1、REPORTJapan rental housing:Solid investment fundamentals despite an ageing populationInvestment IntelligenceCBRE RESEARCHJULY 20232CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentJapan rental housing:Solid investment fundamentals despite an ageing populationNote:Bubble size represents GDP of each

2、country weighted by%planning to rentn=6,420(Japan n=316)Source:CBRE,January 2023Figure 0:Respondents planning to buy/rent property and potential size of rental housing market(image)ManyJapaneseprefertorentratherthanbuylivingaccommodation.When asked whether they plan to rent or buyproperty in the fut

3、ure,some 46%of Japanese respondents toCBREs 2022 Global Consumer Survey*indicated an intention torent,significantly above the global average of 35%.Estimates basedon the percentage of respondents indicating an intention to rentand each countrys GDP indicate that Japans latent rental housingmarket is

4、 of a size comparable to that of the U.S.,Germany andChina(Figure 0).The countrys residential sector is one of the few mature residentialinvestment markets in Asia Pacific,with properties being tradedactively by both domestic and foreign investors.The sector alsoboasts more stable rents than other a

5、sset types,such as offices.Scale,liquidity,and cash flow stability are some of the reasons thatmake the sector an attractive proposition to commercial real estateinvestors.To support the contention that Japanese rental housing will remaina promising sector,this report assesses the market from theper

6、spectives of demographics,household income,housing marketand consumer trends,and discusses the current state andattractiveness of the Japanese residential real estate investmentsector.*For more details,please refer to“Voices from Japan:How will people live,work and shop in the future?”,January 2023I