner North area.

The highest rental premium against the 23-ward average rent was seen in the central five wards at over 15.2%, while the Outer East showed the greatest discount at -22.7%.

Though there have been minor fluctuations, average occupancy rates have remained above the 95% threshold.

The population in the central five wards has grown by 34% to 1.0 million people since 2000.

“Leasing activity is very high and expected to remain steady, especially in centrally located areas. Continued population growth in Tokyo should keep occupancy rates strong and support rental increases, although rents are rising much more slowly than property values.” Savills Research & Consultancy

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