Even in Tokyo the residential vacancy rates are still very high - more than 10% depending on the ward, and more than 15% when looking at the burbs. Manhattan va

Even in Tokyo the residential vacancy rates are still very high - more than 10% depending on the ward, and more than 15% when looking at the burbs. Manhattan vacancy rates, as a point of reference, are around 2%. Prices apparently have been going up (attributed to the upcoming Olympics[1]), but honestly, when I walk around and look at rental prices, they seem pretty reasonable (damn cheap even) compared to say, Los Angeles (smaller units, but also cheaper per BR). You're definitely right about the rest of the country though, and outside of Tokyo, population has already peaked and is decreasing... For those w/ a burning interest in JP real estate, comprehensive market research is plentiful: https://www.nri.com/jp/opinion/r_report/pdf/japanreport2013_en_final.pdf https://www.nri.com/jp/opinion/r_report/pdf/japanreport2013_... http://www.savills.co.jp/research/japan-residential-research.aspx http://www.savills.co.jp/research/japan-residential-research... http://japanpropertycentral.com/ http://japanpropertycentral.com/ [1] http://asia.nikkei.com/Markets/Property/Tokyo-property-prices-up-on-2020-Olympics-condo-demand http://asia.nikkei.com/Markets/Property/Tokyo-property-price...