Leading International Property Advisors

For:

Tokyo
Residential
Market Report
July 2009
Tokyo: • Tokyo’s GDP was the largest in the world in 2005 worth
The World’s Largest around 1.2 trillion dollars
City by GDP in 2005 • It is expected to be at the top of the table in 2020, with a
GDP worth 1.6 trillion dollars
and also in 2020
($1 Billion at PPPs) 2005 2020 (estimate)
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0

To m i

M ai
o

Ch o n

D e id

ro in g
i co s

ila
S e ul
g

tle
l
ng k

Is o it
i la Ci ty

Se i

M n to
ll a ng l o
n
go

W a ka hia

n
Lo es

M w
Bo s

ou
B u g to n e

a
os C

an h
i
r
ky

nt

H o and
F o K on
S a s to

to

r
re
M P ar

nb
b
Yo

co
gh
D a H o au

S h or t

ia

an
at
ad
nd

tr
en D
el

ic a

j
um
hi / K o

tl a

ro
O d elp

us
To

M B ei
Ai

ta
os
P

M
W

l
w

ak
A
o
Ne

sA

ex

rt

/O
n

et
Ph

s
Lo

co
s/
as

cis
an
Fr
n
Sa

(Source: United Nations, PｗC, Savills Research & Consultancy)

Population of Tokyo’s population (including its exterior cities) is
Tokyo: projected to increase until 2020, peaking at 13.05
million
Growth Expected
Tokyo’s population will not decrease to its 2005 level
until after 2035
Japan (LHS) Tokyo (RHS)
(Million) (Million)
130.0 13.2
13.1
125.0
13.0
120.0 12.9
12.8
115.0
12.7
110.0 12.6
12.5
105.0
12.4
100.0 12.3
2005 2010 2015 2020 2025 2030 2035

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Tokyo Residential: •Residential cap rates reached its lowest level in 2007/2H
Beginning • Currently, beginning transaction cap rates are expected
Transaction to be between 50 ~100 basis points higher than its
2007/2H level
Cap Rate
(%)
Studio Residential Family Residential Luxury Residential (Low Rise) Luxury Residential (Tower)

7.2
7.0
6.8
6.6
6.4
6.2
6.0
5.8
5.6
5.4
5.2
5.0
4.8
4.6
4.4
4.2
2 0 /2
2 0 /4
2 0 /6
2 0 4 /8

2 0 /2
2 0 /4
2 0 /6
2 0 5 /8

2 0 /2
2 0 /4
2 0 /6
2 0 6 /8

2 0 /2
2 0 /4
2 0 /6
2 0 7 /8

2 0 /2
2 0 /4
2 0 /6
2 0 8 /8

2 0 /2
/4
2 0 /1 0

20 12

2 0 /1 0

20 12

2 0 /1 0

20 12

2 0 /1 0

20 12

2 0 /1 0

20 12

2 0 /1 0

20 12
04
04
04

05
05
05

06
06
06

07
07
07

08
08
08

09
09
/

/
0

0
03
03

04
04

05
05

06
06

07
07

08
08
20

(Source: Japan Real Estate Institute, Savills Research & Consultancy)

Tokyo Residential - Major Investment Transactions

Property Lietocourt Arx Tower Cosmos Nishiojima Concieria Shibakoen J-Flats Sangenjaya
Grand Stage

Purchasing Price ¥13,000,000,000 ¥710,000,000 ¥4,000,000,000 ¥871,130,000

Price per Tsubo ¥1,808,660 NA NA NA

Location 3-8-1, MInato, Chuo 3-5-20,21, Kitasuna, Koto 6-15-1, Shimbashi, 2-16-9, Sangenjaya,
Ward, Tokyo Ward, Tokyo Minato Ward, Tokyo 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

Area (sq.km) 587

Population (persons) 7,654,272
Day Time Population (persons) 11,143,712
No. of Households 4,352,894
Population Density persons/sq.km 13,031

Dwellings by Type of Building

Total
Detached Houses 996,250
Tenament Houses 68,050
Apartments 2,754,940
1-2 Stories 669,090
3-5 Stories 1,078,460
6-10 Stories 564,250
11 Stories and Over 442,620
Other 23,170

