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reikin
Reikin: Gift Money to Landlords in Japan
posted by John Spacey, April 20, 2015
Reikin, also known as Key Money, is an upfront non-refundable payment that's required to rent many apartments in Japan. The term can be literally translated "gratitude money."The amount of reikin is listed on apartment ads and is usually between 0-2 months rent. This is often negotiable depending on the competition for apartments in the area. Reikin peaked in Japan's bubble years and has been on the decline ever since. Recent surveys indicate that slightly less than 50% of apartments in Japan now charge reikin. As Japan's population growth has slowed and turned negative, many areas have become a renters market. However, reikin is still running strong in the popular neighborhoods of large cities.The kanji 礼金 or simply 礼 denotes reikin on Japanese apartment ads. It's typically listed as a number of month's rent. The following ad lists two months reikin or 260,000 yen.
Beyond reikin, many apartments request a refundable deposit known as shikikin of 0-2 months rent and first month's rent up front. It's also customary for your agent to charge 1 month's rent as a fee. In total, it's common for 6 months rent to be due at contract signing plus fees for insurance.
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