Asking rents remain historically high
LIFULL HOME'S reported that June 2026 asking rents in Greater Tokyo averaged ¥100,574 for single-type units, up 19.2% year on year, and ¥161,230 for family-type units, up 16.4%. Single-unit asking rents had first moved above ¥100,000 in April and then declined for two consecutive months, while family rents reached the highest level in the company's data series beginning in 2020. These are advertised rents rather than completed contract rents, an important distinction for landlords and investors.
Demand is shifting toward older apartments
In Tokyo's 23 wards, the share of inquiries for newer units declined during April-June 2026. New units fell from 4.2% of inquiries a year earlier to 3.5%, and units aged one to ten years fell from 33.7% to 30.4%. By contrast, units aged 21-30 years increased from 12.9% to 14.8%, while units aged 31 years or more rose from 23.6% to 25.2%. The inquiry rent for the oldest group averaged ¥86,809, leaving it relatively more affordable than newer stock.
Higher market rents can benefit landlords but require careful pricing
Rising rents can support income for rental-property owners, but a higher advertised market level does not automatically allow landlords to change existing contract rents. Setting new asking rents too aggressively can also lengthen vacancy periods. Overseas owners should distinguish advertised rent from achievable contract rent and obtain local data on marketing periods, tenant turnover and renewals from their management company. Older properties may gain pricing competitiveness in a high-rent market, but owners must also budget for equipment replacement and major repairs.