Swedish furniture giant IKEA is renting out a 10-square-metre apartment in Tokyo for 99 yen, or AU$1.20.
The fully furnished small unit is in Tokyo’s Shinjuku district, with renters to pay for utilities in addition to the $1.20 monthly rent.
That means that over the course of a year, rent would come to $14.40.
IKEA is now taking applications from prospective tenants until 3 December. Renters need to be at least 20 years old to apply.
The unit is available until 15 January, 2023, with IKEA dubbing it the “happiest room ever”.
IKEA said it had made the most of the room’s vertical space by installing clever shelving and bedding to increase available space.
According to the floorplan, the first floor has the room’s entrance, bathroom, kitchenette, workspace and bathroom while the second floor has a bed.
Tokyo is the most heavily populated prefecture in Japan, with 6,158 people per square kilometre. Nearly 10 per cent of Japan’s total population calls the city home.
Tiny apartments, sometimes called “three-mat apartments” because they have the floor space of three tatami mats, are increasingly in demand in Tokyo, with young professionals choosing the small rooms in exchange for a big-city lifestyle.
The Potts Point one-bedroom dwelling has a kitchen, bathroom, lounge room and “sleeping nook”.
“Bright, well-appointed and fully furnished, it is gracefully styled throughout,” the listing reads.
The home is available for inspection on Saturday 27 November at 12pm.