Data period: August 2026 · ¥500,000+/month
Data period: August 2026 · Contracts in scope: 44 · Threshold: ¥500,000/month
By Yasuhiro Maruyama, Registered Real Estate Transaction Specialist (Takken-shi), Chiba Registration No. 057575, USCPA. Published 16 September 2026; updated 24 September 2026.
Download aggregated monthly figures (CSV) · Browse current listings · Explore area guides · View a building guide
For interest-rate and housing-starts context, see Edo Partners’ Japan and U.S. Housing and Rate Monitor.
Executive Summary
This issue analyzes 44 contracted luxury rental transactions (¥500,000/month and above) across Tokyo in August 2026, sourced from Real Estate Information Network Systems, Japan's designated real estate transaction database. These are recorded contracted rents rather than advertised asking rents, though the monthly composition of homes changes. Two records this issue — a ¥5.05M/month studio in Suginami-ku and a ¥1.65M/month unit in Nakano-ku, both wildly inconsistent with their building type and surrounding area — were excluded as data entry errors rather than genuine transactions.
Minato-ku accounted for 17 of 44 contracts (39%) at a median monthly rent of ¥760,000. Shibuya-ku followed with 13 contracts (30%) at a median of ¥608,000. Together the two wards accounted for nearly 70% of the qualifying monthly sample.
What changed: The August median was ¥655,000, 3.7% below August 2025 (¥680,000). July to August fell 10.9%, but monthly medians have moved between ¥628,000 and ¥770,000 during the 16-month series. One month's drop alone is weak evidence of a change in underlying rents.
Longer View
Comparing the same four calendar months in each year reduces the influence of a single unusual month. The simple average of the four monthly medians was ¥696,875 in 2025 and ¥690,000 in 2026, a 1.0% decline. The number of qualifying contracts was 193 versus 177, down 8.3%. These are summaries of monthly samples, not a pooled transaction median or a constant-quality price index.
The 16-contract shortfall was concentrated in July: 61 contracts in July 2025 versus 40 in July 2026. Across May, June and August combined, 2026 had five more contracts than 2025 (137 versus 132). This makes the softer four-month volume a narrow observation, not proof of a broad slowdown.
| Month | Median 2025 | Median 2026 | Contracts 2025 → 2026 |
|---|---|---|---|
| May | ¥670K | ¥700K (+4.5%) | 37 → 41 |
| June | ¥687.5K | ¥670K (−2.5%) | 50 → 52 |
| July | ¥750K | ¥735K (−2.0%) | 61 → 40 |
| August | ¥680K | ¥655K (−3.7%) | 45 → 44 |
For a prospective tenant: August's lower headline median does not establish that a comparable apartment became cheaper. Ward, floor area and quality can change from one month's set of contracts to the next. Compare actual available homes on those terms, while using this series to watch whether the same-month softness persists.
Market Data
The monthly medians below cover May 2025 through August 2026. The line follows the observed mix of contracted homes each month, so it is not a constant-quality rent index.
| Month | n | Median | Average ¥/㎡ | Median size |
|---|---|---|---|---|
| May 2025 | 37 | ¥670K | ¥11,340 | 92.8㎡ |
| Jun 2025 | 50 | ¥687.5K | ¥9,795 | 85.4㎡ |
| 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㎡ |
| Aug 2026 | 44 | ¥655K | ¥8,474 | 84.9㎡ |
Market Data
Volume and pricing by ward, ranked by number of contracts. August 2026 alone produced only 44 qualifying contracts, too thin a sample to report most wards reliably — so this table uses a trailing three-month window (June–August 2026, 136 contracts) instead. Wards with fewer than 5 contracts across the window are excluded for statistical reliability.
| Ward | n | Median | ¥/㎡ |
|---|---|---|---|
| Minato-ku | 61 | ¥850,000 | ¥8,792 |
| Shibuya-ku | 26 | ¥655,000 | ¥8,060 |
| Chuo-ku | 10 | ¥590,000 | ¥6,044 |
| Chiyoda-ku | 7 | ¥600,000 | ¥6,194 |
| Shinjuku-ku | 7 | ¥560,000 | ¥5,828 |
| Meguro-ku | 6 | ¥650,000 | ¥6,009 |
| Setagaya-ku | 5 | ¥543,000 | ¥5,012 |
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 and three selected building-name/contracted-rent illustrations; unit-level identifying details are not displayed.
Limitations: This is a transaction-count sample, not a comprehensive census. Monthly medians and average rent per square metre summarize different distributions; changes in either do not isolate like-for-like price movement. The ¥500,000 threshold also limits conclusions about rentals below it. 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.