Authored by the expert who managed and guided the team behind the Japan Property Pack
Yes, the analysis of Tokyo's property market is included in our pack
If you're looking to rent or invest in Tokyo, understanding current rental prices is essential to making smart decisions.
Tokyo rents are rising, and the strongest pressure is in the 23 special wards, especially near the Yamanote Line and in premium central neighborhoods.
This blog post covers everything you need to know about Tokyo rents in 2026, and we update it regularly to keep the numbers fresh.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Tokyo.
Insights
- Tokyo 23 wards rents are growing around 6.5% year-over-year in early 2026, which is faster than most other major Asian capitals right now.
- A modern studio in Tokyo's 23 wards now averages around ¥120,000 per month, which is roughly $800 or €750, making it comparable to mid-tier European cities.
- Delivery boxes are still missing in about half of Tokyo rental buildings, which means properties that have them can command a noticeable rent premium.
- The vacancy rate for professionally managed rentals in Tokyo's 23 wards sits at just 3.5%, which explains why landlords have pricing power.
- Peak leasing season in Tokyo runs from January to April because of the Japanese fiscal year, job transfers, and school calendars.
- Minato, Shibuya, and Chiyoda wards have the highest rents in Tokyo, often 30% to 50% above the 23-ward average.
- A typical rental in Tokyo's 23 wards stays listed for about 28 days, which is shorter than it was a year ago.
- Non-resident landlords in Tokyo face a 20.42% withholding tax on rental income paid by Japanese companies, which catches many foreign investors off guard.
What are typical rents in Tokyo as of 2026?
What's the average monthly rent for a studio in Tokyo as of 2026?
As of early 2026, the average monthly rent for a modern studio apartment (around 20 to 25 square meters) in Tokyo's 23 wards is approximately ¥120,000, which works out to about $800 or €750.
That said, studio rents in Tokyo range quite a bit, with most falling between ¥105,000 and ¥135,000 per month (roughly $700 to $900 or €660 to €845), depending on the neighborhood and building quality.
The main factors that push studio rents up or down in Tokyo include proximity to a train station, whether the building is newer or renovated, and the specific ward, with central areas like Minato or Shibuya commanding the highest prices.
What's the average monthly rent for a 1-bedroom in Tokyo as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment (typically called a 1LDK, around 35 to 45 square meters) in Tokyo's 23 wards is approximately ¥195,000, which is about $1,300 or €1,220.
Most 1-bedroom apartments in Tokyo fall within a range of ¥165,000 to ¥230,000 per month (roughly $1,100 to $1,530 or €1,030 to €1,440), with the spread depending heavily on location and building age.
For the cheapest 1-bedroom rents in Tokyo, look to outer wards like Nerima, Itabashi, or Adachi, while the most expensive options are in Minato, Shibuya, and Chiyoda, where rents can easily exceed ¥250,000.
What's the average monthly rent for a 2-bedroom in Tokyo as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment (typically a 2LDK, around 50 to 60 square meters) in Tokyo's 23 wards is approximately ¥290,000, which translates to about $1,930 or €1,810.
Most 2-bedroom apartments in Tokyo rent for somewhere between ¥240,000 and ¥360,000 per month (roughly $1,600 to $2,400 or €1,500 to €2,250), with newer buildings and better locations pushing prices toward the higher end.
For more affordable 2-bedroom options in Tokyo, consider Setagaya's less central neighborhoods or wards like Koto, while the priciest 2-bedrooms are in Minato's Azabu and Aoyama areas, where family-sized apartments often exceed ¥400,000 per month.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Tokyo.
What's the average rent per square meter in Tokyo as of 2026?
As of early 2026, the average rent per square meter in Tokyo's 23 wards is approximately ¥4,900 per month, which works out to about $33 or €31 per square meter.
Across different Tokyo neighborhoods, rent per square meter ranges from around ¥3,500 in outer wards to over ¥6,500 in premium central locations like Minato or Shibuya (roughly $23 to $43 or €22 to €41).
