As rents rise across many of the world’s leading cities, prices in the Japanese capital have hardly budged.
In New York, the average rent increased 35 per cent in the year to June, in London, it rose 12 per cent, and in Sydney, it rose 10. In Tokyo, over the same period, the average rent increased by just 0.2 per cent.
Stable rents are good news for foreign workers who are arriving in large numbers following a relaxation of Japan’s border controls earlier this year. Overseas visitors to Japan exceeded 100,000 for the third consecutive month in June.
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