Data period: July 2026 · ¥500,000+/month
Data period: July 2026 · Contracts in scope: 40 · 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 40 contracted luxury rental transactions (¥500,000/month and above) across Tokyo's 23 wards in July 2026, sourced from Real Estate Information Network Systems, Japan's 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.
Key observation: July 2026 median contracted rent came in at ¥735,000 — up 9.7% month-over-month from June's ¥670,000, though still down 2.0% year-over-year vs. July 2025 (¥750K). Contract volume fell more sharply, down 23% from June (52 → 40) and down 34% year-over-year (61 → 40). The MoM rent gain reads more like a compositional shift toward larger, pricier Minato-ku units than a broad-based repricing — worth watching for confirmation in August's print before treating it as a trend.
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 |
|---|---|---|---|---|
| Jul 2025 | 61 | ¥750K | ¥7,948 | 103.4㎡ |
| Aug 2025 | 45 | ¥680K | ¥8,411 | 92.7㎡ |
| Sep 2025 | 61 | ¥695K | ¥8,154 | 93.6㎡ |
| Oct 2025 | 46 | ¥750K | ¥9,537 | 87.4㎡ |
| Nov 2025 | 51 | ¥770K | ¥8,564 | 100.7㎡ |
| Dec 2025 | 58 | ¥680K | ¥8,903 | 86.8㎡ |
| Jan 2026 | 39 | ¥628K | ¥9,389 | 85㎡ |
| Feb 2026 | 63 | ¥675K | ¥9,142 | 92㎡ |
| Mar 2026 | 66 | ¥740K | ¥9,984 | 94㎡ |
| Apr 2026 | 53 | ¥674K | ¥9,039 | 89㎡ |
| May 2026 | 41 | ¥700K | ¥8,765 | 87㎡ |
| Jun 2026 | 52 | ¥670K | ¥9,289 | 90㎡ |
| Jul 2026 | 40 | ¥735K | ¥7,633 | 100.4㎡ |
Market Data
Volume and pricing by ward, ranked by number of contracts. July 2026 alone produced only 40 qualifying contracts, too thin a sample to report most wards reliably — so this table uses a trailing three-month window (May–July 2026, 133 contracts) instead. Wards with fewer than 5 contracts across the window are excluded for statistical reliability.
| Ward | n | Median | ¥/㎡ |
|---|---|---|---|
| Minato-ku | 65 | ¥900,000 | ¥9,199 |
| Shibuya-ku | 21 | ¥670,000 | ¥7,439 |
| Chiyoda-ku | 12 | ¥662,500 | ¥6,194 |
| Chuo-ku | 8 | ¥610,000 | ¥6,231 |
| Shinjuku-ku | 7 | ¥530,000 | ¥5,767 |
| Meguro-ku | 5 | ¥620,000 | ¥6,159 |
Methodology
Source: Real Estate Information Network Systems, Japan's designated real estate transaction database operated under the country's real estate brokerage law, 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.