When do applications open for the new discounted apartments?

Applications are expected to start around May. Exact dates, listings, and rules will come through official notices closer to launch. We suggest preparing income documents and household details now, since some units will have income caps and family-focused criteria that could require proof at the time of application.

How much cheaper is the rent compared with market levels?

The target is about 20% below prevailing rents. That means a unit typically listed at ¥150,000 per month could be offered near ¥120,000, subject to property, location, and program rules. Not all homes will price the same, but the discount sets a clear benchmark for nearby listings and renewals.

Who is eligible for the income-restricted units?

A portion of units will be reserved for households under specific income limits. Local reports highlight child-rearing families with annual income up to ¥8,000,000 as one group. Other units may have different criteria or no cap. Final screening will depend on official postings at the time applications open.

What does this mean for developers and residential REITs?

Discounted units can soften rent growth where they cluster, but they may also support stronger occupancy and tenant retention. Developers might tilt supply toward efficient, mid-market homes. Residential J-REITs could lean on steady leasing rather than large rent hikes, especially in areas competing directly with the new affordable stock.

Global Market Insights

Tokyo Affordable Housing Fund: Income Caps, May Launch – February 21

ByHuzaifa Zahoor February 21, 2026February 21, 2026

Tokyo affordable housing is set to expand as the city prepares to open applications around May for about 350 apartments priced at roughly 80% of market rent. A public-private housing fund will back the rollout, with income caps applied to part of the stock. The plan targets rent relief and aims to slow family outflows from Tokyo. We explain how the offering works, who may qualify, and what it could mean for the Tokyo rental market, developers, and residential REITs.