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Population of •Population of Tokyo’s 23 wards is expected to grow
continuously until around 2020
Tokyo 23 Wards:
•Tokyo 23 wards’ population is expected to decrease to
below 2005 levels by 2035

(Persons) Tokyo 23 Wards

8,800,000

8,750,000

8,700,000

8,650,000

8,600,000

8,550,000

8,500,000

8,450,000

8,400,000
2005 2010 2015 2020 2025 2030 2035

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Tokyo 23 Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2005/2H
Rate of decrease between peak and 2008/2H
Sized 80 sq.m.
- Rental Level→0.16%
Or Larger - Number of Units→30.94%
(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)
15,500 1,600
15,000 1,400
14,500 1,200
14,000
1,000
13,500
800
13,000
600
12,500
12,000 400

11,500 200
11,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Tokyo 23 Ward: •Rental Levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 2.89% on a Y-o-Y
Rental Level basis.
Sized 40 – 80 sq.m. •Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H was
40.40%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,500 9,000
8,000
11,000
7,000
10,500 6,000
5,000
10,000
4,000
9,500 3,000
2,000
9,000
1,000
8,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Tokyo 23 Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 or smaller Rate of decrease between peak and 2008/2H
- Rental Level→28.21%
- Number of Units→51.60%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

14,000 20,000
18,000
12,000
16,000
10,000 14,000
8,000 12,000
10,000
6,000 8,000
4,000 6,000
4,000
2,000
2,000
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Central 5 Wards:
Chiyoda, Chuo,
Minato, Shinjuku,
Shibuya Shinjuku Ward

Area (sq.km) 75.47 Chiyoda Ward

Population (persons) 825,627
Day Time Population (persons) 3,722,952
No. of Households 482,090
Population Density persons/sq.km 52,530 Shibuya Ward
Chuo Ward

Dwellings by Type of Building

Total
Detached Houses 56,760
Minato Ward
Tenament Houses 8,870
Apartments 347,030
1-2 Stories 43,430
3-5 Stories 106,310
6-10 Stories 92,250
11 Stories and Over 105,030
Other 7,990

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Central 5 Wards: •Population of the central 5 wards is expected to grow
continuously until around 2025
Population of
•The population of Chiyoda Ward is expected to grow
Chiyoda, Chuo, continuously until around 2030
Minato, Shinjuku & •The population of Chuo and Minato wards is expected to
Shibuya Wards grow continuously until around 2035
Chiyoda (LHS) Chuo (LHS) Minato (LHS)
(Persons) Shinjuku (LHS) Shibuya (LHS) Total (RHS) (Persons)

350,000 940,000
300,000 920,000
250,000 900,000
880,000
200,000
860,000
150,000
840,000
100,000 820,000
50,000 800,000
0 780,000
2005 2010 2015 2020 2025 2030 2035
(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Chiyoda Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H
Sized 80 sq.m.
- Rental Level→9.28%
Or Larger - Number of Units→48.91%
(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)

25,000 100
90
20,000 80
70
15,000 60
50
10,000 40
30
5,000 20
10
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Chiyoda Ward: •Rental Levels peaked in 2008/1H
•Number of contracted units peaked in 2006/1H
Rental Level
Rate of decrease between peak and 2008/2H
Sized 40 – 80 sq.m.
- Rental Level→6.98%
- Number of Units→61.54%
(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)
15,500 250

15,000
200
14,500

14,000 150
13,500

13,000 100

12,500
50
12,000

11,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Chiyoda Ward: •Rental Levels peaked in 2006/1H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 40 or smaller Rate of decrease between peak and 2008/2H
- Rental Level→2.46%
- Number of Units→60.49%
(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)
14,400 350
14,200
300
14,000
13,800 250
13,600
13,400 200

13,200 150
13,000
12,800 100
12,600
50
12,400
12,200 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Chuo Ward: •Rental Levels peaked in 2007/1H
Rental Level •Number of contracted units peaked in 2008/1H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→10.23%
- Number of Units→34.29%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

