Low to moderate rental yields on Japanese residential property

Residential Valuation Specialist | November 22, 2022

Last Updated: Oct. 10, 2022
TOKYO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Central City
Studio $205,148 $620 3.63%
1-Bedroom $377,251 $1,129 3.59%
2-Bedroom $611,313 $1,721 3.38%
3-Bedroom $764,141 $2,272 3.57%
4+Bedroom $949,342 $5,700 7.21%
Eastern 23 Wards
Studio $156,614 $475 3.64%
1-Bedroom $239,568 $620 3.11%
2-Bedroom $295,330 $826 3.36%
3-Bedroom $322,867 $1,067 3.97%
4+Bedroom $364,172 $1,466 4.83%
Southern Part of the 23rd Ward
Studio $157,647 $516 3.93%
1-Bedroom $264,351 $833 3.78%
2-Bedroom $391,020 $1,136 3.49%
3-Bedroom $480,514 $1,583 3.95%
4+Bedroom $618,197 $1,790 3.47%
Wester Part of the 23rd Ward
Studio $132,520 $451 4.08%
1-Bedroom $226,489 $743 3.94%
2-Bedroom $337,255 $895 3.18%
3-Bedroom $391,020 $929 3.06%
4+Bedroom $453,666 $1,442 3.81%
Northern Part of the 23rd Ward
Studio $135,274 $468 4.15%
1-Bedroom $224,768 $688 3.67%
2-Bedroom $307,033 $929 3.63%
3-Bedroom $342,831 $1,139 3.99%
Tokyo avg. Rental Yields 3.85%
OSAKA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Kita-ku
Studio $108,433 $412 4.56%
1-Bedroom $272,319 $638 2.81%
2-Bedroom $363,046 $906 2.99%
3-Bedroom $361,330 $1,469 4.88%
4+Bedroom $338,340 $1,141 4.05%
Nishi-ku
Studio $108,433 $416 4.60%
1-Bedroom $218,239 $673 3.70%
2-Bedroom $215,426 $878 4.89%
3-Bedroom $275,888 $1,150 5.00%
4+Bedroom $294,966 $1,510 6.14%
Joto-ku
Studio $114,953 $347 3.62%
1-Bedroom $157,846 $467 3.55%
2-Bedroom $163,336 $580 4.26%
3-Bedroom $205,818 $666 3.88%
4+Bedroom $321,183 $892 3.33%
Chuo-ku
Studio $101,914 $426 5.02%
1-Bedroom $220,298 $686 3.74%
2-Bedroom $328,045 $1,029 3.76%
3-Bedroom $341,771 $1,259 4.42%
4+Bedroom $410,400 $1,390 4.06%
Yodogawa-ku
Studio $52,158 $356 8.19%
1-Bedroom $110,835 $500 5.41%
2-Bedroom $149,611 $623 5.00%
3-Bedroom $185,160 $773 5.01%
4+Bedroom $280,005 $998 4.28%
Tennoji-ku
Studio $123,186 $383 3.73%
1-Bedroom $183,410 $534 3.49%
2-Bedroom $225,156 $753 4.01%
3-Bedroom $341,806 $992 3.48%
4+Bedroom $531,751 $1,232 2.78%
Abeno-ku
1-Bedroom $173,144 $479 3.32%
2-Bedroom $207,978 $684 3.95%
3-Bedroom $251,846 $743 3.54%
Suminoe-ku
1-Bedroom $80,755 $411 6.11%
2-Bedroom $132,082 $482 4.38%
3-Bedroom $129,003 $575 5.35%
Osaka avg. Rental Yields 4.31%
NAGOYA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Naka-ku
Studio $94,442 $400 5.08%
1-Bedroom $197,097 $582 3.54%
2-Bedroom $293,592 $784 3.20%
3-Bedroom $252,873 $873 4.14%
4+Bedroom $266,149 $821 3.70%
Chikusa-ku
Studio $110,146 $344 3.75%
1-Bedroom $144,911 $482 3.99%
2-Bedroom $212,032 $558 3.16%
3-Bedroom $218,916 $757 4.15%
4+Bedroom $294,642 $912 3.71%
Higashi-ku
Studio $50,943 $389 9.16%
1-Bedroom $218,916 $541 2.97%
2-Bedroom $278,120 $675 2.91%
3-Bedroom $274,333 $826 3.61%
4+Bedroom $192,068 $1,067 6.67%
Showa-ku
Studio $75,492 $316 5.02%
1-Bedroom $95,394 $477 6.00%
2-Bedroom $194,219 $549 3.39%
3-Bedroom $253,206 $727 3.45%
4+Bedroom $249,809 $888 4.27%
Meito-ku
1-Bedroom $86,815 $391 5.40%
2-Bedroom $119,071 $446 4.49%
3-Bedroom $168,758 $563 4.00%
4+Bedroom $204,514 $658 3.89%
Midori-ku
1-Bedroom $122,159 $494 4.85%
2-Bedroom $108,433 $576 6.37%
3-Bedroom $235,740 $765 3.89%
4+Bedroom $239,171 $995 4.99%
Tenpaku-ku
2-Bedroom $88,461 $432 5.86%
3-Bedroom $164,531 $494 3.60%
