Average gross rental yields in Japan stands at 4.30% (Q2, 2023).

• Tokyo
• Osaka
• Nagoya
• Yokohama
• Fukuoka
• Sapporo
• Kobe
• Kawasaki

		Last Updated: July 20, 2023
TOKYO - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Central City
Studio	$224,350	$681	3.64%
1-Bedroom	$393,509	$1,269	3.87%
2-Bedroom	$650,831	$1,993	3.67%
3-Bedroom	$867,297	$2,853	3.95%
4+Bedroom	$924,638	$6,379	8.28%
Eastern 23 Wards
Studio	$169,159	$502	3.56%
1-Bedroom	$242,986	$659	3.25%
2-Bedroom	$301,045	$932	3.72%
3-Bedroom	$321,832	$1,290	4.81%
4+Bedroom	$358,244	$1,706	5.71%
Southern Part of the 23rd Ward
Studio	$167,725	$538	3.85%
1-Bedroom	$285,276	$896	3.77%
2-Bedroom	$399,960	$1,290	3.87%
3-Bedroom	$489,915	$1,778	4.36%
4+Bedroom	$623,450	$1,935	3.72%
Wester Part of the 23rd Ward
Studio	$138,337	$473	4.10%
1-Bedroom	$235,102	$788	4.02%
2-Bedroom	$335,450	$975	3.49%
3-Bedroom	$414,654	$1,147	3.32%
4+Bedroom	$535,430	$1,756	3.94%
Northern Part of the 23rd Ward
Studio	$142,280	$495	4.17%
1-Bedroom	$213,599	$731	4.11%
2-Bedroom	$285,634	$1,039	4.37%
3-Bedroom	$358,315	$1,290	4.32%
Tokyo avg. Rental Yields			4.16%
OSAKA - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Kita-ku
1-Bedroom	$285,276	$717	3.02%
2-Bedroom	$379,890	$1,003	3.17%
3-Bedroom	$381,324	$1,434	4.51%
Nishi-ku
Studio	$118,268	$439	4.45%
1-Bedroom	$256,605	$710	3.32%
2-Bedroom	$356,953	$964	3.24%
3-Bedroom	$270,941	$1,362	6.03%
Joto-ku
1-Bedroom	$170,592	$489	3.44%
2-Bedroom	$170,592	$616	4.33%
3-Bedroom	$199,263	$774	4.66%
Chuo-ku
Studio	$115,556	$464	4.82%
1-Bedroom	$256,007	$778	3.65%
2-Bedroom	$376,628	$1,177	3.75%
3-Bedroom	$340,962	$1,355	4.77%
Yodogawa-ku
Studio	$59,205	$392	7.95%
1-Bedroom	$108,601	$549	6.07%
2-Bedroom	$191,167	$606	3.80%
3-Bedroom	$227,546	$856	4.51%
Tennoji-ku
Studio	$121,976	$407	4.00%
1-Bedroom	$209,642	$592	3.39%
2-Bedroom	$298,164	$963	3.88%
3-Bedroom	$356,584	$1,070	3.60%
Abeno-ku
1-Bedroom	$206,860	$535	3.10%
2-Bedroom	$329,193	$742	2.70%
3-Bedroom	$323,843	$1,034	3.83%
Suminoe-ku
1-Bedroom	$116,270	$428	4.42%
2-Bedroom	$155,502	$535	4.13%
3-Bedroom	$161,922	$631	4.68%
Osaka avg. Rental Yields			4.19%
NAGOYA - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Naka-ku
Studio	$111,100	$416	4.49%
1-Bedroom	$223,275	$619	3.33%
2-Bedroom	$299,612	$860	3.44%
3-Bedroom	$278,825	$1,003	4.32%
Chikusa-ku
Studio	$84,579	$373	5.29%
1-Bedroom	$115,759	$516	5.35%
2-Bedroom	$206,789	$631	3.66%
3-Bedroom	$299,612	$828	3.32%
4+Bedroom	$287,785	$1,075	4.48%
Higashi-ku
1-Bedroom	$221,483	$552	2.99%
2-Bedroom	$258,755	$688	3.19%
3-Bedroom	$270,941	$874	3.87%
