India’s leading hospitality company OYO is now expanding beyond the hotel business to enter the home rental market. It has launched new ventures called OYO Living and OYO Apartments, which will offer affordable, fully-equipped homes for rent, targeting young professionals, students and millennials. Through this scheme, OYO aims to provide long-term accommodation services in many countries around the world, including India. It also provides an opportunity for homeowners to earn income by renting out their vacant homes.
OYO CEO Ritesh Agarwal said, “We want people to experience affordable and modern accommodation.” Through OYO Living and OYO Apartments, we will provide accommodation facilities to the youth according to their lifestyle. Along with this, we will provide homeowners with a stable income from their property.” The company plans to expand this service to more than 100 cities in the coming years.
What is the OYO Living and OYO Apartments?
OYO Living and OYO Apartments are new services from OYO that offer fully-furnished houses, flats, villas and other accommodation options on rent. The service was launched in 2018 and has now expanded to India, Japan, the US and other countries.These homes are equipped with Wi-Fi, television, regular cleaning, power backup, CCTV security and 24-hour caretaking services. It is intended for long-term stays, where youth can experience a hassle-free stay.
Key Features of the OYO Living and OYO Apartments plan
- Affordable Price: OYO Living’s monthly rent starts at Rs 7,999 in India, making it affordable for students and young professionals. OYO Apartments in the US cost between $40 and $90 per night.
- Hassle-free Experience: No brokerage fees, long lock-in periods, or maintenance worries. OYO provides all the facilities.
- Opportunity for Homeowners: OYO offers homeowners the opportunity to earn a regular income by renting out their vacant house or flat.
- Global Expansion: OYO is expanding this service to metro cities in India like Delhi, Mumbai, Bengaluru, Kolkata as well as abroad to Japan, America and South-East Asian countries.
- Technology-based Services: Customers can easily book homes and get service-related information through OYO’s app and website.
Benefits for Customers Convenient
- Accommodation: Fully furnished homes with modern amenities like internet, cleaning and security.
- Flexibility: Rental period can be monthly or long-term, which suits the needs of the youth.
- Easy booking: Customers can easily search for and book homes through OYO’s app.
Opportunity for Homeowners
OYO provides a platform for homeowners to rent out their vacant houses or flats. OYO ensures the maintenance of the property, customer verification and regular income. This creates a stable source of income for homeowners.
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