Decline in the number of new rental housing starts and signs that the rental business sector may have peaked
First written in FY2019-Q2. 10 of 27 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-08-10.
Koryojyuhan moved to the "Worse" side of this theme in 2019.
0 other companies' latest entry also says "Mitigated".
- FY2026-H1WorsenedAnnual report
「New housing starts totaled 57,630 units in February 2026, down 4.9% year on year, marking the 4th consecutive month of decline. By category, owner-occupied housing totaled 15,501 units, down 4.7%, returning to decline after increasing in January; rental housing totaled 25,042 units, down 2.7% and marking the 4th consecutive month of decline; and built-for-sale housing totaled 16,613 units, down 8.8% and marking the 2nd consecutive month of decline.」
New housing starts fell 4.9% year on year, marking the 4th consecutive month of decline, while rental housing starts, a core area of the business, fell 2.7%, also marking the 4th consecutive month of decline. The trend has changed from broadly flat with some recovery in the previous period to one of decline. - FY2025WorsenedAnnual report
「Although demand in the rental housing market has become more active alongside social and economic activity, housing starts for rental properties have continued to decline.」
The description has changed from the broadly flat trend in rental housing starts in the previous period to a continuing declining trend in the current period. - FY2025-H1MitigatedAnnual report
「New housing starts totaled 60,583 units in February 2025, up 2.4% year on year, marking the first increase in 10 months. By category, owner-occupied housing totaled 16,272 units, down 0.2% and marking the 2nd consecutive month of decline; rental housing totaled 25,744 units, up 3.2%, returning to growth after declining in January; and built-for-sale housing totaled 18,213 units, up 5.1%, marking the first increase in 10 months.」
Total housing starts rose 2.4% year on year, increasing for the first time in 10 months, while rental housing starts also rose 3.2%. Some improvement has emerged from the previous declining and broadly flat trend in rental housing starts, but owner-occupied housing continues to decline. - FY2024Rental housing starts remain broadly flatAnnual report
「Although demand in the rental housing market has become more active alongside social and economic activity, housing starts for rental properties have remained broadly flat.」
The description has changed from the increase and recovery trend in rental housing starts through the previous period to a broadly flat trend for the full year. - FY2024-Q2WorsenedAnnual report
「Housing starts totaled 59,162 units in February 2024, down 8.2% year on year, marking the 9th consecutive month of decline. By category, owner-occupied housing totaled 16,307 units, down 11.2% and marking the 27th consecutive month of decline; rental housing totaled 24,934 units, up 1.0% and marking the 2nd consecutive month of growth; and built-for-sale housing totaled 17,327 units, down 17.7% and marking the 2nd consecutive month of decline.」
Total housing starts fell 8.2% year on year, marking the 9th consecutive month of decline, while owner-occupied and built-for-sale housing also declined. Rental housing starts, however, rose 1.0%, marking the 2nd consecutive month of growth. The recovery trend in rental housing starts through the previous period has been maintained, but the overall housing market continues to contract. - FY2024-Q1WorsenedAnnual report
「In the real estate industry in which we operate, housing starts totaled 66,238 units in November 2023, down 8.5% year on year. Housing starts have declined for 6 consecutive months. By category, owner-occupied housing totaled 17,789 units, down 17.3% and marking the 24th consecutive month of decline; rental housing totaled 28,275 units, down 5.3% and marking the 4th consecutive month of decline; and built-for-sale housing totaled 19,578 units, down 5.2% and marking the 6th consecutive month of decline.」
Total housing starts fell 8.5% year on year, marking the 6th consecutive month of decline, while rental housing starts fell 5.3%, marking the 4th consecutive month of decline. The description has changed from the recovery and stabilization in rental housing starts reported through the previous period to a declining trend. - FY2023MitigatedAnnual report
「In the rental market, consumer sentiment regarding corporate personnel transfers and relocations has also been recovering as various restrictions related to COVID-19 have been eased, and demand has been moving toward stabilization.」
The company states that rental demand is recovering from the stagnation in personnel-transfer and relocation demand caused by the pandemic and is moving toward stabilization. Meanwhile, it reports a downward trend in housing starts for owner-occupied housing. - FY2023-Q3MitigatedAnnual report
「Housing starts totaled 69,561 units in May 2023, up 3.5% year on year, the first increase in 4 months. By type of use, owner-occupied housing totaled 18,853 units, down 11.5% and declining for the 18th consecutive month; rental housing totaled 28,695 units, up 10.5% and increasing again after declining in April; and for-sale housing totaled 21,389 units, up 9.1%, the first increase in 4 months.」
Overall housing starts increased 3.5% year on year, the first increase in 4 months, while rental housing starts also increased 10.5%. Owner-occupied housing continued to decline, whereas rental housing starts related to the rental business showed an upward trend. - FY2023-Q2Overall Housing Starts Decline Again; Rental Housing Continues to IncreaseAnnual report
