"The land market has continued to experience regional divergence over the first quarter of 2026."

"Rental growth in the Tokyo 23W residential market continues at a more measured pace. Higher-income households continue to support C5W demand, while those seeking more affordable options are driving demand in the 23W outer markets."

"The Tokyo 23W residential market continues to record steady growth, driven by foreign national inflows and a growing proportion of fixed-term leases, facilitating more frequent rental repricing. Rising housing costs have priced out some potential buyers, redirecting demand towards the rental market."

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"The Tokyo 23W residential market sustained steady momentum with a trend of rising rents. Strong demographic inflows, including a notable proportion of foreign nationals, continue to support demand, while affordability pressures are gradually shifting some households towards peripheral wards. Elevated condominium prices and borrowing costs are further reinforcing rental demand."

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"Rental growth continues and prospects remain positive. Tokyo’s fundamentals are strong, with the peak spring moving season heralding a large net influx of new residents, bolstering rental demand. Multiple factors such as heightened for-sale condominium prices, limited new supply, strong wage growth, and elevated office participation, should underpin consistent rental growth."