Compared to other major Japanese cities, Tokyo's rent per square meter is about 40% to 60% higher than Osaka and Nagoya, reflecting the capital's unique concentration of jobs, services, and transport links.
In Tokyo, newer buildings, units closer to stations (under 5 minutes walk), and apartments with modern amenities like delivery boxes or auto-lock systems typically command rent per square meter well above the average.
How much have rents changed year-over-year in Tokyo in 2026?
As of early 2026, rents in Tokyo's 23 wards have increased by approximately 6.5% compared to one year ago, continuing a strong upward trend that began in 2023.
The main factors driving Tokyo rent increases in 2026 include tight supply of new apartments, wage growth improving affordability for tenants, and sustained demand from both domestic workers and international residents.
This year's rent growth in Tokyo is slightly slower than the 7% to 8% increases seen in mid-2025, suggesting the market is still strong but beginning to moderate from its peak momentum.
What's the outlook for rent growth in Tokyo in 2026?
As of early 2026, Tokyo rents are projected to grow by 3% to 6% over the course of the year, with a base case of around 4% to 5% growth for the 23 wards.
The key factors likely to influence Tokyo rent growth in 2026 include continued tight housing supply in central wards, ongoing wage increases from major employers, and steady inbound migration of workers and international residents.
Neighborhoods expected to see the strongest rent growth in Tokyo this year include station-adjacent areas along the Yamanote Line and premium wards like Minato, Shibuya, and parts of Chuo's waterfront, where new supply remains limited.
The main risks that could cause Tokyo rent growth to differ from projections include an economic slowdown reducing hiring, affordability constraints as rents hit ceilings for some tenants, or a faster-than-expected increase in new apartment supply.
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Which neighborhoods rent best in Tokyo as of 2026?
Which neighborhoods have the highest rents in Tokyo as of 2026?
As of early 2026, the three Tokyo neighborhoods with the highest average rents are Minato (especially Azabu and Aoyama), Shibuya (particularly Hiroo and Ebisu), and Chiyoda (notably the Bancho area), where 1-bedroom apartments often exceed ¥300,000 per month ($2,000 or €1,875).
These Tokyo neighborhoods command premium rents because of their central location, excellent transport links, high-end retail and dining, and proximity to embassies and international schools.
The typical tenant in these high-rent Tokyo neighborhoods includes corporate executives, expats on housing allowances, and affluent professionals who prioritize convenience and prestige over space.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Tokyo.
Where do young professionals prefer to rent in Tokyo right now?
The top three neighborhoods where young professionals prefer to rent in Tokyo are Ebisu and Nakameguro (for nightlife and dining), Shimokitazawa (for its creative vibe), and Ikebukuro (for excellent rail access and newer buildings).
Young professionals in these Tokyo neighborhoods typically pay between ¥100,000 and ¥180,000 per month for studios or 1-bedrooms (roughly $670 to $1,200 or €625 to €1,125), depending on building age and exact location.
What attracts young professionals to these Tokyo neighborhoods includes walkable streets with cafes and bars, short commutes to major employment hubs, and a sense of community that feels less corporate than central business districts.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Tokyo.
Where do families prefer to rent in Tokyo right now?
The top three neighborhoods where families prefer to rent in Tokyo are Futako-Tamagawa in Setagaya (parks and upscale shopping), Bunkyo's Koishikawa area (renowned schools), and Toyosu in Koto (modern towers and waterfront planning).
Families in these Tokyo neighborhoods typically pay between ¥250,000 and ¥400,000 per month for 2 to 3-bedroom apartments (roughly $1,670 to $2,670 or €1,560 to €2,500), with newer buildings commanding the higher end.
What makes these Tokyo neighborhoods attractive to families includes larger floor plans, nearby parks and green spaces, lower traffic, and a calmer atmosphere compared to central commercial districts.
Top-rated schools near these family-friendly Tokyo neighborhoods include public schools in Bunkyo ward (considered Tokyo's "education ward"), as well as international school options in Setagaya and easy access to schools from Toyosu via the Yurakucho Line.