「Housing starts totaled 64,426 units in February 2023, down 0.3% year on year, declining again after increasing in the previous month. By type of use, owner-occupied housing declined 4.6% year on year for the 15th consecutive month, rental housing increased 4.7% for the 24th consecutive month, and for-sale housing declined 1.8%, the first decline in 3 months.」
Overall housing starts declined 0.3% year on year, falling again after increasing in the previous month. Meanwhile, rental housing starts increased 4.7% for the 24th consecutive month, maintaining an upward trend in the environment for rental-sector construction. - FY2023-Q1MitigatedAnnual report
「Housing starts totaled 72,372 units in November 2022, down 1.4% year on year, marking the second consecutive month of decline. By type of use, owner-occupied housing totaled 21,511 units, down 15.1% and declining for the 12th consecutive month; rental housing totaled 29,873 units, up 11.4% and increasing for the 21st consecutive month; and for-sale housing totaled 20,642 units, down 0.8%, the first decline in 4 months.」
While overall housing starts and owner-occupied housing declined, rental housing starts related to the company's core business increased 11.4% for the 21st consecutive month. The previous decline and signs of a ceiling in rental housing starts are moving toward alleviation. - FY2022MitigatedAnnual report
「Although the rental market experienced a temporary slowdown in corporate personnel transfers and employment because of the impact of COVID-19, it has since been on a recovery trend, with demand moving toward stabilization. The housing purchase environment remains favorable, supported by government measures to support home purchases and low-interest-rate mortgages. Although new housing starts for owner-occupied housing have continued to decline, starts of for-sale detached houses have been trending upward.」
Rental demand was described as being on a recovery trend and moving toward stabilization, while the housing purchase environment remained favorable. An upward trend in for-sale detached houses was also indicated, partly easing concerns about deterioration in market conditions. - FY2022-Q3Overall Housing Starts Decline for the First Time in 15 Months; Rental Housing Continues to IncreaseAnnual report
「Housing starts totaled 67,193 units in May 2022, down 4.3% year on year, the first decline in 15 months. By type of use, owner-occupied housing totaled 21,307 units, down 6.9% for the sixth consecutive month; rental housing totaled 25,942 units, up 3.5% for the 15th consecutive month; and for-sale housing totaled 19,595 units, down 8.5%.」
Overall housing starts declined 4.3% year on year, the first decline in 15 months, while rental housing starts increased 3.5% for the 15th consecutive month. The recovery trend in the housing market has changed in some respects. - FY2022-Q2MitigatedAnnual report
「Housing starts totaled 64,614 units in February 2022, up 6.3% year on year, marking the 12th consecutive month of increase. By type of use, owner-occupied housing declined 5.6% year on year for the third consecutive month, rental housing increased 4.6% for the 12th consecutive month, and for-sale housing increased 23.3% after declining in January 2022.」
Housing starts increased 6.3% year on year for the 12th consecutive month, while rental housing starts increased 4.6% for the 12th consecutive month. Signs of recovery in the sales and rental business areas continued. - FY2022-Q1MitigatedAnnual report
「Housing starts totaled 73,414 units in November 2021, up 3.7% year on year, marking 9 consecutive months of year-on-year growth. By type, owner-occupied housing totaled 25,329 units, up 5.5% and increasing for the 13th consecutive month; rental housing totaled 26,819 units, up 1.4% and increasing for the 9th consecutive month; and for-sale housing totaled 20,813 units, up 6.5% and increasing for the 2nd consecutive month. Signs of recovery have emerged in the group's core sales and rental business areas.」
The company reports signs of recovery in the sales and rental business areas, as overall housing starts, owner-occupied housing, rental housing and for-sale housing all turned to increases after a period of year-on-year declines. - FY2021MitigatedAnnual report
「The housing purchase environment remains favorable, supported by government measures to support home purchases and low-interest-rate mortgages. New housing starts remained broadly flat through around the beginning of 2021 but have been trending upward since March.」
Housing starts have been trending upward since March 2021, and the housing purchase environment was also described as favorable. A shift from the previous declines in housing starts and signs of a ceiling in rental housing starts toward recovery in the sales and rental markets was indicated. - FY2021-Q3MitigatedAnnual report
「In the real estate industry to which our group belongs, housing starts totaled 70,178 units in May 2021, up 9.9% year on year for the third consecutive month. By type of use, owner-occupied housing totaled 22,887 units, up 16.2% year on year for the seventh consecutive month; rental housing totaled 25,074 units, up 4.3% for the third consecutive month; and for-sale housing totaled 21,426 units, up 8.4% after declining in the previous month. Of for-sale housing, condominiums totaled 9,444 units, up 1.6% for the third consecutive month, while detached houses totaled 11,797 units, up 13.6%, the first increase in 18 months. Signs of recovery have emerged in the sales and rental business areas, the main business areas of our group.」
Housing starts increased 9.9% year on year for the third consecutive month, while rental housing starts increased 4.3% for the third consecutive month. In contrast to the previous declines in housing starts and signs of a ceiling in rental housing starts, signs of recovery emerged in the sales and rental business areas. - FY2021-Q2Continued Decline in Housing Starts and Signs of RecoveryAnnual report
