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Record Highs in National Average Prices for Apartment Investments

In March 2026, Kenbiya Inc., a subsidiary of LIFULL, published its monthly market trends report for residential income properties in Japan, revealing a continuing increase in property values and average yields.

Overview of Market Trends

The report highlights three categories of residential income properties: condominiums, whole apartment buildings, and entire buildings. The national average price for whole apartment buildings has reached a remarkable 20,858,000 yen, marking the highest value since data collection began in April 2008. In contrast, the average price of whole apartment buildings stands at 9,092,000 yen, representing the second-highest ever recorded.

Across the three categories, prices compared to the same month last year have consistently risen. Despite monthly fluctuations, overall trends indicate robust growth in the income property market. The average yield remains stable year-on-year and month-on-month.

Key Regional Trends

In this report, Kenbiya also included a summary of the capital region and the 23 Wards of Tokyo. The average prices for condominiums in these areas reflect a substantial dependence on the Tokyo metropolitan area. While the overall growth in the three major metropolitan areas shows a consistent pattern, the 23 Wards display more volatility, highlighting the uniqueness of this segment.

For example, while the average price change for the greater Tokyo area was -1.61% over the previous month, the 23 Wards experienced a -2.56% change. However, compared to the same month last year, the 23 Wards showed a remarkable increase of +21.98%.

Breakdowns of Each Category

Condominiums

In the condominium market, average prices reached 2,653,000 yen as of March 2026, slightly down by 0.52% from the previous month but up by 20.37% from the same month last year. This growth trend continues, despite small local variances in yield, which overall remained relatively stable.

Regions such as Hokkaido and Kansai achieved their record highs at 4,535,000 yen and 8,728,000 yen, respectively. Following the national price trend, increases were observed across all regions. Notably, Shinshu and Hokuriku saw significant price increases of +43.25%, while Tokai showed an increase of +18.84% compared to the previous month.

Whole Apartment Buildings

The whole apartment building market also reported noteworthy trends. The average national price for these properties stood at 9,092,000 yen, marking the second-highest recorded value, with a 10.5% increase year-on-year. Various regions experienced varying trends; however, all areas except Tohoku and Shinshu/Hokuriku saw price increases compared to the same month last year.

For decreasing trends, Hokkaido was particularly impactful with a +13.38% increase. Notably, premium increases were evident in regions such as the Tokyo area, growing by 14.06% over the previous year, and Kansai, with a growth of 11.26%.

Whole Buildings

In the whole building market, the national average price has reached a record 20,858,000 yen. This reflects a growth of 2.63% compared to the previous month and an impressive 12.28% increase year-on-year.

Significant regional peaks were observed in the Tokyo area, which reached 23,996,000 yen. The overall trends indicate high price points across most major regions, with Northern regions showing higher volatility.

Conclusion

Kenbiya’s latest report provides a fascinating insight into the residential income property market in Japan, reflecting the ongoing investor interest and trends toward rising values across all categories. Given the current trajectory, the market shows no signs of stagnation, making now an opportune moment for prospective investors looking into income property investments.

For those seeking a detailed analysis, the complete monthly report is available for download from Kenbiya’s official site, further outlining the investment opportunities in residential real estate.