Investors bet on rental housing in Japan and Australia as home prices rise

Nikkei Asia reports that rising home prices and borrowing costs are drawing investors to rental housing in Japan and Australia. Tokyo rental housing starts have outpaced owner-occupied starts. In August 2026, average asking rents for single-person apartments in Tokyo’s 23 wards rose 10% from a year earlier, according to real estate information provider At Home. In Australia, DWS plans its first investments in purpose-built rental apartments, though land and construction costs make new projects difficult.