「In the real estate industry to which our group belongs, housing starts totaled 60,764 units in February 2021, down 3.7% year on year, marking the 20th consecutive month of decline. By type of use, owner-occupied housing increased 4.3% year on year for the fourth consecutive month, while for-sale housing and rental housing declined. However, rental housing financed with private funds increased 2.6% year on year, the first increase in 45 months. Accordingly, signs of recovery have emerged in the sales and rental business areas, the main business areas of our group.」
The year-on-year decline in housing starts extended from 17 consecutive months to 20 consecutive months. Meanwhile, rental housing financed with private funds increased 2.6%, the first increase in 45 months, and the company stated that signs of recovery were emerging in the sales and rental business areas. - FY2021-Q1WorsenedAnnual report
「In the real estate industry to which our group belongs, housing starts totaled 70,798 units in November 2020, down 3.7% year on year, marking the 17th consecutive month of year-on-year decline. By type of use, owner-occupied housing increased 1.5% year on year, marking the first increase in 16 months. However, rental housing, for-sale condominiums and for-sale detached houses declined. Although signs of a ceiling in rental housing starts were also evident in the rental business, the main business area of our group, land sales and brokerage for owner-occupied housing showed encouraging signs.」
Housing starts declined year on year for 17 consecutive months. Rental housing, for-sale condominiums and for-sale detached houses also declined. While rental housing starts showed signs of a ceiling, land sales and brokerage for owner-occupied housing showed encouraging signs. - FY2020RestatedAnnual report
「Although the housing purchase environment remains favorable, supported by government measures to support home purchases and low-interest-rate mortgages, housing starts have continued to decline from the previous year.」
The company describes the housing purchase environment as favorable, while reporting the continued year-on-year decline in housing starts and market constraints in the rental business. - FY2020-Q3WorsenedAnnual report
「Housing starts totaled 63,682 units in May 2020, down 12.3% year on year, marking the 11th consecutive month of decline. By type of use, owner-occupied, for-sale and rental housing all declined year on year. Signs of a ceiling in rental housing starts were also evident in the rental business, the main business area of our group.」
The year-on-year decline in housing starts extended from 8 consecutive months in the previous quarter to 11 consecutive months, with a 12.3% decline in May 2020. The company states that owner-occupied, for-sale and rental housing all declined. - FY2020-Q2WorsenedAnnual report
「In the real estate industry, in which the company operates, housing starts totaled 63,105 units in February 2020, down 12.3% year on year, marking 8 consecutive months of decline. By type of housing relationship, owner-occupied and for-sale housing increased year on year, while rental housing declined. In the group's core rental business, there are also signs that rental housing starts may have reached a ceiling.」
The year-on-year decline in housing starts extended from 5 consecutive months in FY2020-Q1 to 8 consecutive months, with a 12.3% year-on-year decline in February 2020. - FY2020-Q1WorsenedAnnual report
「In the real estate industry to which our group belongs, housing starts totaled 73,523 units in November 2019, down 12.7% year on year, marking the fifth consecutive month of year-on-year decline. By type of use, owner-occupied housing, rental housing and for-sale condominiums all declined year on year. Signs of a ceiling in rental housing starts were also evident in the rental business, the main business area of our group.」
Housing starts declined year on year for 5 consecutive months, with a 12.7% decline in November 2019. The company continued to report signs of a ceiling in rental housing starts. - FY2019SoftenedAnnual report
「In the real estate industry to which our group belongs, demand in the rental market remains stable, supported by the rise in the job-offer-to-applicant ratio resulting from active personnel transfers by companies and greater employment stability.」
The consecutive decline in housing starts and signs of a ceiling in rental housing starts reported through the third quarter were not highlighted in the full-year risk disclosures, which stated that demand in the rental market was stable. - FY2019-Q3WorsenedAnnual report
「Housing starts totaled 72,581 units in May 2019, down 8.7% year on year. Housing starts had declined year on year for 2 consecutive months. By type of use, owner-occupied housing increased year on year, while rental housing and for-sale housing declined. Signs of a ceiling in rental housing starts were also evident in the rental business, the main business area of our group.」
Housing starts declined year on year for 2 consecutive months, with an 8.7% decline in May 2019. The company continued to report declines in rental and for-sale housing and signs of a ceiling in rental housing starts. - FY2019-Q2First statedAnnual report
「By type of use, owner-occupied and for-sale housing increased year on year, while rental housing declined. Signs of a ceiling in rental housing starts are also evident in the rental business, the main business area of our group.」
For rental housing starts, the core market for the rental business, the company first explicitly identified the decline and signs of a ceiling as industry risks. Housing starts totaled 71,966 units in February 2019, up 4.2% year on year.