16,000 120

14,000
100
12,000
80
10,000

8,000 60
6,000
40
4,000
20
2,000

0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Chuo Ward: •Rental Levels peaked in 2007/2H
•Number of contracted units peaked in 2008/1H
Rental Level
Rate of decrease between peak and 2008/2H
Sized 40 – 80 sq.m. - Rental Level→4.07%
- Number of Units→26.78%

(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)

13,500 600

13,000 500
12,500
400
12,000
300
11,500
200
11,000
10,500 100

10,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Chuo Ward: •Rental Levels peaked in 2007/2H
•Number of contracted units peaked in 2005/1H
Rental Level
Rate of decrease between peak and 2008/2H
Sized 40 sq.m. or
- Rental Level→3.92%
Smaller - Number of Units→61.62%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

14,600 700
14,400
600
14,200
14,000 500
13,800 400
13,600
13,400 300

13,200 200
13,000
100
12,800
12,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Minato Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2007/H1
Sized 80 sq.m. •Rate of decrease between peak and 2008/2H
Or Larger •- Rental Level→6.13%
•- Number of Units→11.42%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

19,500 450
19,000 400
18,500
350
18,000
17,500 300
17,000 250
16,500 200
16,000 150
15,500
100
15,000
14,500 50
14,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Minato Ward: •Rental levels peaked in 2007/2H
Rental Level •Number of units contracted peaked in 2007/H1
Sized 40 – 80 sq.m. •Rate of decrease between peak and 2008/2H
•- Rental Level→6.82％
•- Number of Units→12.43%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

16,000 1,000
900
15,500
800
15,000 700
14,500 600
500
14,000 400
13,500 300
200
13,000
100
12,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Minato Ward: •Rental levels peaked in 2008/1H
•Number of units contracted peaked in 2005/1H
Rental Level
•Rate of decrease between peak and 2008/2H
Sized 40 sq.m.
•- Rental Levels→4.42％
Or Smaller •- Number of Units→48.61%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)
16,000 1,200
15,800
15,600 1,000
15,400
15,200 800
15,000
600
14,800
14,600 400
14,400
14,200 200
14,000
13,800 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shinjuku Ward: •Rental levels peaked in 2007/1H
Rental Level •Number of units contracted peaked in 2005/1H
Sized 80 sq.m. •Rate of decrease between peak and 2008/2H
Or Larger •- Rental Level→9.66%
•- Number of Units→41.30%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
16,000 100
14,000 90
80
12,000
70
10,000 60
8,000 50
6,000 40
30
4,000
20
2,000 10
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shinjuku Ward: •Rental levels peaked in 2007/1H
Rental Level •Number of units contracted peaked in 2007/1H
Sized 40 – 80 sq.m. •Rate of decrease between peak and 2008/2H
•- Rental Level→2.10％
•- Number of Units→28.42%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
14,000 450

12,000 400
350
10,000
300
8,000 250
6,000 200
150
4,000
100
2,000 50
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shinjuku Ward: •Rental levels peaked in 2007/1H
Rental Level •Number of units contracted peaked in 2005/1H
Sized 40 sq.m. •Rate of decrease between peak and 2008/2H
Or Smaller •- Rental Level→4.76％
•- Number of Units→52.44%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
13,800 1,600
13,600 1,400
13,400
1,200
13,200
13,000 1,000
12,800 800
12,600 600
12,400
400
12,200
12,000 200
11,800 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shibuya Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2003/2H
Sized 80 sq.m. •Rate of decrease between peak and 2008/2H
Or Larger •- Rental Level→6.64％
•- Number of Units→37.50%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

17,500 250
17,000
16,500 200

16,000
150
15,500
15,000
100
14,500
14,000 50
13,500
13,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shibuya Ward: •Rental levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 5.06% on a Y-o-Y
Rental Level basis
Sized 40 – 80 sq.m. •Number of units contracted peaked in 2005/1H
•Rate of decrease between peak and 2008/2H was
45.22%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

