GRM calculatorfor Japan real estate
Enter a listing price and monthly rent to get the Gross Rent Multiplier and gross yield, read against Tokyo benchmarks.
Copy it as shown on the listing: 万円 and 億円 are understood.
Don't know the realistic rent? Look it up by station.
Use the market rent for this station and layout, not the seller's stated figure.
GRM benchmark: Tokyo
GRM = purchase price ÷ monthly rent, management fee included. Each of the 33,303 condos for sale in Tokyo is compared with rentals at the same station and of the same age. Rents collected up to 2026-10-31.
Free resource
GRM benchmark — 50 Tokyo stations
Station-level GRM medians, gross yield ranges and walk-time corridors. One page. No spam. Unsubscribe anytime.
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Check a listing · $149 →How to use this calculator
Enter the purchase price in 万円 or 億円, and the monthly rent in yen. Use the realistic market rent for that station and layout — not the seller's stated rent, which may be inflated or locked into an old contract.
What is GRM?
GRM = Purchase price ÷ Monthly rent. It is the dominant screening metric used by Japanese institutional investors and experienced foreign buyers. Unlike cap rate, it requires no operating cost assumptions — making it fast and consistent across listings. A GRM of 150x means the price is 150× the monthly rent, a 12.5-year gross payback.
GRM and gross yield are inverses: yield (%) = 1200 ÷ GRM. A GRM of 150x = 8% gross yield.
Why station-level context matters
The same GRM means different things at different stations. A 200x GRM at Shimokitazawa reflects deep tenant demand and low vacancy risk. The same 200x at a peripheral station with declining population is a different risk profile entirely. Always read GRM in the context of station liquidity, walk time, layout, and building age.
GRM vs cap rate
Cap rate subtracts operating expenses (management, taxes, vacancy, repairs) from gross rent to get NOI, then divides by price. In Japan, operating costs typically run 20–30% of gross rent, pushing cap rate 1.5–2.5 points below gross yield. GRM is the screening tool. Cap rate is the underwriting tool.