Ikea is offering 107-square-foot apartment for less than $1 per month in Tokyo

Swedish retailer Ikea is becoming a landlord in Japan with a tiny apartment it will rent out in Tokyo.

The 107-square-foot apartment is located in the Shinjuku district and will cost just 99 yen ($0.86) per month to rent, according to details released by Ikea this week.

Only one unit is available, and it is fully furnished with Ikea furniture and accessories. The company is accepting applications from potential tenants, who must be over 20 years old, until December 3.

The apartment will then be rented out with a lease through January 15, 2023, said Ikea. The tenant will have to pay their own utility bills.

The 107-square-foot apartment isn’t much, but Ikea say they have worked hard to make the most of the available area.

“One of the keys is to make good use of the vertical space,” the company said on its website.

“By capturing the room three-dimensionally, new possibilities open up in a limited space.”

Tokyo is one of the most densely populated cities in the world, driving a trend for micro apartments. It is home to just over 14 million people, according to the Tokyo Metropolitan Government.

Ikea is promoting its tiny home with the help of a shark named Blahaj, who features in a series of promotional videos published on YouTube.

The character Blahaj portrays a real estate agent that specializes in small spaces. In the clips, Blahaj sets out his vision for the tiny apartment with the help of a member of the Ikea interior design team.

This is not the first time Ikea has got involved in property.

The company has a joint venture, BoKlok, with Swedish construction company Skanska, which has built affordable modular homes in Sweden, Finland and Norway.