Which areas near transit or universities rent faster in Tokyo in 2026?
As of early 2026, the three Tokyo areas that rent fastest due to transit or university proximity are Shinjuku and Ikebukuro (major rail interchanges), Takadanobaba (near Waseda University), and Hongo (near University of Tokyo).
Properties in these high-demand Tokyo areas typically stay listed for only 15 to 25 days, compared to the 23-ward average of about 28 days, because tenants compete for limited well-located stock.
The rent premium for properties within a 5-minute walk of major Tokyo stations or universities is typically ¥10,000 to ¥25,000 per month higher than similar units further away (roughly $70 to $170 or €60 to €155 extra).
Which neighborhoods are most popular with expats in Tokyo right now?
The three Tokyo neighborhoods most popular with expats are Azabu and Hiroo in Minato ward, Ebisu on the Shibuya-Meguro border, and pockets of Chiyoda and Chuo for those preferring high-rise towers.
Expats in these Tokyo neighborhoods typically pay between ¥200,000 and ¥450,000 per month (roughly $1,330 to $3,000 or €1,250 to €2,810), with corporate housing budgets often covering the higher end.
What makes these Tokyo neighborhoods attractive to expats includes English-friendly services, international supermarkets, proximity to embassies, and established networks of other foreign residents.
The nationalities most represented in these expat-friendly Tokyo neighborhoods include Americans, Europeans (especially from the UK, France, and Germany), and increasingly residents from other Asian countries working for multinationals.
And if you are also an expat, you may want to read our exhaustive guide for expats in Tokyo.
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Who rents, and what do tenants want in Tokyo right now?
What tenant profiles dominate rentals in Tokyo?
The three tenant profiles that dominate Tokyo's rental market are early-career singles (compact units near stations), couples trading up to 1LDK or 2LDK apartments, and international tenants including students and corporate transferees.
In Tokyo, early-career singles make up roughly 35% to 40% of renters, couples account for about 25% to 30%, and international tenants represent around 10% to 15%, with the remainder being families and other groups.
Singles in Tokyo typically seek studios or 1K units under 25 square meters near rail lines, couples look for 1LDK to 2LDK apartments (35 to 55 square meters) with modern kitchens, and international tenants often prioritize furnished options and English-speaking landlords.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Tokyo.
Do tenants prefer furnished or unfurnished in Tokyo?
In Tokyo, approximately 80% to 85% of tenants prefer unfurnished apartments, which is the standard for the Japanese rental market, while 15% to 20% actively seek furnished units.
Furnished apartments in Tokyo typically command a rent premium of ¥20,000 to ¥50,000 per month (roughly $130 to $330 or €125 to €310) compared to similar unfurnished units, though this varies by neighborhood and furnishing quality.
The tenant profiles that prefer furnished rentals in Tokyo are primarily expats on short-to-medium corporate assignments, international students, and professionals on temporary transfers who want to avoid the hassle and cost of buying furniture.
Which amenities increase rent the most in Tokyo?
The five amenities that increase rent the most in Tokyo are proximity to a train station (under 5 minutes walk), newer or renovated building interiors, delivery boxes, auto-lock security systems, and dedicated internet infrastructure.
In Tokyo, a 5-minute station walk can add ¥10,000 to ¥20,000 per month ($70 to $130 or €60 to €125), while delivery boxes and auto-lock systems each add roughly ¥3,000 to ¥8,000 per month ($20 to $55 or €20 to €50), and modern renovations can justify premiums of ¥15,000 or more.
In our property pack covering the real estate market in Tokyo, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Tokyo?
The five renovations that get the best ROI for Tokyo rental properties are bathroom refreshes (including adding a bathroom dryer), kitchen updates (new fronts and fixtures), modern flooring and lighting, improved security entry systems, and delivery box installation.
In Tokyo, a bathroom refresh typically costs ¥300,000 to ¥600,000 ($2,000 to $4,000 or €1,875 to €3,750) and can increase rent by ¥5,000 to ¥15,000 per month, while adding a delivery box costs around ¥50,000 to ¥150,000 and can justify ¥3,000 to ¥5,000 extra rent monthly.
