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July 2009
Leading International Property Advisors
Tokyo Residential Market Report
For:
Tokyo: The World’s Largest City by GDP in 2005 and also in 2020
• Tokyo’s GDP was the largest in the world in 2005 worth around 1.2 trillion dollars
• It is expected to be at the top of the table in 2020, with a GDP worth 1.6 trillion dollars
(Source: United Nations, PｗC, Savills Research & Consultancy)
0200400600800
1,0001,2001,4001,6001,800
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($1 Billion at PPPs) 2005 2020 (estimate)
Population of Tokyo: Growth Expected
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Tokyo’s population (including its exterior cities) is projected to increase until 2020, peaking at 13.05 millionTokyo’s population will not decrease to its 2005 level until after 2035
100.0
105.0
110.0
115.0
120.0
125.0
130.0
2005 2010 2015 2020 2025 2030 2035
(Million)(Million)
12.312.412.512.612.712.812.913.013.113.2
Japan (LHS) Tokyo (RHS)
Tokyo Residential: Beginning Transaction Cap Rate
•Residential cap rates reached its lowest level in 2007/2H•Currently, beginning transaction cap rates are expected to be between 50 ~100 basis points higher than its 2007/2H level
4.24.44.64.85.05.25.45.65.86.06.26.46.66.87.07.2
2003/102003/12
2004/22004/42004/62004/82004/102004/12
2005/22005/42005/62005/82005/102005/12
2006/22006/42006/62006/82006/102006/12
2007/22007/42007/62007/82007/102007/12
2008/22008/42008/62008/82008/102008/12
2009/22009/4
(%)Studio Residential Family Residential Luxury Residential (Low Rise) Luxury Residential (Tower)
(Source: Japan Real Estate Institute, Savills Research & Consultancy)
Tokyo Residential - Major Investment Transactions
Property Lietocourt Arx Tower Cosmos Nishiojima Grand Stage
Concieria Shibakoen J-Flats Sangenjaya
Purchasing Price
Price per Tsubo
Location
¥13,000,000,000
¥1,808,660
3-8-1, MInato, Chuo Ward, Tokyo
¥710,000,000
NA
3-5-20,21, Kitasuna, Koto Ward, Tokyo
¥4,000,000,000
NA
6-15-1, Shimbashi, Minato Ward, Tokyo
¥871,130,000
NA
2-16-9, Sangenjaya, Setagaya Ward, Tokyo
Cap Rate (estimate) 5.4% 7.8% 6.0% 5.2%
Transaction Date February 2009 January 2009 December 2008 December 2008
Purchaser St. Martins Star Mica Sumitomo Forestry Joint REIT
(Source: Real Capital Analytics, Savills Research & Consultancy)
Tokyo 23 Wards: Chiyoda, Chuo, Minato, Shinjuku Shibuya, Shinagawa, Meguro, Ota, Setagaya, Nakano, Suginami, Bunkyo, Toshima, Nerima, Itabashi, Kita, Koto, Sumida, Arakawa, Adachi, Katsushika, Edogawa
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Area (sq.km) 587Population (persons) 7,654,272Day Time Population (persons) 11,143,712No. of Households 4,352,894Population Density persons/sq.km 13,031
Dwellings by Type of BuildingTotal
Detached Houses 996,250Tenament Houses 68,050Apartments 2,754,9401-2 Stories 669,0903-5 Stories 1,078,4606-10 Stories 564,25011 Stories and Over 442,620Other 23,170
Population of Tokyo 23 Wards:
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
•Population of Tokyo’s 23 wards is expected to grow continuously until around 2020
•Tokyo 23 wards’ population is expected to decrease to below 2005 levels by 2035
8,400,000
8,450,000
8,500,000
8,550,000
8,600,000
8,650,000
8,700,000
8,750,000
8,800,000
2005 2010 2015 2020 2025 2030 2035
(Persons) Tokyo 23 Wards
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→0.16%- Number of Units→30.94%
Tokyo 23 Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
11,00011,50012,00012,50013,00013,50014,00014,50015,00015,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
1,400
1,600Rent per Month per Tsubo (LHS) No. of Units (RHS)
Tokyo 23 Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 2.89% on a Y-o-Y basis.
