August's Tokyo luxury
rental market, by the numbers.

This issue analyzes 44 contracted luxury rental transactions (¥500,000/month and above) across Tokyo's 23 wards in August 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. 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 again dominated volume, accounting for 17 of 44 contracts (39%) at a median monthly rent of ¥760,000, followed by Shibuya-ku with 13 contracts (30%) at a median of ¥608,000 — together the two wards made up nearly 70% of this month's activity. No other ward reached the 5-contract reliability threshold: Setagaya-ku (3), Shinagawa-ku, Shinjuku-ku, Chuo-ku and Nakano-ku (2 apiece), and Meguro-ku, Toshima-ku and Kita-ku (1 each) rounded out the remaining volume. The top of the market was a tie: Shiroyama Trust Court in Minato-ku's Toranomon (163.96㎡, 3LDK) and Rije Yoyogi-Uehara Terrace in Shibuya-ku (130.74㎡, 2LDK) both contracted at ¥1.5M/month, though the latter's smaller footprint means a meaningfully richer ¥11,475/㎡ versus ¥9,148/㎡ for the former. Separately, a 23.00㎡ studio at a 1988-built building in Kita-ku's Oji contracted at ¥640,000/month (¥27,826/㎡) — an extreme outlier for a compact, older unit that we flag rather than fold into the ward's typical pricing.

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.

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.

Buildings appearing most frequently across the trailing twelve months (September 2025–August 2026), indicating high turnover or large unit counts.

Note: the Mita Garden Hills complex — split across four registered sub-buildings (North / East / South / West Hill) plus the separately-registered Park Mansion — collectively logged 56 contracts over the trailing 12 months, which would rank it well ahead of every other entry above if counted as a single address.