16,000 700
15,500 600
15,000
500
14,500
14,000 400
13,500 300
13,000
200
12,500
12,000 100
11,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shibuya Ward: •Rental levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 0.35% on a Y-o-Y
Rental Level basis
Sized 40 sq.m. •Number of units contracted peaked in 2005/2H
Or Smaller •Rate of decrease between peak and 2008/2H was
51.76%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
15,500 1,200

15,000 1,000

14,500 800

14,000 600

13,500 400

13,000 200

12,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Jyonan District:
Shinagawa,
Meguro, Ota &
Setagaya Wards
Setagaya Ward

Area (sq.km) 154.96

Meguro Ward
Population (persons) 2,093,228
Day Time Population (persons) 2,169,603
No. of Households 1,096,464 Shinagawa Ward
Population Density persons/sq.km 13,508

Dwellings by Type of Building

Total
Detached Houses 252,510 Ota Ward
Tenament Houses 17,780
Apartments 694,020
1-2 Stories 196,120
3-5 Stories 320,450
6-10 Stories 117,070
11 Stories and Over 59,670
Other 2,660

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Jyonan District: •Population of the Jyonan District is expected to
grow continuously until around 2020
Population of Shinagawa, •Population of Meguro and Setagaya wards is
Meguro, Ota & Setagaya expected to peak at around 2025
Wards •Population of Shinagawa and Ota wards is
expected to peak before 2015

(Persons) Shinagawa (LHS) Meguro (LHS) Ota (LHS) Setagaya (LHS) Total (RHS) (Persons)

900,000 2,200,000
800,000
2,180,000
700,000
600,000 2,160,000

500,000 2,140,000
400,000
2,120,000
300,000
200,000 2,100,000
2005 2010 2015 2020 2025 2030 2035

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Shinagawa Ward: •Rental levels peaked in 2007/2H
Rental Level •Rate of decrease between peak and 2008/2H was 7.54%
Sized 80 sq.m. •Number of units contracted peaked in 2006/1H
Or Larger •Rate of decrease between peak and 2008/2H was
81.08%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

18,000 160
16,000 140
14,000 120
12,000
100
10,000
80
8,000
60
6,000
4,000 40

2,000 20
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shinagawa Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2007/1H
Sized 40 - 80 sq.m. •Rate of decrease between peak and 2008/2H
- Rental Level→6.38％
- Number of Units→48.85%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

14,000 400

12,000 350
300
10,000
250
8,000
200
6,000
150
4,000
100
2,000 50
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Shinagawa Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2007/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→2.87％
- Number of Units→54.12%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

13,000 1,200
12,800
1,000
12,600
12,400
800
12,200
12,000 600
11,800
400
11,600
11,400
200
11,200
11,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Meguro Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2005/1H
Sized 80 sq.m. •Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→0.17%
- Number of Units→51.67%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

16,000 140
14,000 120
12,000 100
10,000
80
8,000
60
6,000
40
4,000
2,000 20
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Meguro Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2005/1H
Sized 40 – 80 sq.m. •Rate of decrease between peak and 2008/2H
- Rental Level→5.33%
- Number of Units→28.57%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

13,500 350

13,000 300

12,500 250

12,000 200

11,500 150

11,000 100

10,500 50

10,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Meguro Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of units contracted peaked in 2005/1H
Sized 40 sq.m. •Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→1.56%
- Number of Units→52.42%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)
14,000 800
13,800
700
13,600
13,400 600
13,200 500
13,000
400
12,800
12,600 300
12,400 200
12,200
100
12,000
11,800 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Ota Ward: •Rental Levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 6.17% on a Y-o-Y
Rental Level basis
Sized 80 sq.m. •Number of contracted units peaked in 2005/1H
Or Larger Rate of decrease between peak and 2008/2H
- Number of units→48.39%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 70

10,000 60
50
8,000
40
6,000
30
4,000
20
2,000 10
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Ota Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 – 80 sq.m. •Rate of decrease between peak and 2008/2H
- Rental Level→4.04%
- Number of Units→57.22%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,000 600

8,800 500

8,600 400

8,400 300

8,200 200

8,000 100

7,800 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Ota Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→3.14%
- Number of Units→51.23%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,400 1,600

