Gross rental yields in Japan: Tokyo and 7 other cities

Average gross rental yields in Japan stands at 4.36% (Q1, 2024). Previously, in Q2, 2023 the average gross rental yield stood at 4.30%.

  • Tokyo
  • Osaka
  • Nagoya
  • Yokohama
  • Fukuoka
  • Sapporo
  • Kobe
  • Kawasaki
  Last Updated: Jan 24, 2024
TOKYO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Central City  
Studio $221,539 $635 3.44%
1-Bedroom $403,904 $1,216 3.61%
2-Bedroom $653,811 $1,925 3.53%
3-Bedroom $844,281 $2,567 3.65%
4+Bedroom $915,200 $3,883 5.09%
Eastern 23 Wards      
Studio $160,751 $472 3.52%
1-Bedroom $221,539 $642 3.48%
2-Bedroom $282,327 $939 3.99%
3-Bedroom $309,345 $1,148 4.45%
4+Bedroom $376,887 $1,689 5.38%
Southern Part of the 23rd Ward  
Studio $155,212 $507 3.92%
1-Bedroom $260,714 $845 3.89%
2-Bedroom $371,483 $1,386 4.48%
3-Bedroom $472,026 $1,731 4.40%
4+Bedroom $623,450 $1,935 3.72%
Wester Part of the 23rd Ward      
Studio $133,898 $446 4.00%
1-Bedroom $221,812 $744 4.03%
2-Bedroom $323,250 $994 3.69%
3-Bedroom $404,401 $1,116 3.31%
4+Bedroom $465,264 $1,523 3.93%
Northern Part of the 23rd Ward      
Studio $133,898 $467 4.19%
1-Bedroom $221,811 $710 3.84%
2-Bedroom $286,056 $1,068 4.48%
3-Bedroom $355,710 $1,251 4.22%
Tokyo avg. Rental Yields 4.02%
OSAKA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Kita-ku  
1-Bedroom $276,765 $664 2.88%
2-Bedroom $319,967 $1,013 3.80%
3-Bedroom $295,666 $1,620 6.57%
Nishi-ku      
Studio $120,156 $412 4.11%
1-Bedroom $211,961 $695 3.93%
2-Bedroom $266,640 $898 4.04%
3-Bedroom $255,164 $1,114 5.24%
Joto-ku      
2-Bedroom $161,873 $594 4.40%
3-Bedroom $188,942 $803 5.10%
Chuo-ku  
Studio $113,406 $439 4.65%
1-Bedroom $249,088 $749 3.61%
2-Bedroom $336,168 $1,215 4.34%
3-Bedroom $336,168 $1,586 5.66%
Yodogawa-ku      
Studio $52,652 $358 8.16%
1-Bedroom $120,831 $506 5.03%
2-Bedroom $154,583 $608 4.72%
3-Bedroom $201,768 $807 4.80%
Tennoji-ku      
1-Bedroom $208,248 $574 3.31%
2-Bedroom $305,791 $878 3.45%
3-Bedroom $392,061 $1,337 4.09%
Abeno-ku  
2-Bedroom $276,090 $776 3.37%
3-Bedroom $283,380 $844 3.57%
Suminoe-ku  
2-Bedroom $130,889 $503 4.61%
3-Bedroom $160,658 $594 4.44%
Osaka avg. Rental Yields 4.50%
NAGOYA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Naka-ku  
Studio $105,495 $399 4.54%
1-Bedroom $208,963 $597 3.43%
2-Bedroom $265,430 $801 3.62%
3-Bedroom $289,437 $920 3.81%
Chikusa-ku      
2-Bedroom $154,862 $595 4.61%
3-Bedroom $265,092 $805 3.64%
4+Bedroom $269,826 $879 3.91%
Higashi-ku      
1-Bedroom $187,322 $561 3.59%
2-Bedroom $269,149 $642 2.86%
3-Bedroom $255,624 $845 3.97%
Meito-ku  
2-Bedroom $113,611 $453 4.78%
3-Bedroom $162,233 $555 4.11%
Midori-ku  
2-Bedroom $113,949 $628 6.61%
3-Bedroom $239,225 $777 3.90%
Nagoya avg. Rental Yields 4.20%
YOKOHAMA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Minami-ku  
1-Bedroom $174,159 $527 3.63%
2-Bedroom $214,661 $675 3.77%
Naka-ku  
Studio $131,632 $439 4.00%
1-Bedroom $261,914 $722 3.31%
2-Bedroom $349,669 $1,077 3.70%
Kanagawa-ku  
1-Bedroom $195,085 $574 3.53%
2-Bedroom $209,126 $776 4.45%
3-Bedroom $269,339 $1,313 5.85%
Nishi-ku  
Studio $114,081 $425 4.47%
1-Bedroom $260,901 $702 3.23%
2-Bedroom $322,667 $989 3.68%
Yokohama avg. Rental Yields 3.97%
FUKUOKA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center  
1-Bedroom $167,464 $506 3.63%
2-Bedroom $181,645 $864 5.71%
3-Bedroom $249,711 $1,033 4.96%
4+Bedroom $349,785 $1,276 4.38%
Fukuoka (all locations)  
Studio $60,773 $290 5.73%
1-Bedroom $147,207 $459 3.74%
2-Bedroom $167,464 $527 3.78%
3-Bedroom $201,227 $642 3.83%
4+Bedroom $228,238 $878 4.62%
Fukuoka avg. Rental Yields 4.34%
SAPPORO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center  
1-Bedroom $103,990 $372 4.29%
2-Bedroom $182,860 $527 3.46%
3-Bedroom $224,456 $844 4.51%
4+Bedroom $248,495 $1,010 4.88%
Sapporo (all locations)  
Studio $29,711 $236 9.53%
1-Bedroom $80,356 $324 4.84%
2-Bedroom $133,701 $378 3.39%
3-Bedroom $161,049 $506 3.77%
4+Bedroom $168,443 $878 6.25%
Sapporo avg. Rental Yields 5.56%
KOBE - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center  
1-Bedroom $171,121 $574 4.03%
2-Bedroom $309,166 $743 2.88%
3-Bedroom $292,291 $979 4.02%
Kobe (all locations)  
Studio $58,390 $338 6.95%
1-Bedroom $153,908 $446 3.48%
2-Bedroom $167,409 $513 3.68%
3-Bedroom $187,660 $624 3.99%
4+Bedroom $187,660 $905 5.79%
Kobe avg. Rental Yields 4.78%
KAWASAKI - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center  
2-Bedroom $261,914 $780 3.57%
3-Bedroom $283,380 $1,056 4.47%
Kawasaki (all locations)  
Studio $133,657 $412 3.70%
1-Bedroom $222,053 $581 3.14%
2-Bedroom $235,520 $709 3.61%
3-Bedroom $302,416 $911 3.61%
4+Bedroom $349,669 $1,080 3.71%
Kawasaki avg. Rental Yields 3.55%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide and U-Occino
Japan´s Historic Rental Yield Data

Research Methodology: To conduct this research, we searched for studio, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom apartments in the largest cities of Japan. We utilized the local real estate website for both buying and renting prices to determine the average gross rental yields (Monthly Rent x 12 / Purchase Price).

For instance, if the monthly rent is $500 and the purchase price is $100,000, the calculation would be: $500 (Monthly Rent) x 12 / $100,000 (Purchase Price) = 6% (Gross Rental Yield).