Investment Studio Apartments: Reality in Spring 2026
SOZO Co., Ltd. has released its April 2026 "Nationwide Handling Performance Report." Analyzing data from 785 investment studio apartments, the report reveals the actual conditions of prices, per-tsubo unit prices, and effective yields in six metropolitan areas: Osaka, Tokyo, Aichi, Hyogo, Fukuoka, and Kyoto. This report highlights the current challenges in the profitability of investment properties amidst rising interest rates and persistently high prices.
📋 Article Processing Timeline
- 📰 Published: April 27, 2026 at 22:00
- 🔍 Collected: April 27, 2026 at 13:31
- 🤖 AI Analyzed: April 27, 2026 at 14:40 (1h 8m after Collected)
SOZO Co., Ltd. (Head office: Chuo-ku, Osaka City, Osaka Prefecture; Representative: Kohei Hatano) has released its "Nationwide Handling Performance Report, April 2026 Edition," which compiles and analyzes data from 785 investment sectional condominiums handled by the company. The report discloses the actual conditions of prices, per-tsubo unit prices, and effective yields in six metropolitan areas—Osaka, Tokyo, Aichi, Hyogo, Fukuoka, and Kyoto—along with an analysis of characteristics specific to each city.
[Nationwide data from 785 properties reveals yield disparities and changes in holding costs across cities] https://mansion-investment.jp/report_all_2026-04/
Background of the Survey
The Bank of Japan has been gradually raising interest rates since lifting its negative interest rate policy, and strong speculation of further rate hikes persists. Meanwhile, prices for investment studio apartments continue to remain high, and a structure where price increases do not lead to improved yields has become evident in major cities across Japan. Amidst these environmental changes, there is a growing trend among investment property owners to review the profitability of their holdings. Recognizing the importance of objectively disseminating market conditions through data, the company has published this report.
Survey Results Summary (All 785 properties)
Yield Structure by Price Range — "Higher priced properties yield lower returns"
The aggregation of all 785 properties by price range clearly showed a consistent pattern across all areas: price increases do not lead to improved yields. While properties under 15 million yen can secure yields of 4.86% to 6.54%, those exceeding 20 million yen converge to 4.03% to 4.05%, indicating that as prices rise, yields decrease.
Market Characteristics by City — Why do yield disparity structures differ?
Even for the same "investment studio apartments," the level, distribution, and patterns of yield disparities vary significantly by city. Key areas of focus are summarized below.
Tokyo (Median 4.11%): Largest Yield Disparity
The divergence between the average (4.53%) and median (4.11%) is the largest. With the widest distribution of 3.2% to 9.9%, a disparity of over 1.5 to 2.5 percentage points arises depending on the area and age of construction. The yield for new/recently built properties (under 10 years old) is 3.94%, the lowest among all cities. Many high yields are due to properties over 35 years old (average 6.61%, price 9.69 million yen), reflecting price depreciation.
https://mansion-investment.jp/report_tokyo_2026-04/
Osaka Prefecture (Median 4.32%): Most Uniform Yields
The 25th to 75th percentile range for yields is 4.18% to 4.50%, the smallest among the six cities. There is almost no yield difference between the central six wards and surrounding areas (4.34% vs. 4.40%), indicating a market structure where it is difficult to differentiate profitability by area. The flip side of this stability is the risk of having less room to mitigate losses through yield adjustments during a price decline.
https://mansion-investment.jp/report_osaka_2026-04/
Aichi Prefecture (Median 4.73%): Highest Yield Among 6 Cities
The median yield of 4.73% is the highest among the six cities. The distribution is also stable, ranging from 4.55% to 5.08%, with all major areas in Nagoya City maintaining over 4.7%. While the per-tsubo unit price is suppressed at 1.99 million yen, the rent level (72,741 yen/month) surpasses Osaka and Fukuoka, indicating a good balance between price and rent.
https://mansion-investment.jp/report_aichi_2026-04/
Hyogo Prefecture (Median 4.47%): Yield Advantage at Osaka's Price Level
Despite an average price of 17.05 million yen, almost on par with Osaka (17.14 million yen), the median yield is 4.47%, surpassing Osaka by 0.15 percentage points. The average rent (73,313 yen) is also higher than Osaka's (71,537 yen), suggesting a market structure where rent tends to be relatively maintained against the per-tsubo unit price.
https://mansion-investment.jp/report_hyogo2026-04/
Fukuoka Prefecture (Median 4.39%):
With an average price of 14.67 million yen, it is the cheapest. The distribution range of 3.9% to 8.7% is the widest, with high yields primarily coming from older, low-priced properties. The average rent of 63,946 yen is the only one in the 60,000 yen range among the six cities, indicating that the low rent level itself is the background for the low prices.