11,200 1,400
1,200
11,000
1,000
10,800
800
10,600
600
10,400
400
10,200 200
10,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Setagaya Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→1.08%
- Number of Units→65.37%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

14,000 300
12,000 250
10,000
200
8,000
150
6,000
100
4,000
2,000 50

0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Setagaya Ward: •Rental levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 4.25% on a Y-o-Y
Rental Level basis
Sized 40 – 80 sq.m. •Number of units contracted peaked in 2004/1H
Rate of decrease between peak and 2008/2H
- Number of Units→53.28%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,800 1,000
10,600 900
10,400 800
10,200 700
10,000
600
9,800
500
9,600
9,400 400
9,200 300
9,000 200
8,800 100
8,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Setagaya Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2004/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→1.88%
- Number of Units→65.25%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,400 2,500

12,200
2,000
12,000

11,800 1,500

11,600 1,000
11,400
500
11,200

11,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Jyosai District:
Nakano &
Suginami

Nakano Ward
Area (sq.km) 49.61
Population (persons) 826,197
Day Time Population (persons) 725,015
No. of Households 465,962
Population Density persons/sq.km 16,654

Suginami Ward

Dwellings by Type of Building

Total
Detached Houses 103,130
Tenament Houses 11,120
Apartments 298,320
1-2 Stories 128,460
3-5 Stories 119,940
6-10 Stories 39,680
11 Stories and Over 9,840
Other 1,830

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Jyosai District: •Population of the Jyosai District is expected to peak at
around 2015
Population of
•Population of Nakano Ward is expected to peak at
Nakano & around 2010
Suginami •Population of Suginami Ward is expected to peak at
around 2015
(Persons) (Persons)
Nakano (LHS) Suginami (LHS) Total (RHS)

600,000 860,000
550,000 850,000
500,000 840,000
450,000 830,000
400,000 820,000
350,000 810,000
300,000 800,000
250,000 790,000
2005 2010 2015 2020 2025 2030 2035

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Nakano Ward: •Rental Levels peaked in 2005/1H
Rental Level •Number of contracted units peaked in 2005/2H
80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→6.24%
- Number of Units→54.17%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,500 30

9,000 25

20
8,500
15
8,000
10
7,500 5

7,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Nakano Ward: •Rental Levels in 2008/2H was the highest in the past five
years. Rental levels increased by 5.29% on a Y-o-Y
Rental Level basis
Sized 40 – 80 sq.m. •Number of contracted units peaked in 2004/1H
Rate of decrease between peak and 2008/2H
- Number of units→63.06%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,200 350
10,000 300
9,800 250
9,600
200
9,400
150
9,200
9,000 100
8,800 50
8,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Nakano Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2004/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→0.70%
- Number of Units→62.90%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 1,000
900
11,800
800
11,600 700
11,400 600
500
11,200 400
11,000 300
200
10,800
100
10,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Suginami Ward: •Rental levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 12.72% on a Y-on-Y
Rental Level basis
Sized 80 sq.m. •Number of contracted units peaked in 2004/1H
Or Larger Rate of decrease between peak and 2008/2H
- Number of Units→83.02%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 60
10,000 50
8,000 40
6,000 30
4,000 20
2,000 10
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Suginami Ward: •Rental levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 3.77% on a Y-on-Y
Rental Level basis
Sized 40 – 80 sq.m. •Number of contracted units peaked in 2004/1H
Rate of decrease between peak and 2008/2H
- Number of Units→71.72%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)
9,600 450
400
9,400
350
9,200 300
250
9,000
200
8,800 150
100
8,600
50
8,400 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Suginami Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→2.04%
- Number of Units→66.35%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,900 1,400
11,800 1,200
11,700
1,000
11,600
800
11,500
600
11,400
400
11,300
11,200 200

11,100 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Jyohoku District:
Bunkyo, Toshima,
Nerima, Itabashi, Itabashi Ward
Kita Ward
Kita & Taito
Nerima Ward
Area (sq.km) 135.32
Population (persons) 2,110,284
Day Time Population (persons) 2,312,486
No. of Households 1,083,801 Toshima Ward
Population Density persons/sq.km 97,010
Bunkyo Ward

