Tokyo, Kyoto, or Osaka? Comparing Short-Term Rental ROI Across Japan's Top Cities
“So where should I buy?” It’s the question I get more than any other from people looking to invest in Japanese short-term rental property. And my honest answer is always the same: it depends on what you’re optimising for. Each of Japan’s three major hospitality markets — Tokyo, Kyoto, and Osaka — has a genuinely different risk/return profile. After running guesthouse operations across a few of these cities and spending too many late nights in spreadsheets, here’s how I actually think about it.