Japan real estate: Tokyo apartment rents hit record highs

Residential real estate trends in Japan show diverging patterns between rental markets and used luxury properties. In Tokyo's 23 wards, the average monthly rent for single-occupancy apartments reached a record high of 114,339 yen in August, a 10% increase from the previous year. Surrounding prefectures also saw significant rises, with Kanagawa increasing by 11.8% and Saitama by 10.9%, both hitting record highs as demand shifts from central Tokyo to peripheral areas.

In the secondary market for used tower mansions, trends varied by region. In Tokyo's 23 wards, the average price for a 70-square-meter unit was 192.96 million yen, representing a 4.6% decrease compared to the same month last year. Conversely, Osaka City saw a substantial increase in used tower mansion prices, with the average 70-square-meter unit costing 125.69 million yen, up 15.7% from the previous year.