Tokyo Rent Divergence, July 2026: 23-Ward Studio Listings Slip to ¥136,075 While the Family-Type Gap Widens to ¥77,157
- Listed rents for studio-type units in Tokyo's 23 wards fell from ¥136,840 in June to ¥136,075 in July, down ¥765 (-0.6%) and a fourth straight monthly decline.
- Rents on units tenants actually enquired about edged up from ¥100,252 to ¥100,457 (+¥205, +0.2%) — listings easing while inquiries hold.
- The gap narrowed from ¥36,588 to ¥35,618, down ¥970, but still equals 26.2% of the listed rent.
- Year on year, listed rents are up 14.9% against 4.2% for inquiry rents, more than three times the pace.
- Family-type units moved the other way: 23-ward listed rents hit a record ¥259,107 (+0.5% on the month, +9.2% on the year) against inquiry rents of ¥181,950, widening the gap to a record ¥77,157 — what LIFULL calls a 'crocodile's mouth'.
- From the March peak of ¥138,092, studio listings have shed ¥2,017 or 1.5% over four months.
- Against the pre-pandemic baseline (series starts January 2020), studio listings are up 45.0% but studio inquiries only 14.9%.
- Practical read: the online listing price foreign tenants see sits well above what local tenants actually pursue — about ¥35,000 a month for 23-ward studios.
Listed rents for studio-type units in Tokyo's 23 wards were ¥136,840 in June and ¥136,075 in July, down ¥765 or 0.6% — a fourth consecutive monthly decline. Over the same month, rents on units tenants actually enquired about edged up from ¥100,252 to ¥100,457. The gap narrowed from ¥36,588 to ¥35,618.
That ¥970 of convergence should not be read as rents cooling. The gap still equals 26.2% of the listed rent: what appears online and what local tenants actually pursue are more than a quarter apart. The first chart shows the upper line drifting down from March's peak of ¥138,092 while the lower one runs flat around ¥100,000. The white space between them is the cost foreign tenants most often underestimate.
The record this month belongs to family-type units. Listed rents in the 23 wards reached ¥259,107, up 0.5% on the month and 9.2% on the year, against inquiry rents of ¥181,950 — a gap of ¥77,157, also a record. LIFULL calls this widening spread a crocodile's mouth, and the second chart plots both gaps together: the family-type jaw is opening far faster.
Why do the two move apart? Studio listings surged through the March moving season and are easing into the quiet half of the year, while family-type supply is thin enough that landlords feel no pressure to trim asking rents. Year on year, studio listings are up 14.9% against 4.2% for inquiries; against the January 2020 baseline, 45.0% against 14.9%.
Previous instalment: 【東京租金乖離｜2026年Q2】23區單身房掛牌13.7萬vs詢問10萬，租客轉向屋齡11年以上老屋 https://jpyonline.pages.dev/article/2026-07-24-48-tokyo-rent-divergence-2026q2-listings-ask-137k-while/
