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How is it cheaper then? I’ve seen those shows and YouTube channels that show to rent basically a closet in Tokyo costs like $15,000 upfront. The monthly rent pr

by bmitc 4y ago

How is it cheaper then? I’ve seen those shows and YouTube channels that show to rent basically a closet in Tokyo costs like $15,000 upfront. The monthly rent prices I have seen are insane.

jrockway 4y ago
We don't call it "key money" in the US, but you'll be paying something like 10% of your annual rent to a broker in places like NYC. In some markets the landlord pays these fees, but in other markets where demand is high, the tenant gets to pay. Combine this, your first month's rent, and a security deposit, and Tokyo doesn't seem much different than the US.
- bmitc 4y ago
  Broker’s fees, first and last month’s rent can be common in big cities. It still doesn’t match what I’ve seen in first hand accounts of renting in Tokyo. I can’t remember about how much of the renting fees are refundable or not, where in the U.S., typically only the broker’s fee is non refundable. And I certainly don’t hear anyone saying places with these policies are surprisingly cheap. The person I responded to said that Tokyo is surprisingly cheap if you compare it to California real estate in the major cities (read as LA or San Francisco) and be willing to take major cuts on space and standard of living. That’s sort of a weird argument. Additionally comparing it to NYC doesn’t make it less weird. Of course living in Tokyo is cheap if you throw out standard of living, ignore the initial capital required to rent, and then compare it to some of the other most insane real estate markets.
Aeolun 4y ago
Monthly rent goes up from $200 at the low end (10 square meters or so) to $3000 at the high end (120 square meters). You have everything in between. There’s places (especially popular ones) that do key money (up to 3 months, which you don’t get back) and deposits (up to 3 months, which you do), but it’s starting to become less common, and you’ll always be able to find a place that doesn’t. Of course it doesn’t apply at all if you buy a house instead (for roughly the same monthly prices as renting). My main point is that renting in Tokyo is possible regardless of your budget, where in other markets it’s just plain impossible due to the minimum price for even tiny apartments.

by bmitc 4y ago

How is it cheaper then? I’ve seen those shows and YouTube channels that show to rent basically a closet in Tokyo costs like $15,000 upfront. The monthly rent prices I have seen are insane.

jrockway 4y ago

We don't call it "key money" in the US, but you'll be paying something like 10% of your annual rent to a broker in places like NYC. In some markets the landlord pays these fees, but in other markets where demand is high, the tenant gets to pay. Combine this, your first month's rent, and a security deposit, and Tokyo doesn't seem much different than the US.

bmitc 4y ago
Broker’s fees, first and last month’s rent can be common in big cities. It still doesn’t match what I’ve seen in first hand accounts of renting in Tokyo. I can’t remember about how much of the renting fees are refundable or not, where in the U.S., typically only the broker’s fee is non refundable. And I certainly don’t hear anyone saying places with these policies are surprisingly cheap. The person I responded to said that Tokyo is surprisingly cheap if you compare it to California real estate in the major cities (read as LA or San Francisco) and be willing to take major cuts on space and standard of living. That’s sort of a weird argument. Additionally comparing it to NYC doesn’t make it less weird. Of course living in Tokyo is cheap if you throw out standard of living, ignore the initial capital required to rent, and then compare it to some of the other most insane real estate markets.

Aeolun 4y ago

Monthly rent goes up from $200 at the low end (10 square meters or so) to $3000 at the high end (120 square meters). You have everything in between. There’s places (especially popular ones) that do key money (up to 3 months, which you don’t get back) and deposits (up to 3 months, which you do), but it’s starting to become less common, and you’ll always be able to find a place that doesn’t. Of course it doesn’t apply at all if you buy a house instead (for roughly the same monthly prices as renting). My main point is that renting in Tokyo is possible regardless of your budget, where in other markets it’s just plain impossible due to the minimum price for even tiny apartments.