The report is based on actual completed rental transactions
East Japan REINS released its report on residential rental transactions for April through June 2026 on July 17. The dataset covers apartments and other residential rentals across Greater Tokyo and is based on transactions completed through the REINS network. Asking rents shown on public property portals represent landlords' intended terms, while transaction data reflect conditions tenants actually accepted. For landlords setting rent or investors underwriting a rental acquisition, information on completed leases is therefore a valuable complement to currently advertised properties.
Regional and property differences matter more than a metropolitan average
Greater Tokyo includes Tokyo, Kanagawa, Saitama and Chiba, and even within Tokyo the characteristics of central and suburban rental markets differ materially. A studio targeted at a single tenant and a larger family apartment can have entirely different tenant pools and leasing cycles. A metropolitan average should therefore not be applied directly to a specific unit. Station proximity, floor area, building age, equipment, furnishing and contract terms all affect achievable rent. Overseas landlords relying on a local manager can use recent comparable lease transactions to test whether a proposed asking rent is realistically supported by the market.
Investment economics depend on effective income after vacancy and management costs
Rental investment performance is not determined by monthly rent alone. Vacancy between tenancies, management fees, tenant-placement costs, restoration work, equipment replacement and ongoing repairs all reduce the cash flow available to an owner. A higher advertised rent may not improve annual income if it produces a longer vacancy period. This is particularly important for overseas owners who generally require local property management. Investors should compare opportunities using net operating income rather than only gross yield, and completed-rent data can help determine whether assumptions in a sales brochure are consistent with actual leasing conditions.