IKEA Japan fully furnished a 107 square foot space in Shinjuku and is offering it up as a low-cost tiny apartment rental. The liveable small space costs just ¥99 (the equivalent of about $0.87 USD) per month and it proves that there's room for low-cost living in the city, as well as spaces that are creatively designed.
The retailer says that one of the most important aspects of creating the space was to make the most of what room was available vertically, so it used a loft bed to support both work from home setups, a wardrobe and a lounging space complete with a sofa bed. IKEA is currently taking applications for interested applicants ages 20 and up.
$1 Tiny Apartment Rentals
IKEA Japan is Offering Low-Cost Rentals with Cleverly Designed Spaces
Trend Themes
1. Micro Living Spaces - As housing prices increase globally, there is a growing trend towards minimalist living with furniture designs that maximize every inch of available space
2. Affordable Housing - In response to the housing affordability crisis around the world, companies are experimenting with new business models to offer low-cost housing options to renters
3. Rental Economy - The rise of the sharing economy has led to a boom in the rental market for everything from cars to clothing to living spaces
Industry Implications
1. Furniture - By creating furniture designs that maximize small spaces, furniture companies can tap into the growing market for micro-living
2. Real Estate - Real estate developers can explore new business models to address the global housing crisis and offer affordable housing options to low-income renters
3. Sharing Economy - Platforms that facilitate peer-to-peer rentals can capitalize on the growing demand for low-cost living spaces and attract a new demographic of renters