Key Facts
• Tokyo’s average new apartment price in 2023 exceeded ¥130.64 million, a record high.
• 20 years ago, the average price in Tokyo’s 23 wards was ¥49 million.
• Average rent in Tokyo’s 23 wards reached ¥138,460, also a record high.
• Renovated housing complexes, some over 49 years old, offer 20% lower rents.
• A Yokohama family pays under ¥80,000 for a 1LDK in a 49-year-old complex.
• Renovated complexes feature modern designs and allow DIY customization.
• Rising apartment prices are driven by labor, material costs, and limited land availability.
• Compact 9m² apartments in central Tokyo rent for ¥70,000–¥80,000, with 99% occupancy.
• Municipalities like Suginami Ward offer rent subsidies for low-income households.
• Experts highlight the need for government and corporate intervention in housing affordability.
Summary
Tokyo’s real estate market has reached unprecedented levels, with new apartment prices in the 23 wards averaging over ¥130.64 million in 2023, a stark increase from ¥49 million two decades ago. Rental prices have also surged, with the average rent hitting ¥138,460. Amid these challenges, older housing complexes, some over 49 years old, are gaining attention for their affordability and modern renovations. These complexes offer rents 20% below market rates and allow for DIY customization, appealing to younger families and individuals. Meanwhile, compact 9m² apartments in central Tokyo, priced at ¥70,000–¥80,000, maintain high demand with a 99% occupancy rate. Experts attribute rising prices to increased labor and material costs, as well as limited land availability. Municipal and corporate initiatives, such as rent subsidies, are seen as critical to addressing housing affordability in the region.