Kyoto Prefecture (Median 4.45%):
For older properties (20-35 years old), with a yield of 5.30% and a price of 11.67 million yen, the price decline is larger compared to the same category in Osaka (4.83% yield, 13.24 million yen), strongly reflecting in the yield. It is a market where the rent-supporting effect as a tourist city and the upside of older properties coexist.
Comment by Kohei Hatano, Representative Director, SOZO Co., Ltd.
From spring 2026 onwards, the investment condominium market is entering a phase where persistently high prices and rising interest rates are progressing simultaneously. As this data shows, for price ranges exceeding 20 million yen, yields are converging around 4%, establishing a structure where price increases do not directly lead to improved profitability.
Assuming property prices enter an adjustment phase.
[Nationwide data from 785 properties reveals yield disparities and changes in holding costs across cities] https://mansion-investment.jp/report_all_2026-04/
Background of the Survey
The Bank of Japan has been gradually raising interest rates since lifting its negative interest rate policy, and strong speculation of further rate hikes persists. Meanwhile, prices for investment studio apartments continue to remain high, and a structure where price increases do not lead to improved yields has become evident in major cities across Japan. Amidst these environmental changes, there is a growing trend among investment property owners to review the profitability of their holdings. Recognizing the importance of objectively disseminating market conditions through data, the company has published this report.
Survey Results Summary (All 785 properties)
Yield Structure by Price Range — "Higher priced properties yield lower returns"
The aggregation of all 785 properties by price range clearly showed a consistent pattern across all areas: price increases do not lead to improved yields. While properties under 15 million yen can secure yields of 4.86% to 6.54%, those exceeding 20 million yen converge to 4.03% to 4.05%, indicating that as prices rise, yields decrease.
Market Characteristics by City — Why do yield disparity structures differ?
Even for the same "investment studio apartments," the level, distribution, and patterns of yield disparities vary significantly by city. Key areas of focus are summarized below.
Tokyo (Median 4.11%): Largest Yield Disparity
The divergence between the average (4.53%) and median (4.11%) is the largest. With the widest distribution of 3.2% to 9.9%, a disparity of over 1.5 to 2.5 percentage points arises depending on the area and age of construction. The yield for new/recently built properties (under 10 years old) is 3.94%, the lowest among all cities. Many high yields are due to properties over 35 years old (average 6.61%, price 9.69 million yen), reflecting price depreciation.
https://mansion-investment.jp/report_tokyo_2026-04/
Osaka Prefecture (Median 4.32%): Most Uniform Yields
The 25th to 75th percentile range for yields is 4.18% to 4.50%, the smallest among the six cities. There is almost no yield difference between the central six wards and surrounding areas (4.34% vs. 4.40%), indicating a market structure where it is difficult to differentiate profitability by area. The flip side of this stability is the risk of having less room to mitigate losses through yield adjustments during a price decline.
https://mansion-investment.jp/report_osaka_2026-04/
Aichi Prefecture (Median 4.73%): Highest Yield Among 6 Cities
The median yield of 4.73% is the highest among the six cities. The distribution is also stable, ranging from 4.55% to 5.08%, with all major areas in Nagoya City maintaining over 4.7%. While the per-tsubo unit price is suppressed at 1.99 million yen, the rent level (72,741 yen/month) surpasses Osaka and Fukuoka, indicating a good balance between price and rent.
https://mansion-investment.jp/report_aichi_2026-04/
Hyogo Prefecture (Median 4.47%): Yield Advantage at Osaka's Price Level
Despite an average price of 17.05 million yen, almost on par with Osaka (17.14 million yen), the median yield is 4.47%, surpassing Osaka by 0.15 percentage points. The average rent (73,313 yen) is also higher than Osaka's (71,537 yen), suggesting a market structure where rent tends to be relatively maintained against the per-tsubo unit price.
https://mansion-investment.jp/report_hyogo2026-04/
Fukuoka Prefecture (Median 4.39%):
With an average price of 14.67 million yen, it is the cheapest. The distribution range of 3.9% to 8.7% is the widest, with high yields primarily coming from older, low-priced properties. The average rent of 63,946 yen is the only one in the 60,000 yen range among the six cities, indicating that the low rent level itself is the background for the low prices.
Kyoto Prefecture (Median 4.45%):
For older properties (20-35 years old), with a yield of 5.30% and a price of 11.67 million yen, the price decline is larger compared to the same category in Osaka (4.83% yield, 13.24 million yen), strongly reflecting in the yield. It is a market where the rent-supporting effect as a tourist city and the upside of older properties coexist.
Comment by Kohei Hatano, Representative Director, SOZO Co., Ltd.
From spring 2026 onwards, the investment condominium market is entering a phase where persistently high prices and rising interest rates are progressing simultaneously. As this data shows, for price ranges exceeding 20 million yen, yields are converging around 4%, establishing a structure where price increases do not directly lead to improved profitability.
Assuming property prices enter an adjustment phase.