Dwellings by Type of Building Taito Ward

Total
Detached Houses 261,370
Tenament Houses 18,260
Apartments 690,130
1-2 Stories 176,190
3-5 Stories 267,390
6-10 Stories 136,940
11 Stories and Over 109,620
Other 6,210

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Jyohoku District: •Population of the Jyohoku District is expected to peak at
around 2020
Population of
Bunkyo, Toshima, •Population of Bunkyo and Nerima wards is expected to
peak at around 2025
Nerima, Itabashi &
•Population of Toshima, Itabashi, Kita and Taito wards is
Kita expected to peak between 2010 - 2015

Bunkyo (LHS) Toshima (LHS) Nerima (LHS) Itabashi (LHS)

(Persons) (Persons)
Kita (LHS) Taito (LHS) Total (RHS)
800,000 2,250,000
700,000
2,200,000
600,000
500,000 2,150,000
400,000 2,100,000
300,000
2,050,000
200,000
100,000 2,000,000
2005 2010 2015 2020 2025 2030 2035

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Bunkyo Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2003/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→9.39%
- Number of Units→51.28%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,400 45
11,200 40
11,000 35
10,800 30
10,600
25
10,400
20
10,200
10,000 15
9,800 10
9,600 5
9,400 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Bunkyo Ward: •Rental Levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 4.30% on a Y-o-Y
Rental Level basis.
Sized 40 – 80 Sq.m. •Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H
- Number of Units→63.80%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,500 300

11,000 250

10,500 200

10,000 150

9,500 100

9,000 50

8,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Bunkyo Ward: •Rental levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 sq.m. •Rate of decrease between peak and 2008/2H
Or Smaller • - Rental Levels→2.09%
- Number of Units→65.92%
(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,600 800
12,500 700
12,400
600
12,300
12,200 500
12,100 400
12,000 300
11,900
200
11,800
11,700 100
11,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Toshima Ward: •Rental Levels and number of contracted units both
peaked in 2007/1H
Rental Level
Rate of decrease between peak and 2008/2H
Sized 80 sq.m.
- Rental Level→22.97%
Or Larger
- Number of Units→69.23%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 30

10,000 25

8,000 20

6,000 15

4,000 10

2,000 5

0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Toshima Ward: •Rental Levels peaked in 2005/2H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→2.19%
- Number of Units→41.67%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,200 350
10,000 300
9,800
9,600 250
9,400 200
9,200
9,000 150
8,800 100
8,600
8,400 50
8,200 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Toshima Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→1.59%
- Number of Units→58.82%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,800 1,200
11,700
11,600 1,000
11,500
11,400 800
11,300
600
11,200
11,100 400
11,000
10,900 200
10,800
10,700 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Nerima Ward: •Rental Levels peaked in 2003/2H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→14.40%
- Number of Units→91.67%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

8,000 30
7,000 25
6,000
20
5,000
4,000 15
3,000
10
2,000
1,000 5
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Nerima Ward: •Rental Levels peaked in 2006/1H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→1.79%
- Number of Units→61.09%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

7,600 600
7,500
500
7,400
7,300 400
7,200
300
7,100
7,000 200
6,900
100
6,800
6,700 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Nerima Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→4.02%
- Number of Units→64.71%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,600 1,000
10,500 900
10,400 800
10,300 700
10,200 600
10,100 500
10,000 400
9,900 300
9,800 200
9,700 100
9,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Itabashi Ward: •Rental Levels peaked in 2007/1H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→9.51%
- Number of Units→75.00%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
8,000 14
7,000 12
6,000 10
5,000
8
4,000
6
3,000
2,000 4
1,000 2
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Itabashi Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2004/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→5.85%
- Number of Units→61.38%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

8,500 400
350
8,000
300
7,500 250
200
7,000 150
100
6,500
50
6,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Itabashi Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→2.08%
- Number of Units→51.01%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,400 1,000
900
10,200
800
10,000 700
9,800 600
500
9,600 400
9,400 300
200
9,200
100
9,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Kita Ward: •Rental Levels peaked in 2005/1H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→24.56%
- Number of Units→73.68%