4+Bedroom $187,937 $707 4.51%
Nagoya avg. Rental Yields 4.54%
YOKOHAMA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Minami-ku
Studio $82,021 $390 5.71%
1-Bedroom $183,410 $513 3.36%
2-Bedroom $183,410 $602 3.94%
3-Bedroom $217,628 $821 4.53%
Naka-ku
Studio $103,193 $447 5.20%
1-Bedroom $263,663 $683 3.11%
2-Bedroom $346,927 $1,033 3.57%
3-Bedroom $335,947 $1,274 4.55%
4+Bedroom $534,898 $3,132 7.03%
Kanagawa-ku
Studio $67,068 $383 6.85%
1-Bedroom $224,471 $561 3.00%
2-Bedroom $256,637 $739 3.46%
3-Bedroom $253,078 $924 4.38%
4+Bedroom $245,002 $1,355 6.64%
Nishi-ku
Studio $143,032 $424 3.56%
1-Bedroom $238,159 $678 3.42%
2-Bedroom $320,282 $1,061 3.98%
3-Bedroom $384,613 $1,660 5.18%
Yokohama avg. Rental Yields 4.52%
FUKUOKA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center
Studio $66,227 $329 5.96%
1-Bedroom $143,434 $494 4.13%
2-Bedroom $177,748 $755 5.10%
3-Bedroom $247,064 $926 4.50%
4+Bedroom $290,643 $1,235 5.10%
Fukuoka (all locations)
Studio $65,197 $281 5.17%
1-Bedroom $129,708 $439 4.06%
2-Bedroom $164,023 $460 3.37%
3-Bedroom $197,308 $587 3.57%
4+Bedroom $231,965 $916 4.74%
Fukuoka avg. Rental Yields 4.57%
SAPPORO - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center
Studio $32,256 $261 9.71%
1-Bedroom $122,159 $357 3.51%
2-Bedroom $166,768 $480 3.45%
3-Bedroom $205,749 $673 3.93%
4+Bedroom $238,828 $1,043 5.24%
Sapporo (all locations)
Studio $30,883 $240 9.33%
1-Bedroom $108,433 $316 3.50%
2-Bedroom $153,728 $371 2.90%
3-Bedroom $170,886 $480 3.37%
4+Bedroom $191,131 $892 5.60%
Sapporo avg. Rental Yields 5.05%
KOBE - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center
Studio $96,153 $404 5.04%
1-Bedroom $187,516 $561 3.59%
2-Bedroom $232,615 $719 3.71%
3-Bedroom $282,642 $924 3.92%
Kobe (all locations)
Studio $87,599 $342 4.68%
1-Bedroom $136,189 $445 3.92%
2-Bedroom $168,696 $513 3.65%
3-Bedroom $184,641 $623 4.05%
4+Bedroom $204,625 $821 4.81%
Kobe avg. Rental Yields 4.15%
KAWASAKI - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Center
Studio $143,032 $438 3.67%
1-Bedroom $177,250 $582 3.94%
2-Bedroom $245,345 $739 3.61%
3-Bedroom $314,671 $1,129 4.31%
Kawasaki (all locations)
Studio $108,130 $417 4.63%
1-Bedroom $194,667 $589 3.63%
2-Bedroom $258,690 $701 3.25%
3-Bedroom $300,094 $917 3.67%
4+Bedroom $314,123 $1,471 5.62%
Kawasaki avg. Rental Yields 4.04%
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 Definitions: Data FAQ See also: Update Schedule

Get updated rental yields data for 75 countries

In Tokyo´s central districts gross rental yields - the return earned on the purchase price of a rental property, before taxation, vacancy costs, and other costs - range from 3.06% to 7.21%. Mostly they´re a little higher on smaller apartments. Not great, though not untypical for a city like Tokyo.

Besides Tokyo, the rental yields remain similar or slightly higher in other cities and areas. Osaka´s rental yield on average is 4.31%, Nagoya´s rental yields average is 4.54%, In Yokohama, the average rental yield is 4.52%, Fukuoka area average is 4.57%, in Kobe you can expect on average of 4.15%, Kawasaki produces on average 4.04%, and Sapporo average rental yield is 5.05%.

Round trip transaction costs are moderate in Japan. See our Property transaction costs analysis for Japan and Property transaction costs in Japan, compared to the rest of Asia.