House of Councilors lawmakers will be offered far lower rents than market prices for an apartment building under construction in a prime location in Tokyo, it has been learned.

The eight-story building with 56 apartments for Upper House members, one subway station away from the Diet building, is being built in Kioicho, Chiyoda Ward, in front of luxury hotels, including the Hotel New Otani.

The ¥5 billion building, which replaces an old apartment complex for Upper House members, is set to be completed by February. Members of the chamber without a home in or near Tokyo will be allowed to rent them.

Rents will be set at ¥158,006 per month for an 81-sq.-meter apartment with three bedrooms and ¥109,239 for a 56-sq.-meter apartment with one bedroom, informed sources said.

Real estate agents in the neighborhood said renting an 80-sq.-meter apartment in that area usually costs ¥400,000 to ¥600,000 per month.