Bank-led Service Boosts Rental Market by Renovating Japan’s Vacant Homes

Saitama Resona Bank introduced a one-stop referral service that matches owners of unused houses with a network of 16 companies offering demolition, renovation and asset-management support. An August event gathered about 130 homeowners, and the bank reports almost 300 consultation requests, with over 10 percent leading to transactions or other solutions. Companies such as Yamori Corp., which has refurbished roughly 270 units, and Daiwa House Industry Co., which partners with municipalities to repurpose aging estates, are actively converting vacant properties into rental homes in regions like Toyama, Hakodate and Ishikawa.

The initiative targets the surge in empty homes—reaching a record 9 million in 2023—as an aging population drives depopulation. By revitalizing these houses, the program seeks to create new demand for the renovation market and bolster community cohesion, offering young renters affordable single-family options.