Data period: Jan–May 2026 · ¥500,000+/month
Data period: Jan–May 2026 · Contracts in scope: 262 · Threshold: ¥500,000/month
By Yasuhiro Maruyama, Registered Real Estate Transaction Specialist (Takken-shi), Chiba Registration No. 057575, USCPA. Published 16 September 2026; updated 23 September 2026.
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Executive Summary
This issue analyzes 262 contracted luxury rental transactions (¥500,000/month and above) across Tokyo's 23 wards between 2026-01 – 2026-05, sourced from a designated real estate transaction database. Because this dataset reflects signed leases rather than asking prices, it offers a more accurate read of where the market is actually clearing, rather than where landlords hope it will.
Minato-ku dominates the segment by volume, accounting for 112 of 262 contracts (43%) at a median monthly rent of ¥800,000. Shibuya-ku follows with 55 contracts at a median of ¥740,000. Together, these two wards account for 64% of all luxury activity captured in this dataset — a concentration consistent with their density of serviced towers, embassy-adjacent neighborhoods, and international school catchment areas. Notably, Shinjuku-ku commands the highest price per square meter (¥10,309/㎡) despite trailing Minato-ku on absolute rent — a signal of newer, smaller-format inventory rather than larger family-sized units.
Market Data
All figures represent contracted (成約) rents of ¥500,000/month or above, cleaned of properties without floor area data and entries inconsistent with a monthly rental figure.
| Month | n | Median | ¥/㎡ | Size |
|---|---|---|---|---|
| Jan | 39 | ¥628K | ¥9,389 | 85㎡ |
| Feb | 63 | ¥675K | ¥9,142 | 92㎡ |
| Mar | 66 | ¥740K | ¥9,984 | 94㎡ |
| Apr | 53 | ¥674K | ¥9,039 | 89㎡ |
| May | 41 | ¥700K | ¥8,765 | 87㎡ |
Market Data
Volume and pricing by ward, ranked by number of contracts. Wards with fewer than 5 contracts are excluded for statistical reliability.
| Ward | n | Median | ¥/㎡ |
|---|---|---|---|
| Minato-ku | 112 | ¥800K | ¥9,190 |
| Shibuya-ku | 55 | ¥740K | ¥9,117 |
| Chiyoda-ku | 32 | ¥626K | ¥7,630 |
| Shinjuku-ku | 15 | ¥600K | ¥10,309 |
| Chuo-ku | 10 | ¥590K | ¥6,924 |
| Setagaya-ku | 10 | ¥670K | ¥8,696 |
| Meguro-ku | 8 | ¥535K | ¥4,989 |
| Shinagawa-ku | 8 | ¥625K | ¥6,282 |
Methodology
Source: A designated real estate transaction database operated under Japan's Building Lots and Buildings Transaction Business Act, accessed via TokyoExpat's industry membership.
Scope: All contracted (成約) rental transactions of ¥500,000/month or above, Tokyo Metropolis. No ward restriction applied.
Data presentation: This edition reports aggregate statistics; individual unit-level transactions are not displayed.
Limitations: This is a transaction-count sample, not a comprehensive census. Ward figures based on small samples should not be treated as representative of the broader market.
Looking to rent in this market? See our guide to renting in Tokyo, browse current luxury listings, or talk to Yasuhiro about your specific budget and timeline.
Explore the areas behind this market: Roppongi, Hiroo & Azabu and Azabudai & Toranomon. For a building profile, see Mita Garden Hills. These guides provide location and building context; they do not identify transactions in this report.