•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H was
40.40%
(Source: Residential Index Forum, Savills Research & Consultancy)
8,500
9,000
9,500
10,000
10,500
11,000
11,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Tokyo 23 Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→28.21%- Number of Units→51.60%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Central 5 Wards: Chiyoda, Chuo, Minato, Shinjuku, ShibuyaArea (sq.km) 75.47Population (persons) 825,627Day Time Population (persons) 3,722,952No. of Households 482,090Population Density persons/sq.km 52,530
Dwellings by Type of BuildingTotal
Detached Houses 56,760Tenament Houses 8,870Apartments 347,0301-2 Stories 43,4303-5 Stories 106,3106-10 Stories 92,25011 Stories and Over 105,030Other 7,990
Shinjuku Ward
Shibuya Ward
Chiyoda Ward
Minato Ward
Chuo Ward
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Central 5 Wards: Population of Chiyoda, Chuo, Minato, Shinjuku & Shibuya Wards
•Population of the central 5 wards is expected to grow continuously until around 2025
•The population of Chiyoda Ward is expected to grow continuously until around 2030
•The population of Chuo and Minato wards is expected to grow continuously until around 2035
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
050,000
100,000150,000200,000250,000300,000350,000
2005 2010 2015 2020 2025 2030 2035
(Persons)(Persons)
780,000800,000820,000840,000860,000880,000900,000920,000940,000
Chiyoda (LHS) Chuo (LHS) Minato (LHS)Shinjuku (LHS) Shibuya (LHS) Total (RHS)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→9.28%- Number of Units→48.91%
Chiyoda Ward: Rental Level Sized 80 sq.m. Or Larger
0
5,000
10,000
15,000
20,000
25,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0102030405060708090100
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Chiyoda Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→6.98%- Number of Units→61.54%
11,500
12,000
12,500
13,000
13,500
14,000
14,500
15,000
15,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Chiyoda Ward: Rental Level Sized 40 or smaller
•Rental Levels peaked in 2006/1H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→2.46%- Number of Units→60.49%
12,200
12,400
12,600
12,800
13,000
13,200
13,400
13,600
13,800
14,000
14,200
14,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Chuo Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2007/1H•Number of contracted units peaked in 2008/1HRate of decrease between peak and 2008/2H- Rental Level→10.23%- Number of Units→34.29%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
20
40
60
80
100
120
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Chuo Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2008/1HRate of decrease between peak and 2008/2H- Rental Level→4.07%- Number of Units→26.78%
(Source: Residential Index Forum, Savills Research & Consultancy)
10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Chuo Ward: Rental Level Sized 40 sq.m. or Smaller
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→3.92%- Number of Units→61.62%
(Source: Residential Index Forum, Savills Research & Consultancy)
12,60012,80013,00013,20013,40013,60013,80014,00014,20014,40014,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
700
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Minato Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2008/1H•Number of units contracted peaked in 2007/H1•Rate of decrease between peak and 2008/2H • - Rental Level→6.13%• - Number of Units→11.42%
(Source: Residential Index Forum, Savills Research & Consultancy)
14,00014,50015,00015,50016,00016,50017,00017,50018,00018,50019,00019,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
400
450
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Minato Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/2H •Number of units contracted peaked in 2007/H1•Rate of decrease between peak and 2008/2H • - Rental Level→6.82％• - Number of Units→12.43%
(Source: Residential Index Forum, Savills Research & Consultancy)
12,500
13,000
13,500
14,000
14,500
15,000
15,500
16,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01002003004005006007008009001,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Minato Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2008/1H•Number of units contracted peaked in 2005/1H•Rate of decrease between peak and 2008/2H• - Rental Levels→4.42％• - Number of Units→48.61%
(Source: Residential Index Forum, Savills Research & Consultancy)
13,80014,00014,20014,40014,60014,80015,00015,20015,40015,60015,80016,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shinjuku Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2007/1H•Number of units contracted peaked in 2005/1H•Rate of decrease between peak and 2008/2H • - Rental Level→9.66%• - Number of Units→41.30%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0102030405060708090100
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shinjuku Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2007/1H•Number of units contracted peaked in 2007/1H•Rate of decrease between peak and 2008/2H • - Rental Level→2.10％• - Number of Units→28.42%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350400450
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shinjuku Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels peaked in 2007/1H•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H• - Rental Level→4.76％• - Number of Units→52.44%
(Source: Residential Index Forum, Savills Research & Consultancy)
