OYO – South Asia’s largest and world’s fastest growing chain of hotels, homes and quality living spaces – today announced its entry into the long-term fully managed housing rentals – OYO Living, geared to provide upgraded living experiences at an affordable price for India’s young and growing population.
Perfectly suited for the changing housing needs of India, 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 OYO Living residents can experience the benefits of shared spaces while enjoying financial independence. With this, OYO aims to become the leading brand in the long-term housing rental and accommodations business and the biggest provider of housing in India. At the time of launch, OYO Living will have 35+ live properties, with over 2000 beds in Noida, Gurgaon, Bangalore, 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.
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.”
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 house helps and support services involved while moving to a new residence.
Elaborating on the value proposition of OYO Living, Kavikrut, chief growth officer, OYO Hotels & Homes, said, “OYO Living spaces have been designed based on the needs of the millennials, who look for ‘when one stays at home’ feeling during their stays. Our robust design and data science team, has helped us understand this need and has curated an offering that is inspiring, artsy, modern, comfortable, and adaptive. All the spaces under this new category are well thought out, optimized for asset duality, common area functionality, and privacy, while keeping comfort and ‘ease of living.’ OYO Living will also offer comfortable spaces for reading books, work-from-home desks, yoga and meditation zones, facetime, and skype corners, amongst others. Financial independence, flexibility and the feeling of living at home, where everything is taken care of will be core to a resident’s OYO Living experience.”
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.