The 23 wards recorded 18,218 contracts at an average ¥132,000 monthly rent
East Japan REINS reported on July 17 that 18,218 condominium rental contracts were completed in Tokyo's 23 wards during April through June 2026. Average contracted monthly rent was ¥132,000, average floor area was 33.96 square meters and rent per square meter averaged ¥3,899. Outside the 23 wards but still within Tokyo, 2,242 contracts averaged ¥87,000 per month and ¥2,371 per square meter. Because the statistics are based on completed leases rather than properties that remain advertised, they provide an important reference for landlords and investors seeking to understand achievable rental conditions rather than simply asking rents.
Minato and other central wards show substantially higher contracted levels
Rental levels differ sharply within the 23 wards. Average contracted condominium rent was ¥246,000 in Minato, ¥207,000 in Chiyoda, ¥187,000 in Chuo and ¥178,000 in Shibuya. On a per-square-meter basis, Minato averaged ¥5,994, Chiyoda ¥5,549, Shibuya ¥5,227 and Chuo ¥4,989. Comparing monthly rent alone can be misleading because unit sizes vary, so investors should examine both total rent and rent per square meter. Even within the same ward, station access, building age, unit size, equipment and furnishing can create substantial differences, making ward averages unsuitable as direct valuations for a specific apartment.
Overseas landlords should underwrite effective income, not advertised rent
Sales materials for Japanese rental condominiums often calculate gross yield using current or projected rent. The owner's actual cash flow is lower after vacancy, property-management fees, tenant-placement costs, move-out restoration, repairs and equipment replacement. Completed-rent statistics are useful for testing whether a projected rent is broadly realistic, but an investment decision should ultimately be based on net operating income after recurring costs. This is particularly relevant for overseas owners who usually rely on a local management company. Even in a high-rent market such as Minato, the economically meaningful comparison is the return remaining after management and operating expenses, not the headline monthly rent alone.