Based on a recent survey of the magazine R25 the average rent for apartments or condominium in overall Japan has dropped 18.7% since January 2008. I would like to have a closer look at the same although lesser felt effects in Tokyo. I believe there are two reasons behind the decrease in the charged rents: Less students or freshman are moving in to Tokyo, but commute from their parents home, plus the ongoing recession is forcing people to have a tighter look at their expenses. As you can see below the biggest change in percentage of about 10% can be found with the family sized apartments.
Rent in 1/2008 then 10/2010, presented with their respective difference
1R: JPY 82,000 to JPY 76,100, -3.5%
1DK: JPY 83,900 to JPY 77,800, -7.3%
2DK: JPY 129,500 to JPY 115,700, -10.7%
3DK: JPY 150,900 to JPY 136,900, -9.3%
On the other hand, I am wondering whether the opposite could be true as well. Due to the decreased interests for home and condominiums more and more families are moving into their own homes. For sure I will keep you posted as soon as I come across reliable figures.
Brought to you by Sibylle Ito (シビル伊藤)