The Financialization of Rental Housing in Tokyo

La financiarisation des logements locatif à Tokyo

Natacha Aveline-Dubach ()
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Natacha Aveline-Dubach: GC (UMR_8504) - Géographie-cités - UP1 - Université Paris 1 Panthéon-Sorbonne - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique

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Abstract: Over the past two decades, the private rental sector has grown significantly in Japan. Once an overlooked sector of the market, it has been seized by the financial industry to the point of becoming the second largest REIT residential market in the world. This paper explores the development of residential REITs in Japan, in a context of demographic decline and urban shrinkage. It highlights the strategies of major Japanese real estate groups to diversify their activities and strengthen their control over popular downtown Tokyo neighbourhoods, building on government initiatives to revitalize land markets and stabilize the banking system through real estate financial investment vehicles. As the paper shows, the need to secure financial investors' expectations of attractive returns has led REIT asset managers to target the vast majority of their leasing activity to Japan's young, "promising" corporate employees. By pointing to the mediation of large corporations in the landlord-tenant relationship, the paper brings these neglected actors into the framework of financialized rental housing, and puts the analysis into the broader context of employment.

Keywords: financialization; securitization; rental housing; Tokyo; REIT; bubble; land use; property development; urban planning 2; ACL; CRIA (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-ure
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02440007v1
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Citations: View citations in EconPapers (7)

Published in Land Use Policy, 2020, 112 (104463), ⟨10.1016/j.landusepol.2020.104463.⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02440007

DOI: 10.1016/j.landusepol.2020.104463.

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