A summary for Tokyo is as follows:

Occupancy rates for mid-market apartments are expected to remain high for the foreseeable future, maintaining average rental values.

Average mid-market asking rents in the 23-ward area stood at JPY3,623 per sq m (JPY11,978 per tsubo1), up 0.2% quarter-on-quarter (QoQ) and 2.4% year-on-year (YoY).

Within our seven survey areas, rents in the Inner East area (which consists of Koto, Sumida and Taito Wards) increased at the fastest rate, up 1.5% QoQ to JPY3,422 per sq m (JPY11,312 per tsubo).

Rents in the central five wards rose 1.1% QoQ to JPY4,195 per sq m 1 1 tsubo = approximately 3.306 sq m or 35.58 sq ft.(JPY13,867 per tsubo) – the highest level since Q4/2009.

The highest rental premium against the 23-ward average rent was seen in the central five wards at over 15.3%, while the Outer East showed the lowest figure at -24.0%.

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

“Rents are still increasing, albeit very slowly. Leasing activity is high, especially in the central five wards. Real wage increases are the key to meaningful rental increases.” Savills Research & Consultancy

Find the full report here.