Oversupply of rental real estate in the Tokyo metropolitan area and rising vacancy rates
First written in FY2017. 5 of 14 entries say "Worsened", first in FY2019-Q3. Latest entry: 2026-05-26.
Striders moved to the "Worse" side of this theme in 2019, 4 years before the typical company in this theme (2023).
The whole theme swung hardest in 2020: 30 of 70 companies on the "Worse" side.
15 other companies' latest entry also says "Mitigated".
- 2026-05-26MitigatedFinancial results presentation
「The number of properties under management declined amid the disposal of low-profitability properties and rising market rents, while the spread ratio improved.」
The company is improving profitability through the disposal of low-profitability properties, rising market rents and IT investment despite a decline in the number of properties under management. - FY2025MitigatedAnnual report
「The market has remained generally stable. Housing demand has also remained firm because our main operating area covers Tokyo and the three surrounding prefectures, and as of now no major risks related to rents or occupancy rates have emerged.」
In response to concerns over excess supply and rising vacancy rates in the Tokyo metropolitan area and a deterioration in real estate market conditions, the filing states that no significant risks related to rents or occupancy rates have emerged. - FY2024MitigatedAnnual report
「The lower vacancy rate increased the number of occupied units and, consequently, rent revenue, resulting in higher revenue and gross profit.」
In the real estate business, where rising vacancy rates and weak investment condominium transactions had been concerns, the filing reports a lower vacancy rate and higher rent revenue, indicating that the impact on operating performance has eased. - FY2024-Q2MitigatedAnnual report
「In the Residence Business, although the number of rental properties under management and rent levels under sublease agreements showed no significant year-on-year changes, the lower vacancy rate increased rent revenue in proportion to the number of occupied units, resulting in increases in both revenue and gross profit.」
Lower vacancy rates increased rent revenue, resulting in higher revenue and gross profit in the Residence Business. The improvement in previously identified concerns over vacancy rates and rental income has continued. - FY2024-Q1MitigatedAnnual report
「In the Residence Business, although the number of rental properties under management and rent levels under sublease agreements showed no significant year-on-year changes, the lower vacancy rate increased one-time revenue from new move-ins and rent revenue in proportion to the number of occupied units, resulting in increases in both revenue and gross profit. In addition, in the real estate sales business, both revenue and gross profit increased as sales transactions involving investment condominiums increased.」
The filing states that, during the quarter, the vacancy rate declined and sales transactions involving investment condominiums increased, addressing the previously identified concerns over vacancies and weak investment condominium transactions. - FY2023-Q3RestatedAnnual report
「In addition, in the real estate sales business, both revenue and gross profit fell sharply as sales transactions involving investment condominiums continued to decline.」
The continued decline in sales transactions involving investment condominiums has continued to affect the business through significant decreases in revenue and gross profit. - FY2023-Q2WorsenedAnnual report
「In the real estate sales business, both revenue and gross profit fell sharply as sales transactions involving investment condominiums continued to decline.」
The continued decline in sales transactions involving investment condominiums has resulted in a significant decrease in revenue and gross profit. - FY2023-Q1WorsenedAnnual report
「The impact on transactions involving investment condominiums has increased. Although revenue received in the Residence Business increased year on year, transactions in the real estate sales business fell sharply.」
While the Residence Business maintained or increased its rental property portfolio and other metrics, the growing impact on transactions involving investment condominiums led to a significant decline in transactions in the real estate sales business. - FY2022-Q2WorsenedAnnual report
「The impact on transactions involving investment condominiums has increased, and transactions in the real estate sales business fell sharply year on year.」
The impact of the infectious disease increased, particularly on transactions involving investment condominiums, resulting in a significant decline in real estate sales transactions. - FY2021-Q3RestatedAnnual report
「Regarding the impact of COVID-19, renewal rates and rental levels for existing lease agreements in the residential business have continued to be maintained, and the number of units under management also remained at a high level.」
The company does not state that the impact of the pandemic on new agreements explicitly worsened, and reaffirms that renewal rates and rental levels for existing agreements and the number of units under management were maintained. - FY2021-Q1No evident impact of the pandemic on new leases; rental levels maintainedAnnual report
「Restrictions on going out and other measures to control COVID-19 raised concerns that the execution of new lease agreements would be affected, but the impact did not become particularly evident, partly because cancellations of existing leases declined and renewal rates increased. Rental levels have also been maintained.」
No particular impact of the pandemic on new lease agreements became evident; the company describes fewer cancellations and higher renewal rates for existing leases, as well as maintained rental levels. - FY2020WorsenedAnnual report
「Against this backdrop, in the company's core real estate business, concerns include an oversupply of rental real estate in the Tokyo metropolitan area,」
In addition to concerns about an oversupply of rental real estate in the Tokyo metropolitan area, the company specifically describes the possibility of lower occupancy rates and rental income due to deterioration in economic conditions and COVID-19. - FY2019-Q3WorsenedAnnual report
「Although the trend of increasing the number of units under management in the residential business has continued, individual owners' willingness to transact in the real estate trading business has also weakened,」
It states that the number of units under management is increasing, while individual owners' willingness to transact in real estate has weakened. - FY2017First statedAnnual report
「The real estate leasing and management industry, our core business, remains in a difficult environment, including rising vacancy rates resulting from an oversupply of rental real estate in the Tokyo metropolitan area.」
Oversupply of rental real estate and rising vacancy rates in the Tokyo metropolitan area are identified as ongoing market risks affecting the core business.