IKEA launches apartment rental in Japan for less than $1 per month

IKEA, the Swedish furniture retailer that has branches around the world, is now a landlord after launching its apartment rental business in Tokyo, Japan. The surprising thing is that the company is only charging less than $1 per month for the rent!

The brand is a famous name and known for its clean, stylish furniture that is also affordable, and these are present in the apartment. The IKEA apartment is set in a tiny space, but the rent fee is still so low for a fully furnished space.

According to CNN Business, the IKEA apartment measures just 10 square meters, and it can be found in the Shinjuku district. The exact rent price is ¥99 or around $0.86 per month. Many are already interested in this space, but the company has yet to release the full details that it said will be posted within this week.

What's more, it was revealed that there is only one unit available at this time. Since the apartment attracted a lot of house hunters in Tokyo, IKEA is accepting applicants to pick the tenant. Applications are ongoing, and the company has set the due date for submissions to Dec. 3.

All applicants to become IKEA's tenants must also be 20 years old and up. Based on the reports, the apartment will be rented with a lease until Jan. 15, 2023. Just like the regular apartments, the tenant must shoulder their own utility bills.

The company said it worked hard to make the most of the tiny space, and it has everything in it to live comfortably. The furniture and other furnishings used are of high quality as well.

"One of the keys is to make good use of the vertical space," IKEA said. "By capturing the room three-dimensionally, new possibilities open up in a limited space."

The floor area is only 10 square meters, but the space was maximized after building a loft to serve as the bedroom. There is a stepladder to climb to the second level.

The ground floor has a kitchen, bathroom, living area, and space for washing. The sofa in the living could also be converted into a bed while the tables have wheels for efficient use of the space.

Sora News reported the IKEA apartment is part of the company's "Tiny Homes" project. It is a program where the furniture maker is promoting the idea of living comfortably and happily, even in small apartments.