4+Bedroom	$285,276	$1,147	4.82%
Meito-ku
1-Bedroom	$164,141	$430	3.14%
2-Bedroom	$205,714	$487	2.84%
3-Bedroom	$170,592	$609	4.28%
4+Bedroom	$206,431	$702	4.08%
Midori-ku
1-Bedroom	$134,754	$444	3.95%
2-Bedroom	$121,457	$638	6.30%
3-Bedroom	$236,535	$824	4.18%
Tenpaku-ku
2-Bedroom	$99,273	$466	5.63%
3-Bedroom	$163,783	$530	3.88%
4+Bedroom	$193,099	$717	4.46%
Nagoya avg. Rental Yields			4.20%
YOKOHAMA - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Minami-ku
Studio	$98,437	$414	5.05%
1-Bedroom	$185,318	$542	3.51%
2-Bedroom	$227,546	$713	3.76%
3-Bedroom	$266,065	$959	4.33%
Naka-ku
Studio	$149,082	$478	3.85%
1-Bedroom	$248,232	$760	3.67%
2-Bedroom	$355,870	$963	3.25%
3-Bedroom	$381,478	$1,427	4.49%
Kanagawa-ku
Studio	$89,164	$407	5.48%
1-Bedroom	$226,833	$585	3.09%
2-Bedroom	$276,764	$892	3.87%
3-Bedroom	$298,164	$1,134	4.56%
Nishi-ku
Studio	$141,235	$457	3.88%
1-Bedroom	$269,631	$785	3.49%
2-Bedroom	$337,396	$1,248	4.44%
3-Bedroom	$391,251	$1,291	3.96%
Yokohama avg. Rental Yields			4.04%
FUKUOKA - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Center
1-Bedroom	$156,615	$530	4.06%
2-Bedroom	$192,812	$839	5.22%
3-Bedroom	$227,934	$1,014	5.34%
4+Bedroom	$403,902	$1,434	4.26%
Fukuoka (all locations)
Studio	$51,249	$308	7.21%
1-Bedroom	$154,823	$480	3.72%
2-Bedroom	$170,592	$538	3.78%
3-Bedroom	$207,148	$699	4.05%
4+Bedroom	$243,703	$1,000	4.92%
Fukuoka avg. Rental Yields			4.74%
SAPPORO - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Center
1-Bedroom	$128,876	$380	3.54%
2-Bedroom	$174,176	$566	3.90%
3-Bedroom	$220,766	$925	5.03%
4+Bedroom	$221,483	$1,100	5.96%
Sapporo (all locations)
Studio	$34,764	$251	8.66%
1-Bedroom	$93,109	$344	4.43%
2-Bedroom	$135,793	$401	3.54%
3-Bedroom	$178,118	$573	3.86%
4+Bedroom	$184,928	$939	6.09%
Sapporo avg. Rental Yields			5.27%
KOBE - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Kobe (all locations)
Studio	$85,597	$357	5.00%
1-Bedroom	$162,635	$464	3.42%
2-Bedroom	$176,901	$542	3.68%
3-Bedroom	$198,657	$663	4.00%
4+Bedroom	$201,153	$942	5.62%
Kobe avg. Rental Yields			4.35%
KAWASAKI - Apartments	COST ($)		YIELD (p.a.)
	TO BUY	MONTHLY RENT
Center
Studio	$123,403	$457	4.44%
1-Bedroom	$212,566	$635	3.58%
2-Bedroom	$277,478	$863	3.73%
3-Bedroom	$326,696	$1,016	3.73%
Kawasaki (all locations)
Studio	$126,256	$435	4.13%
1-Bedroom	$244,665	$628	3.08%
2-Bedroom	$270,344	$756	3.36%
3-Bedroom	$320,847	$927	3.47%
4+Bedroom	$355,228	$913	3.08%
Kawasaki avg. Rental Yields			3.42%
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

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).