Rent per Month per Tsubo (LHS) No. of Units (RHS)

(Yen)
10,000 20

8,000 15
6,000
10
4,000

2,000 5

0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Kita Ward: Rental Levels and number of contracted units both
peaked in 2008/1H
Rental Level Rate of decrease between peak and 2008/2H
Sized 40 – 80 sq.m. - Rental Level→3.84%
- Number of Units→67.50%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,000 250

8,500 200

8,000 150

7,500 100

7,000 50

6,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Kita Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2004/1H
Sized 40 sq.m. Or Rate of decrease between peak and 2008/2H
Smaller - Rental Level→4.58%
- Number of Units→60.45%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,800 600

10,600 500

10,400 400

10,200 300

10,000 200

9,800 100

9,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Taito Ward: •Rental Levels peaked in 2005/2H
Rental Level •Number of contracted units peaked in 2006/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→41.28%
- Number of Units→96.88%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 35
10,000 30
8,000 25
20
6,000
15
4,000 10
2,000 5
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Taito Ward: •Rental Levels in 2008/2H was the highest in the past 5
years. Rental levels increased by 1.22% on a Y-o-Y
Rental Level basis.
Sized 40 – 80 sq.m. •Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H
- Number of Units→41.83%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,500 300
10,000 250
9,500 200
9,000 150
8,500 100
8,000 50
7,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Taito Ward: •Rental Levels peaked in 2007/1H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 sq.m. Or Rate of decrease between peak and 2008/2H
Smaller - Rental Level→1.82%
- Number of Units→53.31%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,600 800
11,400 700
11,200 600
11,000 500
10,800 400
10,600 300
10,400 200
10,200 100
10,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Jyoto District:
Koto, Sumida, Adachi Ward

Arakawa, Adachi,
Katsushika & Katsushika Ward

Edogawa Arakawa Ward

Area (sq.km) 172.02 Sumida Ward

Population (persons) 1,798,936
Day Time Population (persons) 2,213,656 Edogawa Ward
No. of Households 1,224,577
Population Density persons/sq.km 273,145

Dwellings by Type of Building

Total
Detached Houses 322,480
Koto Ward
Tenament Houses 12,020
Apartments 725,440
1-2 Stories 124,890
3-5 Stories 264,370
6-10 Stories 178,310
11 Stories and Over 158,460
Other 4,480

(Source: Ministry of Internal Affairs, at home, Savills Research & Consultancy)

Jyoto District: •Population of the Jyoto District is expected to peak at
around 2015
Population of Koto, •Population of Koto, Sumida, and Arakawa wards is
Sumida, Arakawa, expected to peak at around 2020
Adachi, •Population of Adachi and Katsushika wards is expected
to peak before 2010
Katsushika & •Population of Edogawa Ward is expected to peak at
Edogawa around 2035
Sumida (LHS) Koto (LHS) Arakawa (LHS) Adachi (LHS)
(Persons) (Persons)
Katsushika (LHS) Edogawa (LHS) Total (RHS)
700,000 2,650,000
600,000 2,600,000
500,000
2,550,000
400,000
2,500,000
300,000
200,000 2,450,000

100,000 2,400,000
1 2 3 4 5 6 7

(Source: National Institute of Population and Social Security Research, Savills Research & Consultancy)
Koto Ward: •Rental Levels peaked in 2007/1H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→7.19%
- Number of Units→68.89%
(Yen)
Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 50
45
10,000 40
8,000 35
30
6,000 25
20
4,000 15
2,000 10
5
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Koto Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→2.24%
- Number of Units→36.46%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,000 300

8,000 250
200
6,000
150
4,000
100
2,000 50
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Koto Ward: Rental levels in 2008/2H was the highest in the past 5
Rental Level years. Rental levels increased by 8.22% on a Y-o-Y basis.
Sized 40 sq.m. Number of contracted units peaked in 2008/1H
Or Smaller Rate of decrease between peak and 2008/2H
- Number of Units→18.14%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 800
700
11,500
600
11,000 500
400
10,500 300
200
10,000
100
9,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Sumida Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2006/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→45.05%
- Number of Units→71.43%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,000 8
7
8,000 6
6,000 5
4
4,000 3
2,000 2
1
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Sumida Ward: Rental levels in 2008/2H was the highest in the past 5
Rental Level years. Rental levels increased by 9.76% on a Y-o-Y basis.
Sized 40 – 80 sq.m. Number of contracted units peaked in 2006/1H
Rate of decrease between peak and 2008/2H
- Number of Units→30.68%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,000 300

