OYO Enters Into Long Term Rental Sector
OYO Living will aim to expand to the top 10 metros by the end of 2019 and will offer over 50,000 beds.
OYO ANNOUNCED its entry into long-term fully managed housing rentals – OYO Living. At the time of launch, OYO Living will have 35+ live properties, with over 2000 beds in Noida, Gurugram, Bengaluru, and Pune, targeted at the always-on generation of millennials and young professionals. With most assets currently operating already resulting at full occupancy, OYO Living will aim to expand to the top 10 metros by the end of 2019 and will offer over 50,000 beds.
Piloted in mid-2018, OYO Living offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. Each accommodation will also provide essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Residents will also have access to OYO Support at all times, at no additional cost over the monthly rental charges. Starting with INR 7999, per bed, per month, OYO Living will help residents save on brokerage, lock-in periods, and the hassle of searching for house help and support services involved while moving to a new residence.
Commenting on the launch, Ritesh Agarwal, CEO & Founder, OYO Hotels & Homes, said, “OYO Living represents our ongoing commitment to continue innovating and creating world-class stay experiences from India. OYO is already the most preferred brand in the budget to mid-segment hospitality space, where our operational expertise in supply acquisition and management, transformation, operations, revenue management, and distribution, through both offline and online channels, has helped us gain significant momentum. Today, with the launch of OYO Living, we are all set to offer something new while remaining true to our core mission of creating beautiful living spaces. Interestingly, OYO Living was conceptualized based on the feedback and demand from our valued customers and asset partners. We saw this as a huge opportunity and decided to leverage our hospitality experience to offer a first of its kind end-to-end fully managed living experience. This launch, therefore, marks a key milestone as we embark on our journey towards becoming India’s biggest provider of housing, consolidating our position as a category innovator and leader.”
For asset owners, this is first of its kind opportunity, where OYO takes complete control of their property, including regular maintenance and professional upkeep of their properties, while ensuring guaranteed rental yields.
Launched in May 2013, OYO’s mission is to create quality living spaces, anywhere, for everyone. Globally, OYO chain of hotels is present in over 350 cities with over 12,000 asset partners spread across seven countries including India, China, Malaysia, Nepal, the UK, the UAE and Indonesia. OYO Hotels has pioneered the world’s first full stack technology-led hospitality model and has over 270,000 franchised and leased rooms as a part of the chain, delivering strong revenue yields for its asset partners. OYO Hotels & Homes host more than 150,000 stayed room nights every single day, a testament to its impact on millions of guests across the world. With the launch of OYO Living, OYO is all set to become the largest provider of affordable housing.
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