Family-unit asking rents rise 10.9% from a year earlier
LIFULL's August 2026 rental-market report, released on September 8, showed average asking rents for family-type properties in Tokyo's 23 wards at ¥263,148 per month. That was 1.6% higher than July and 10.9% above August 2025, setting a record for the dataset. Properties that generated user inquiries averaged ¥184,381, up 4.7% year on year. Rising rents alongside elevated property prices are increasingly important both for households facing higher housing costs and for landlords evaluating rental income.
Single units show a more mixed picture
Average asking rent for single-type units in the 23 wards was ¥135,764, down 0.2% from July and representing a fifth consecutive monthly decline, although the level remained 15.0% above a year earlier. By contrast, the average rent on properties that attracted inquiries reached a record ¥102,543, rising 2.1% month on month and 5.2% year on year. The divergence illustrates why rental conditions should be analyzed by unit size and by whether the data represent advertised stock or homes receiving active tenant interest.
Rents must be compared with acquisition prices
Higher rents can improve rental-property income, but Tokyo acquisition prices are also rising. If purchase prices increase faster than achievable rents, gross yields can compress despite record rent levels. In occupied investment properties, existing contract rents may also remain below current asking rents until leases are renewed or tenants move out. Overseas investors should therefore distinguish current contracted rent, prevailing asking rent and achievable reletting rent, while incorporating management fees, reserve contributions, repairs and vacancy assumptions into return calculations.