The 23-ward average was ¥132,000 and ¥3,899 per square meter
East Japan REINS reported on July 17 that 18,218 condominium leases were completed in Tokyo's 23 wards during April-June 2026. Average monthly rent was ¥132,000, average floor area 33.96 square meters and average rent per square meter ¥3,899. The data are based on completed transactions through REINS rather than simply asking rents displayed on public portals. For rental underwriting, actual tenant-accepted terms provide an important reference alongside currently marketed competing units.
Minato averaged ¥246,000, demonstrating large local differences
Minato recorded 695 completed leases with an average rent of ¥246,000 and ¥5,994 per square meter. Chiyoda averaged ¥207,000 and ¥5,549 per square meter, Chuo ¥187,000 and ¥4,989, and Shibuya ¥178,000 and ¥5,227. By contrast, Adachi and Katsushika both averaged ¥103,000, with unit rents of ¥2,780 and ¥2,712 per square meter respectively. Average unit sizes also differ between wards, so monthly rent and rent per square meter should be considered together.
International landlords should underwrite net operating income
Sales materials for Tokyo investment condominiums often highlight an assumed monthly rent, but annual investment income is also affected by vacancy, property management, leasing fees, restoration work, equipment replacement and property taxes. Setting a high asking rent can reduce effective annual income if it lengthens the vacancy period. International owners are particularly likely to rely on local managers, making management costs part of the investment equation. Recent contracted rents can be used to test rent assumptions before calculating net operating income and comparing it with the acquisition price.