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Interest Rates & Financing

77.8% Experienced Higher Loan Rates; 63.6% Had Raised or Were Considering Raising Rents Amid Tower Listing Cuts in Tokyo's 23 Wards

A Rakumachi survey found that 77.8% of loan users had experienced higher interest rates over the past year, with a median monthly repayment increase of ¥15,000. Those who had already raised rents or were considering doing so accounted for 63.6%, while 44.0% had become more cautious about property purchases. In Tokyo's 23 wards, 2,967 tower units were listed for sale at a median ¥7.866 million/tsubo and 2,563 were listed for rent at a median ¥19,980/tsubo per month. The latest revisions comprised 361 sale-listing reductions and 8 increases.

Topic & Methodology

This original article investigates a newsworthy topic using the issuer's materials and our data. The materials used are listed under “Sources and passages reviewed.”

AI drafted this article from the source announcement and this site's data. Citations and figures were checked, with a separate AI call used for cross-checking. Verifiable facts are presented separately from conditional analysis, but these checks do not guarantee accuracy. This is neither a guarantee of future prices or returns nor a recommendation to buy or sell.

What the Source Confirms

Higher loan rates and increased monthly repayments

Rakumachi asked 239 respondents using real-estate investment loans whether their rates had risen over the past year. Combining borrowers whose rates rose at all lenders and at some lenders, 77.8% had experienced an increase. Among the 130 respondents whose actual repayments rose, the median monthly increase was ¥15,000. [1][2][3]

Regarding their approach to property purchases, 44.0% said they had become more cautious and 47.5% said their stance was unchanged. [4]

What the Source Confirms

Tower units for sale and rent in Tokyo's 23 wards, and price revisions

Our figures show 2,967 units listed for sale in Tokyo's 23 wards, with a median asking price of ¥7.866 million/tsubo. There were 2,563 units listed for rent, with a median asking rent of ¥19,980/tsubo per month. [5][6]

Price revisions observed from 2026-10-02 through 2026-10-08 comprised 361 reductions and 8 increases for sale listings, and 172 reductions and 8 increases for rental listings. [7]

Conditional Analysis

Conditions under which higher repayments squeeze rental cash flow

The Rakumachi survey includes a comment that actual cash flow had been cut in half. The ¥19,980/tsubo monthly median asking rent in Tokyo's 23 wards is a listing-stage level. If higher rates increase repayments, the amount retained can shrink even with unchanged rental income. Actual cash flow requires checking occupancy and contract terms at renewal and during vacancies. [8][6]

Under our investment metric's assumptions, the monthly figure subtracts management fees, repair reserve contributions, loan repayments, estimated property taxes and similar charges, and property-management fees from rent adjusted for assumed occupancy. Higher loan repayments can therefore reduce the estimated amount retained. This is only an assumption in our estimate, not evidence of actual legal or market changes, and it does not reflect interior condition, views, management condition, repair plans, or other factors unavailable from listings. [9][10]

Conditional Analysis

Intentions to raise rent and listing revisions do not point in the same direction

In the Rakumachi survey, reasons for raising rent included not only higher interest rates but also local market rents and increases in property taxes, repair expenses, and utilities. It therefore cannot be said that all of the 63.6% who had raised or were considering raising rents did so because of higher interest rates. [11][12][13]

The latest revisions in Tokyo's 23 wards comprised 361 reductions and 8 increases for sale listings, and 172 reductions and 8 increases for rental listings, so reductions outnumbered increases. If such asking-rent reductions continue, it will be important to check whether more properties are unable to pass repayment costs through to rent. This is nevertheless a single snapshot of listing revisions and is not directly linked to landlords' stated intentions to raise rents. [7]

Limitations & Points to Verify

Different coverage of the survey and the tower-condominium market

The Rakumachi survey reports aggregate results for loan users; the supplied materials do not provide a separate tally limited to tower-condominium investors. Our figures, by contrast, cover tower-condominium listings in Tokyo's 23 wards. Because the populations differ, the survey results cannot simply be applied to repayment burdens or actual sale conditions specific to domestic tower investments. [1][5]

Our sale and rental revisions are changes in published listings, not transaction prices or contracted rents. The sale and rental listing counts are samples as of 2026-10-08 and do not track price changes for the same properties, so these figures should not be used to calculate a simple rate of price change or yield. [5][6]

Limitations & Points to Verify

Different population from home-loan consultation data

Housing Factory's figures cover 94 home-loan consultations received from 2026-04-01 through 2026-09-30 in which total borrowing other than the home loan was recorded. Median other borrowing was ¥4.20 million, and 64.9% had ¥5.00 million or less. The respondents were prospective homebuyers primarily in Kanagawa, Tokyo, Chiba, and Saitama, a different population from Rakumachi's real-estate investor survey. These figures therefore do not establish the borrowing capacity of tower-condominium investors. [14][15][16]

Sources and passages reviewed

Research and opinions belong to their respective publishers. Citations establish the basis of the analysis and do not guarantee future results.

  1. 楽待株式会社
    不動産投資のローンを利用している239人

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  2. 楽待株式会社
    合わせて77.8％が金利の上昇を経験していました

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  3. 楽待株式会社
    実際に返済額が増えた130人の増加額の中央値は1万5000円でした

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  4. 楽待株式会社
    「慎重になった」が44.0％、「変わらない」が47.5％でした

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  5. TOWERS.SELECT Aggregation
    東京23区のタワーマンションのデータ：売出中の住戸は2,967戸で、坪単価の中央値は786.6万円/坪（2026-10-08時点、標本2,967戸）。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  6. TOWERS.SELECT Aggregation
    東京23区のタワーマンションのデータ：賃貸募集中の住戸は2,563戸で、坪賃料の中央値は19,980円/坪・月（2026-10-08時点、標本2,563戸）。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  7. TOWERS.SELECT Aggregation
    東京23区のタワーマンションのデータ：2026-10-02から2026-10-08までに確認した価格改定は、売買で値下げ361戸・値上げ8戸、賃貸で値下げ172戸・値上げ8戸。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  8. 楽待株式会社
    実質キャッシュフロー（家賃収入から返済や経費を差し引いた手残り）が半減した

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  9. Assumptions Behind TOWERS.SELECT's Investment Metrics
    想定の稼働率を反映した賃料から、管理費・修繕積立金・ローン返済・固定資産税等の概算・管理委託費を引いた月額。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  10. Assumptions Behind TOWERS.SELECT's Investment Metrics
    室内の状態、眺望、管理の状況、修繕の計画など、掲載から読み取れない条件は反映していない。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  11. 楽待株式会社
    周辺の家賃相場が上がって割安になっていた

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  12. 楽待株式会社
    固定資産税・修繕費・光熱費の上昇

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  13. 楽待株式会社
    合わせて63.6％が値上げに動いていました

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  14. 住宅ファクトリー株式会社
    2026年4月1日〜2026年9月30日

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  15. 住宅ファクトリー株式会社
    住宅ローン以外のお借入の総額を聞き取った94件を集計しました。その結果、お借入の総額の中央値は420万円で、全体の64.9%が500万円以下でした。

    Collected and aggregated:2026-10-08 11:27 (Japan time)

  16. 住宅ファクトリー株式会社
    神奈川県・東京都・千葉県・埼玉県を中心とする

    Collected and aggregated:2026-10-08 11:27 (Japan time)