11,80012,00012,20012,40012,60012,80013,00013,20013,40013,60013,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0200400
6008001,0001,200
1,4001,600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shibuya Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2003/2H•Rate of decrease between peak and 2008/2H• - Rental Level→6.64％• - Number of Units→37.50%
(Source: Residential Index Forum, Savills Research & Consultancy)
13,000
13,500
14,000
14,500
15,000
15,500
16,000
16,500
17,000
17,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shibuya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 5.06% on a Y-o-Y basis
•Number of units contracted peaked in 2005/1H•Rate of decrease between peak and 2008/2H was 45.22%
(Source: Residential Index Forum, Savills Research & Consultancy)
11,50012,00012,50013,00013,50014,00014,50015,00015,50016,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
700
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shibuya Ward: Rental Level Sized 40 sq.m. Or Smaller
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 0.35% on a Y-o-Y basis
•Number of units contracted peaked in 2005/2H•Rate of decrease between peak and 2008/2H was 51.76%
(Source: Residential Index Forum, Savills Research & Consultancy)
12,500
13,000
13,500
14,000
14,500
15,000
15,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Jyonan District: Shinagawa, Meguro, Ota & Setagaya WardsArea (sq.km) 154.96Population (persons) 2,093,228Day Time Population (persons) 2,169,603No. of Households 1,096,464Population Density persons/sq.km 13,508
Dwellings by Type of BuildingTotal
Detached Houses 252,510Tenament Houses 17,780Apartments 694,0201-2 Stories 196,1203-5 Stories 320,4506-10 Stories 117,07011 Stories and Over 59,670Other 2,660
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Setagaya Ward
Meguro Ward
Shinagawa Ward
Ota Ward
Jyonan District: Population of Shinagawa, Meguro, Ota & Setagaya Wards
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
•Population of the Jyonan District is expected to grow continuously until around 2020
•Population of Meguro and Setagaya wards is expected to peak at around 2025
•Population of Shinagawa and Ota wards is expected to peak before 2015
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2005 2010 2015 2020 2025 2030 2035
(Persons)(Persons)
2,100,000
2,120,000
2,140,000
2,160,000
2,180,000
2,200,000
Shinagawa (LHS) Meguro (LHS) Ota (LHS) Setagaya (LHS) Total (RHS)
Shinagawa Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental levels peaked in 2007/2H•Rate of decrease between peak and 2008/2H was 7.54%•Number of units contracted peaked in 2006/1H •Rate of decrease between peak and 2008/2H was 81.08%
(Source: Residential Index Forum, Savills Research & Consultancy)
02,0004,0006,0008,000
10,00012,00014,00016,00018,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
20
40
60
80
100
120
140
160
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shinagawa Ward: Rental Level Sized 40 - 80 sq.m.
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2007/1H •Rate of decrease between peak and 2008/2H
- Rental Level→6.38％- Number of Units→48.85%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
400
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Shinagawa Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels peaked in 2008/1H•Number of units contracted peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→2.87％- Number of Units→54.12%
11,00011,20011,40011,60011,80012,00012,20012,40012,60012,80013,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Meguro Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H
- Rental Level→0.17%- Number of Units→51.67%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
20
40
60
80
100
120
140
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Meguro Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels peaked in 2008/1H•Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H
- Rental Level→5.33%- Number of Units→28.57%
10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Meguro Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels peaked in 2008/1H •Number of units contracted peaked in 2005/1H •Rate of decrease between peak and 2008/2H
- Rental Level→1.56%- Number of Units→52.42%
11,80012,00012,20012,40012,60012,80013,00013,20013,40013,60013,80014,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
700
800
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Ota Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 6.17% on a Y-o-Y basis
•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Number of units→48.39%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
10
20
30
40
50
60
70
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Ota Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2006/1H•Rate of decrease between peak and 2008/2H
- Rental Level→4.04%- Number of Units→57.22%
7,800
8,000
8,200
8,400
8,600
8,800
9,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Ota Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→3.14%- Number of Units→51.23%
10,000
10,200
10,400
10,600
10,800
11,000
11,200
11,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
1,400
1,600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Setagaya Ward: Rental Level Sized 80 sq.m. Or Larger
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→1.08%- Number of Units→65.37%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Setagaya Ward: Rental Level Sized 40 – 80 sq.m.