Renovations that tend to have poor ROI in Tokyo include high-end designer finishes that exceed what typical tenants will pay for, structural changes that are expensive but don't increase floor space, and luxury appliances that tenants don't prioritize over location.
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How strong is rental demand in Tokyo as of 2026?
What's the vacancy rate for rentals in Tokyo as of 2026?
As of early 2026, the vacancy rate for professionally managed rental apartments in Tokyo's 23 wards is approximately 3.5%, which indicates a tight market where landlords have pricing power.
Across different Tokyo neighborhoods, vacancy rates range from as low as 2% in premium central wards like Minato and Shibuya to around 5% or 6% in some outer wards with older building stock.
The current Tokyo vacancy rate of 3.5% is below the historical average of around 5% to 6% for professionally managed stock, reflecting sustained demand and limited new supply in desirable locations.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Tokyo.
How many days do rentals stay listed in Tokyo as of 2026?
As of early 2026, the average rental property in Tokyo's 23 wards stays listed for approximately 28 days before being leased, with compact units near stations often moving faster.
Across different Tokyo property types and neighborhoods, days on market range from as few as 15 days for well-priced studios near major stations to 45 days or more for larger, pricier apartments in less connected areas.
The current days-on-market figure for Tokyo rentals is slightly lower than one year ago, when the average was closer to 32 days, reflecting the ongoing tightness in the 23-ward rental market.
Which months have peak tenant demand in Tokyo?
The peak months for tenant demand in Tokyo are January through April, with the strongest activity from late February to early April, when the Japanese fiscal year drives job transfers and new hires.
The specific factors driving Tokyo's seasonal demand include the April start of the Japanese fiscal and academic year, which triggers company relocations, university enrollments, and school changes all at once.
The months with the lowest tenant demand in Tokyo are typically late May through August and November through early December, when fewer job transfers occur and most people have already settled into their housing.
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What will my monthly costs be in Tokyo as of 2026?
What property taxes should landlords expect in Tokyo as of 2026?
As of early 2026, landlords in Tokyo's 23 wards should expect to pay property taxes (Fixed Assets Tax plus City Planning Tax) totaling roughly 1.7% of the assessed property value per year, which for a typical ¥30 million apartment works out to around ¥510,000 annually ($3,400 or €3,190).
Across Tokyo, annual property taxes can range from around ¥200,000 for smaller, older units with lower assessments to over ¥1,000,000 for high-value properties in prime wards ($1,330 to $6,670 or €1,250 to €6,250).
Property taxes in Tokyo are calculated based on the government's assessed value of your land and building (which is typically lower than market value), with the Fixed Assets Tax at 1.4% and the City Planning Tax at up to 0.3%, both collected by the Tokyo Metropolitan Government in the 23 wards.
Please note that, in our property pack covering the real estate market in Tokyo, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Tokyo right now?
For a typical 40-square-meter apartment in Tokyo, landlords should budget approximately ¥150,000 to ¥300,000 per year ($1,000 to $2,000 or €940 to €1,875) for maintenance, covering building management fees, repair reserves, and minor in-unit repairs.
Building management and repair reserve fees in Tokyo typically run ¥250 to ¥450 per square meter per month, while in-unit maintenance (small repairs, appliance upkeep) adds another ¥30,000 to ¥80,000 per year.
Buildings with expensive shared facilities like pools, concierge services, or extensive common areas will have higher fees, so landlords in luxury Tokyo towers should budget toward the upper end or beyond these ranges.
What utilities do landlords often pay in Tokyo right now?
In standard long-term Tokyo rentals, tenants pay their own utilities, but landlords who offer furnished, serviced, or short-term corporate rentals typically cover electricity, gas, water, and internet.
