Gross rental yields in Japan: Tokyo and 7 other cities

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).