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 4.25% on a Y-o-Y basis
•Number of units contracted peaked in 2004/1HRate of decrease between peak and 2008/2H- Number of Units→53.28%
8,6008,8009,0009,2009,4009,6009,800
10,00010,20010,40010,60010,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01002003004005006007008009001,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
(Source: Residential Index Forum, Savills Research & Consultancy)
Setagaya Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Rental Level→1.88%- Number of Units→65.25%
11,000
11,200
11,400
11,600
11,800
12,000
12,200
12,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
500
1,000
1,500
2,000
2,500
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Jyosai District: Nakano & Suginami
Area (sq.km) 49.61Population (persons) 826,197Day Time Population (persons) 725,015No. of Households 465,962Population Density persons/sq.km 16,654
Suginami Ward
Nakano Ward
Dwellings by Type of BuildingTotal
Detached Houses 103,130Tenament Houses 11,120Apartments 298,3201-2 Stories 128,4603-5 Stories 119,9406-10 Stories 39,68011 Stories and Over 9,840Other 1,830
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Jyosai District: Population of Nakano & Suginami
•Population of the Jyosai District is expected to peak at around 2015
•Population of Nakano Ward is expected to peak at around 2010
•Population of Suginami Ward is expected to peak at around 2015
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
2005 2010 2015 2020 2025 2030 2035
(Persons)(Persons)
790,000
800,000
810,000
820,000
830,000
840,000
850,000
860,000
Nakano (LHS) Suginami (LHS) Total (RHS)
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Nakano Ward: Rental Level 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2005/1H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→6.24%- Number of Units→54.17%
7,000
7,500
8,000
8,500
9,000
9,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
5
10
15
20
25
30
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Nakano Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels in 2008/2H was the highest in the past five years. Rental levels increased by 5.29% on a Y-o-Y basis
•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H - Number of units→63.06%
8,6008,8009,0009,2009,4009,6009,800
10,00010,200
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Nakano Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Rental Level→0.70%- Number of Units→62.90%
10,600
10,800
11,000
11,200
11,400
11,600
11,800
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01002003004005006007008009001,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Suginami Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 12.72% on a Y-on-Y basis
•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Number of Units→83.02%
0
2,000
4,000
6,000
8,000
10,000
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
10
20
30
40
50
60
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Suginami Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 3.77% on a Y-on-Y basis
•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Number of Units→71.72%
8,400
8,600
8,800
9,000
9,200
9,400
9,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350400450
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Suginami Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→2.04%- Number of Units→66.35%
11,100
11,200
11,300
11,400
11,500
11,600
11,700
11,800
11,900
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
1,400
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Jyohoku District: Bunkyo, Toshima, Nerima, Itabashi, Kita & Taito
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Area (sq.km) 135.32Population (persons) 2,110,284Day Time Population (persons) 2,312,486No. of Households 1,083,801Population Density persons/sq.km 97,010
Dwellings by Type of BuildingTotal
Detached Houses 261,370Tenament Houses 18,260Apartments 690,1301-2 Stories 176,1903-5 Stories 267,3906-10 Stories 136,94011 Stories and Over 109,620Other 6,210
Nerima Ward
Itabashi Ward
Toshima Ward
Kita Ward
Bunkyo Ward
Taito Ward
Jyohoku District: Population of Bunkyo, Toshima, Nerima, Itabashi & Kita
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
•Population of the Jyohoku District is expected to peak at around 2020
•Population of Bunkyo and Nerima wards is expected to peak at around 2025
•Population of Toshima, Itabashi, Kita and Taito wards is expected to peak between 2010 - 2015
100,000200,000300,000400,000500,000600,000700,000800,000
2005 2010 2015 2020 2025 2030 2035
(Persons)(Persons)
2,000,000
2,050,000
2,100,000
2,150,000
2,200,000
2,250,000
Bunkyo (LHS) Toshima (LHS) Nerima (LHS) Itabashi (LHS)
Kita (LHS) Taito (LHS) Total (RHS)
Bunkyo Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2003/2HRate of decrease between peak and 2008/2H- Rental Level→9.39%- Number of Units→51.28%
9,4009,6009,800
10,00010,20010,40010,60010,80011,00011,20011,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
051015202530354045
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Bunkyo Ward: Rental Level Sized 40 – 80 Sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 4.30% on a Y-o-Y basis.
