A change in the single-person condominium segment
At Home's July 2026 rental survey showed that asking rents for single-person condominium units in Tokyo's 23 wards fell from the previous month after 25 consecutive months of record highs. The decline was the first in 26 months. At the same time, rents for couple-oriented condominium units remained strong, with Tokyo's 23 wards recording a new high for the 14th consecutive month since the survey base began in January 2015.
Single-person apartment rents remain strong
The picture differs by building type. Asking rents for single-person apartment units in Tokyo's 23 wards reached a record for the 15th consecutive month. Different building structures, floor areas and tenant budgets create separate rental submarkets even within the same city. Investors should therefore avoid applying a single Tokyo-wide rent-growth assumption to every property and instead analyze size, layout, age, distance from the station and building quality.
Asking rent is not the same as realized income
The figures measure advertised rents rather than rent actually collected under existing leases or final contracted rents. Vacancy periods, free-rent incentives, management expenses, repairs and turnover costs can materially affect net income. For overseas investors buying into a high-priced Tokyo market, the key question is whether sustainable rent growth is keeping pace with acquisition prices. It will be important to see whether July's decline in the single-person condominium segment is temporary or the start of slower rent growth.