Tokyo Landlords Lose Century-Old ‘Gift Money’ as Rents Slu

Tokyo Landlords Lose Century-Old ‘Gift Money’ as Rents Slu

Toshiyuki Aizawa/Bloomberg

Residential buildings in Tokyo. Even after Japan’s land prices tumbled the most in 13 years in 2009, Tokyo is still the second-most expensive city in the world for expatriates behind Luanda, Angola, based on Mercer LLC’s Cost of Living Survey released in June that compares housing, food, gasoline, movie and other prices. Rent for a mid-range two-bedroom unfurnished apartment in Japan’s capitaln averaged $4,436 a month, compared with $3,906 in London and $4,000 in New York, according to the study.