•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Number of Units→63.80%
8,500
9,000
9,500
10,000
10,500
11,000
11,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Bunkyo Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental levels peaked in 2008/1H •Number of contracted units peaked in 2005/1H•Rate of decrease between peak and 2008/2H• - Rental Levels→2.09%
- Number of Units→65.92%
11,60011,70011,80011,90012,00012,10012,20012,30012,40012,50012,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
700
800
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Toshima Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels and number of contracted units both peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→22.97%- Number of Units→69.23%
0
2,000
4,000
6,000
8,000
10,000
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
5
10
15
20
25
30
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Toshima Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2005/2H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→2.19%- Number of Units→41.67%
8,2008,4008,6008,8009,0009,2009,4009,6009,800
10,00010,200
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Toshima Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→1.59%- Number of Units→58.82%
10,70010,80010,90011,00011,10011,20011,30011,40011,50011,60011,70011,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
200
400
600
800
1,000
1,200
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Nerima Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2003/2H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→14.40%- Number of Units→91.67%
01,0002,0003,0004,0005,0006,0007,0008,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
5
10
15
20
25
30
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Nerima Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2006/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→1.79%- Number of Units→61.09%
6,7006,8006,9007,0007,1007,2007,3007,4007,5007,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Nerima Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→4.02%- Number of Units→64.71%
9,6009,7009,8009,900
10,00010,10010,20010,30010,40010,50010,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01002003004005006007008009001,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Itabashi Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/1H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→9.51%- Number of Units→75.00%
01,0002,0003,0004,0005,0006,0007,0008,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
02468101214
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Itabashi Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Rental Level→5.85%- Number of Units→61.38%
6,000
6,500
7,000
7,500
8,000
8,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350400
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Itabashi Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→2.08%- Number of Units→51.01%
9,000
9,200
9,400
9,600
9,800
10,000
10,200
10,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01002003004005006007008009001,000
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Kita Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2005/1H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→24.56%- Number of Units→73.68%
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
5
10
15
20
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Kita Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
Rental Levels and number of contracted units both peaked in 2008/1HRate of decrease between peak and 2008/2H
- Rental Level→3.84%- Number of Units→67.50%
6,500
7,000
7,500
8,000
8,500
9,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Kita Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Rental Level→4.58%- Number of Units→60.45%
9,600
9,800
10,000
10,200
10,400
10,600
10,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Taito Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
02,0004,0006,0008,000
10,00012,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
05101520253035
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2005/2H•Number of contracted units peaked in 2006/2HRate of decrease between peak and 2008/2H- Rental Level→41.28%- Number of Units→96.88%
Taito Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
7,500
8,000
8,500
9,000
9,500
10,000
10,500
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 1.22% on a Y-o-Y basis.
•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Number of Units→41.83%
Taito Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
10,00010,20010,40010,60010,80011,00011,20011,40011,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0100200300400500600700800
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→1.82%- Number of Units→53.31%
Jyoto District: Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa
(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)
Area (sq.km) 172.02Population (persons) 1,798,936Day Time Population (persons) 2,213,656No. of Households 1,224,577Population Density persons/sq.km 273,145
Dwellings by Type of BuildingTotal
Detached Houses 322,480Tenament Houses 12,020Apartments 725,4401-2 Stories 124,8903-5 Stories 264,3706-10 Stories 178,31011 Stories and Over 158,460Other 4,480
Adachi Ward
Arakawa Ward
Koto Ward
Katsushika Ward
Edogawa Ward
Sumida Ward
Jyoto District: Population of Koto, Sumida, Arakawa, Adachi, Katsushika & Edogawa
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
•Population of the Jyoto District is expected to peak at around 2015
•Population of Koto, Sumida, and Arakawa wards is expected to peak at around 2020
•Population of Adachi and Katsushika wards is expected to peak before 2010
•Population of Edogawa Ward is expected to peak at around 2035
100,000
200,000
300,000
400,000
500,000
600,000
700,000
1 2 3 4 5 6 7
(Persons)(Persons)
2,400,000
2,450,000
2,500,000
2,550,000
2,600,000
2,650,000
Sumida (LHS) Koto (LHS) Arakawa (LHS) Adachi (LHS)
Katsushika (LHS) Edogawa (LHS) Total (RHS)
Koto Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2007/1H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→7.19%- Number of Units→68.89%
0
2,000
4,000
6,000
8,000
10,000
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
05101520253035404550
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Koto Ward: Rental Level Sized 40 – 80 sq.m.
