Rent-A-Home: OYO Forays Into Long-Term Housing Rentals With OYO Living

Pic Credit: Oyo Living

OYO, South Asia’s largest and popular chain of hotels, is now foraying into the housing rental segment. The hospitality firm has now started to offer houses on rent at an affordable price beginning from Rs 7,999 per month.

Marking its entry into the housing rental segment, the Softbank-backed company has opened up fully-managed shared residential spaces in Noida, Gurgaon, Bangalore, and Pune, to begin with, under the label of newly-launched OYO Living. The company reportedly already has over 35 properties with 2,000 beds and aims to expand to the top 10 metros by the end of 2019 with over 50,000 beds.

Pic Credit: Oyo Living

The company’s CEO and founder, Ritesh Agarwal, has reportedly claimed that OYO Living was conceptualized based on the feedback and demand from customers and asset partners. The company is expected to provide upgraded living experiences at an affordable price for India’s young and growing population.

“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,” Realty Fact quoted Agarwal as saying.

Pic Credit: Oyo Living

With the latest move, OYO will be vying for a share of the home rental pie against Nestaway, Fastfox, and Ziffyhomes. Here is everything you need to know about OYO Living:

  • Oyo Living offers fully-managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services.
  • Each accommodation will also be provided essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking.
  • Starting with Rs 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.
  • Oyo takes complete control of the property, including regular maintenance and professional upkeep, while ensuring guaranteed rental yields to the asset owner.
  • Oyo Living residents will also have access to Oyo Support at all times, at no additional cost over the monthly rental charges.
  • It will also offer comfortable spaces for reading books, work-from-home desks, yoga and meditation zones, among others.

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