When Tokyo landlords do cover utilities, monthly costs typically run ¥10,000 to ¥18,000 for a studio ($70 to $120 or €60 to €110), ¥14,000 to ¥26,000 for a 1-bedroom ($95 to $175 or €90 to €160), and ¥18,000 to ¥35,000 for a 2-bedroom ($120 to $235 or €110 to €220), with summer electricity being the biggest variable.
The common practice in Tokyo is for landlords to keep utilities in the tenant's name for standard leases, with the landlord only taking on utility costs when the property is marketed as "all-inclusive" to attract expats or short-term tenants.
How is rental income taxed in Tokyo as of 2026?
As of early 2026, rental income in Tokyo is taxed as part of your overall income under Japan's progressive tax system, with rates ranging from 5% to 45% depending on your total taxable income, plus local inhabitant taxes of around 10%.
The main deductions Tokyo landlords can claim against rental income include depreciation on the building, mortgage interest, property taxes, management fees, repair costs, and insurance premiums, all of which reduce your taxable rental profit.
A common tax mistake specific to Tokyo landlords is failing to properly separate land value (which cannot be depreciated) from building value, leading to under-claimed depreciation and higher tax bills than necessary.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Tokyo.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Japan versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Tokyo, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| At Home Lab Rent Index | It's produced by a major national property portal using a consistent dataset of listings. | We used it to anchor Tokyo 23 wards asking-rent momentum and seasonality. We treat it as a market thermometer and cross-check it against professional research reports. |
| At Home Monthly Asking-Rent Report | It's a primary publication from a large housing platform with a defined methodology and sample. | We used it to ground late-2025 levels for Tokyo 23 wards asking rents by size bands. We then lightly extrapolated one to two months to speak as of the first half of 2026. |
| Savills Japan Residential Leasing Report | Savills is a major global brokerage and research house with transparent market definitions. | We used it for rent per sqm, year-over-year growth, and vacancy signals in professionally managed stock. We then translated rent-per-sqm into typical monthly rent using Tokyo-typical unit sizes. |
| Statistics Bureau of Japan Housing Survey | It's Japan's official national housing survey and a cornerstone reference for vacancy and stock. | We used it to frame structural vacancy and supply context for Tokyo. We treat it as the long-run backdrop behind the faster-moving private indices. |
| Tokyo Metropolitan Government Foreign Resident Statistics | It's the Tokyo government's own ward-level release, updated through the year. | We used it to explain where expat demand concentrates by actual wards rather than assumptions. We used it as a reality check when naming expat neighborhoods. |
| Tokyo Metropolitan Taxation Bureau | It's the official Tokyo tax authority describing which property taxes apply in the 23 wards. | We used it to correctly describe what taxes landlords face in Tokyo and who levies them. We then added the standard rates using government references. |
| National Tax Agency Japan | It's Japan's official tax authority and the most defensible source on rental-income taxation. | We used it to describe how rental income is taxed and withheld in plain language. We then generalized carefully for resident versus non-resident situations. |
| MLIT Condominium Comprehensive Survey | It's a national ministry survey widely cited for building management cost realities. | We used it to ground ownership running costs that influence rent-setting. We translated it into practical landlord budgeting ranges. |
| MLIT Long-term Repair Plan Guideline | It's an official guideline document for condo repair planning and reserve sizing. | We used it to sanity-check annual maintenance allowances for multifamily buildings. We kept it simple: what owners typically need to set aside. |
| TEPCO Electricity Rates | It's the dominant utility in the Tokyo area and publishes its rate structures. | We used it to anchor electricity-cost assumptions for Tokyo households. We then gave practical monthly ranges by unit size and season. |
| LIFULL HOME'S Amenity Research | It's a major portal with a clearly stated dataset and sampling window. | We used it to quantify which amenities are still scarce and thus rent-supportive. We translated scarcity into a simple landlord priority list. |
| Nihon Zaitaku Leasing Report | It's a detailed one-room leasing dataset for Tokyo's 23 wards with clear vacancy-to-lease timing. | We used it to estimate average days on market for Tokyo rentals. We adjusted upward slightly for larger unit types based on market conventions. |
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