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→2.24%- Number of Units→36.46%
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Koto Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 8.22% on a Y-o-Y basis.Number of contracted units peaked in 2008/1H
Rate of decrease between peak and 2008/2H- Number of Units→18.14%
9,500
10,000
10,500
11,000
11,500
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0100200300400500600700800
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Sumida Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
012345678
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2006/2HRate of decrease between peak and 2008/2H- Rental Level→45.05%- Number of Units→71.43%
Sumida Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Rental levels in 2008/2H was the highest in the past 5 years. Rental levels increased by 9.76% on a Y-o-Y basis.Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H- Number of Units→30.68%
Sumida Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
9,000
9,500
10,000
10,500
11,000
11,500
12,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0100200300400500600700
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→4.77%- Number of Units→46.50%
Arakawa Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→9.25%- Number of Units→80.00%
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
024681012
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Arakawa Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels peaked in 2004/2H•Number of contracted units peaked in 2004/2HRate of decrease between peak and 2008/2H- Rental Level→4.83%- Number of Units→54.66%
7,0007,2007,4007,6007,8008,0008,2008,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Arakawa Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
•Rental Levels and number of contracted units both peaked in in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→7.83%- Number of Units→35.08%
9,000
9,500
10,000
10,500
11,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
Adachi Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
01,0002,0003,0004,0005,0006,0007,0008,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
01020304050607080
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2007/2HRate of decrease between peak and 2008/2H- Rental Level→9.34%- Number of Units→98.63%
Adachi Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
5,2005,4005,6005,8006,0006,2006,4006,6006,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2007/2HRate of decrease between peak and 2008/2H- Rental Level→5.93%- Number of Units→62.86%
Adachi Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
7,8008,0008,2008,4008,6008,8009,0009,200
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2006/2H•Number of contracted units peaked in 2005/1HRate of decrease between peak and 2008/2H- Rental Level→1.66%- Number of Units→49.36%
Katsushika Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
01,0002,0003,0004,0005,0006,0007,0008,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
2
4
6
8
10
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2005/2HRate of decrease between peak and 2008/2H- Rental Level→37.57%- Number of Units→75.00%
Katsushika Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
5,9006,0006,1006,2006,3006,4006,5006,600
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
300
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2008/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→3.24%- Number of Units→65.00%
Katsushika Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
8,0008,2008,4008,6008,8009,0009,2009,400
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
050100150200250300350
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/1H•Number of contracted units peaked in 2006/1HRate of decrease between peak and 2008/2H- Rental Level→2.41%- Number of Units→61.59%
Edogawa Ward: Rental Level Sized 80 sq.m. Or Larger
(Source: Residential Index Forum, Savills Research & Consultancy)
0
2,000
4,000
6,000
8,000
10,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
5
10
15
20
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2005/1H•Number of contracted units peaked in 2007/1HRate of decrease between peak and 2008/2H- Rental Level→24.56%- Number of Units→73.68%
Edogawa Ward: Rental Level Sized 40 – 80 sq.m.
(Source: Residential Index Forum, Savills Research & Consultancy)
6,500
7,000
7,500
8,000
8,500
9,000
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
50
100
150
200
250
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels and number of contracted units both peaked in 2008/1HRate of decrease between peak and 2008/2H- Rental Level→3.84%- Number of Units→67.50%
Edogawa Ward: Rental Level Sized 40 sq.m. Or Smaller
(Source: Residential Index Forum, Savills Research & Consultancy)
9,600
9,800
10,000
10,200
10,400
10,600
10,800
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H
(Yen)
0
100
200
300
400
500
600
Rent per Month per Tsubo (LHS) No. of Units (RHS)
•Rental Levels peaked in 2007/2H•Number of contracted units peaked in 2004/1HRate of decrease between peak and 2008/2H- Rental Level→4.58%- Number of Units→60.45%
