Tokyo residential rents rose 6.0% annually in the third quarter of 2026, reaching an average of JPY4,909 per square metre across the city’s 23 wards, according to a report by Savills. The growth was driven by broad-based momentum in the rental market, with 1.6% quarter-on-quarter increases across most areas.
Submarket Performance
The C5W submarket, covering Tokyo’s five central wards, marked its 13th consecutive quarter of rental growth. Average rents there increased 0.5% quarter-on-quarter and 4.5% year-on-year to JPY5,859 per square metre. Shinjuku recorded the highest quarterly gain at 1.7%, followed by Minato at 1.4% and Chuo at 0.3%. Chiyoda and Shibuya saw slight declines of 0.1% and 0.8% respectively in the quarter, though both maintained positive annual growth at 4.8% and 3.1%.
In the wider submarkets, South experienced the strongest quarterly growth with a 2.2% increase, pushing average rents to JPY5,090 per square metre. Meguro led the wards in this region with a 3.1% quarterly rise, followed by Ota at 2.6% and Shinagawa at 1.7%. The West submarket also posted significant gains, with rents up 2.1% quarter-on-quarter and 6.7% year-on-year to JPY4,516 per square metre. Nakano recorded the largest quarterly increase at 2.8% in this area.
Outer Regions Lead Annual Growth
Outer North emerged as the strongest performer on an annual basis, with rents rising 9.2% year-on-year to JPY4,333 per square metre. Kita achieved a 2.0% quarterly increase, while Itabashi grew 1.6% in the same period. Outer East followed with 6.1% annual growth, reaching JPY4,045 per square metre. Katsushika led this submarket with a 3.2% quarterly increase.
Inner North saw average rents rise 0.4% quarter-on-quarter and 7.0% year-on-year to JPY5,105 per square metre. Toshima posted an 1.8% quarterly gain, though Bunkyo experienced a 0.8% decline despite an 8.2% annual increase. Inner East rents increased 1.4% quarter-on-quarter and 6.0% year-on-year to JPY4,788 per square metre, with Koto and Sumida each recording 1.8% and 1.7% quarterly gains respectively.
Savills’ data shows that rental growth extended across Tokyo’s residential submarkets in Q3 2026. While the pace varied by location, the widespread increases indicate sustained momentum throughout the capital’s 23 wards. The report highlights that such broad-based growth reflects continued demand in Tokyo’s rental market, even as certain central areas experienced minor quarterly fluctuations.
