# Positive migration supports Tokyo rental demand despite occupancy easing: analyst

- **Source:** Real Estate Asia
- **Published:** 2026-08-03T23:31:12.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/residential/news/positive-migration-supports-tokyo-rental-demand-despite-occupancy-easing-analyst
- **Topics:** Regional Markets

## Featured rationale

Continued domestic and international inflows, especially among foreign residents inclined to rent, may sustain leasing demand despite seasonal occupancy moderation.

## AI summary

Tokyo’s 23 wards gained more than 54,000 net residents in Q2 2026, while rental occupancy eased 0.6 percentage points quarter-on-quarter to 96.2%.

## Original article

Tokyo attracted more than 54,000 new residents in Q2.

Tokyo's 23 wards recorded a net population inflow of more than 54,000 people between April and June 2026, helping underpin residential rental demand despite a slight easing in occupancy levels, according to Savills.

The property consultancy said the increase comprised approximately 39,000 Japanese nationals and 15,000 foreign nationals. The central five wards also remained in positive territory, recording a net inflow of nearly 3,800 people, including around 2,600 Japanese and 1,200 foreign residents.

Savills noted that while most submarkets recorded lower net migration than the same period a year earlier, population inflows remained positive across Tokyo and peripheral areas continued to perform relatively well.

The Outer East submarket led net migration with almost 15,000 new residents, followed by the South with roughly 13,000, the West with around 9,300 and the Outer North with about 8,100. The Inner North and Inner East submarkets recorded net inflows of around 3,000 and 2,800 people, respectively.

Savills said the moderation in migration likely reflects a normalisation following the strong post-pandemic inflows of recent years.

Meanwhile, occupancy across the Tokyo 23 wards eased to 96.2% in the second quarter, down 0.6 percentage points from the previous quarter and 0.3 percentage points year-on-year. Occupancy in the central five wards also softened to 95.6%.

According to Savills, the modest decline is consistent with seasonal patterns following the spring moving season, while occupancy remains elevated. The consultancy expects ongoing domestic and international migration, particularly among foreign residents with a higher propensity to rent, to continue supporting leasing demand in the coming months.

## Chinese translation

> Translation model: grok_cli

### 分析师：正向人口迁移支撑东京租赁需求，尽管入住率略有回落

东京23区在2026年4月至6月录得超过5.4万人净流入，有助于支撑住宅租赁需求，尽管

东京在第二季度吸引了超过5.4万名新居民。

据第一太平戴维斯（Savills）称，东京23区在2026年4月至6月录得超过5.4万人净流入，有助于支撑住宅租赁需求，尽管入住率略有回落。

该物业咨询机构表示，这一增幅约包括3.9万名日本国民和1.5万名外籍人士。中心五区也保持净流入，录得近3800人净迁入，其中包括约2600名日本人和1200名外籍居民。

第一太平戴维斯指出，尽管多数子市场的净迁移低于去年同期，但东京各处人口流入仍为正值，周边地区表现也相对较好。

外东（Outer East）子市场以近1.5万名新居民领跑净迁移，其次是南部约1.3万、西部约9300、外北约8100。内北和内东子市场分别录得约3000人和2800人的净流入。

第一太平戴维斯表示，迁移放缓可能反映疫情后近年强劲流入之后的正常化。

与此同时，东京23区整体入住率在第二季度回落至96.2%，较上一季度下降0.6个百分点，同比下降0.3个百分点。中心五区入住率亦软化至95.6%。

据第一太平戴维斯称，这一小幅回落符合春季搬家季后的季节性规律，而入住率仍处于高位。该咨询机构预计，持续的国内与国际人口迁移——尤其是租房倾向更高的外籍居民——将在未来数月继续支撑租赁需求。