> especially if you consider the age/condition of apartments

But apartment buildings in Tokyo are terrible. Fifteen years is considered "old" and that's not due to high standards - it's because after fifteen years the building is falling apart. I also suspect that if you compare rent per square meter, you're right you'll still have higher prices than London at least and probably SF as well, but significantly cheaper might be a stretch. $2500/month for 500 sq ft is expensive anywhere.

(And if the rent doesn't get you, parking will, though it's very easy to live without a car in Tokyo.)