8,000 250
200
6,000
150
4,000
100
2,000 50
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Sumida Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→4.77%
- Number of Units→46.50%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

12,000 700
11,500 600
500
11,000
400
10,500
300
10,000 200
9,500 100
9,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Arakawa Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→9.25%
- Number of Units→80.00%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,000 12
8,000 10
8
6,000
6
4,000
4
2,000 2
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Arakawa Ward: •Rental Levels peaked in 2004/2H
Rental Level •Number of contracted units peaked in 2004/2H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→4.83%
- Number of Units→54.66%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

8,400 200
8,200
8,000 150
7,800
100
7,600
7,400 50
7,200
7,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Arakawa Ward: •Rental Levels and number of contracted units both
Rental Level peaked in in 2005/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→7.83%
- Number of Units→35.08%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

11,000 350
300
10,500 250
200
10,000
150
9,500 100
50
9,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Adachi Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2007/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→9.34%
- Number of Units→98.63%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

8,000 80
7,000 70
6,000 60
5,000 50
4,000 40
3,000 30
2,000 20
1,000 10
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Adachi Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2007/2H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→5.93%
- Number of Units→62.86%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

6,800 350
6,600 300
6,400 250
6,200
200
6,000
150
5,800
5,600 100
5,400 50
5,200 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Adachi Ward: •Rental Levels peaked in 2006/2H
Rental Level •Number of contracted units peaked in 2005/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→1.66%
- Number of Units→49.36%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,200 500
9,000
400
8,800
8,600 300
8,400 200
8,200
100
8,000
7,800 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Katsushika Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2005/2H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→37.57%
- Number of Units→75.00%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

8,000 10
7,000
6,000 8
5,000 6
4,000
3,000 4
2,000
2
1,000
0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Katsushika Ward: •Rental Levels peaked in 2008/1H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→3.24%
- Number of Units→65.00%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

6,600 300
6,500 250
6,400 200
6,300
150
6,200
6,100 100

6,000 50
5,900 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Katsushika Ward: •Rental Levels peaked in 2007/1H
Rental Level •Number of contracted units peaked in 2006/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→2.41%
- Number of Units→61.59%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,400 350
9,200 300
9,000 250
8,800 200
8,600 150
8,400 100
8,200 50
8,000 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Edogawa Ward: •Rental Levels peaked in 2005/1H
Rental Level •Number of contracted units peaked in 2007/1H
Sized 80 sq.m. Rate of decrease between peak and 2008/2H
Or Larger - Rental Level→24.56%
- Number of Units→73.68%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,000 20
8,000 15
6,000
10
4,000
2,000 5

0 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Edogawa Ward: •Rental Levels and number of contracted units both
Rental Level peaked in 2008/1H
Sized 40 – 80 sq.m. Rate of decrease between peak and 2008/2H
- Rental Level→3.84%
- Number of Units→67.50%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

9,000 250
8,500 200
8,000 150
7,500 100
7,000 50
6,500 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)

Edogawa Ward: •Rental Levels peaked in 2007/2H
Rental Level •Number of contracted units peaked in 2004/1H
Sized 40 sq.m. Rate of decrease between peak and 2008/2H
Or Smaller - Rental Level→4.58%
- Number of Units→60.45%

(Yen) Rent per Month per Tsubo (LHS) No. of Units (RHS)

10,800 600
10,600 500
10,400 400
10,200 300
10,000 200
9,800 100
9,600 0
2003/2H 2004/1H 2004/2H 2005/1H 2005/2H 2006/1H 2006/2H 2007/1H 2007/2H 2008/1H 2008/2H

(Source: Residential Index Forum, Savills Research & Consultancy)