From hotels, Oyo has now expanded to the housing rental segment. Oyo Living is now renting out over 2,000 beds for rent in Noida, Gurgaon, Bangalore and Pune and is gradually expanding into other cities.
Hospitality firm Oyo Rooms has now started to offer houses on rent at an affordable price beginning from ₹ 7,999 per month. Marking its entry into the housing rental segment under the newly-launched Oyo Living label, the Softbank-backed company has over 2,000 beds in Noida, Gurgaon, Bangalore and Pune to begin with. Targetted at the always-on generation of millennials and young professionals, OYO Living aims to expand to the top 10 metros by the end of 2019 and will offer over 50,000 beds.
Ritesh Agarwal, CEO & founder, OYO Hotels & Homes, said OYO Living was conceptualized based on the feedback and demand from 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," he said.
All you need to know about the new offering from Oyo:
1. Piloted in mid-2018, Oyo Living offers 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.
2. Residents will also have access to Oyo Support at all times, at no additional cost over the monthly rental charges. Starting with ₹ 7,999 per bed, per month, Oyo Living will help residents save on brokerage, lock-in periods, and the hassle of searching house and support services involved while moving to a new residence.
3. 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.
4. Oyo Living will offer a first of its kind, end to end managed, a comfortable, high-quality living experience that eliminates the hassles of finding, accessing and managing everyday housing. These accommodations are easy to find and easier to live in, where all people can experience the benefits of shared spaces while enjoying financial independence.
5. Oyo Living will also offer comfortable spaces for reading books, work-from-home desks, yoga and meditation zones, facetime, and skype corners, amongst others.