OYO LIFE emerges as the largest long-term co-living player in India
Bengaluru, October 31, 2019: OYO LIFE, the country's fastest-growing, long-term, fully managed housing rental solutions player announced today that it has emerged as the largest player in India. On its first anniversary, OYO LIFE announced that it has strengthened its footprint in the country with 40,000+ live beds and 700+ live buildings across 9 cities - Delhi, Noida, Gurgaon, Pune, Bengaluru, Mumbai, Hyderabad, Chennai, and Kolkata. The company has been successfully revolutionizing the housing and long-term rental offerings with its first-of-its-kind, hassle-free, and technology-driven rental housing product. Targeted at millennials and young professionals, OYO LIFE offers an end-to-end managed, comfortable, high-quality living experience that eliminates the hassles of discovering, accessing and managing everyday housing.
Launched in October 2018, OYO LIFE is currently witnessing about 85-90% occupancy (matured buildings) with 95% of the residents renewing their stay and choosing it as the preferred stay option and is adding 5000-8,000 beds a month. OYO LIFE started its operations in 4 cities - Gurugram, Noida, Bengaluru and Pune with 100+ live buildings, 500+ beds in October 2018. Within a year of its launch, the company has expanded its footprint to 5 more cities - Delhi, Mumbai, Hyderabad, Chennai and Kolkata - making it the fastest-growing long-term rental player in India. The company recently confirmed its growing presence in the student housing sector through tie-ups with marquee institutes like IIT Delhi and Plaksha University’s Fellowship program in Gurugram.
Unlike aggregators in the industry, OYO LIFE leases an entire building, transforms it, controls inventory and manages operations end-to-end to offer a superior co-living experience, replete with break-out zones and community gaming and interaction areas. Starting at an affordable price of INR 5,999 per bed, all OYO LIFE buildings are equipped with essential amenities like Wi-Fi connectivity, television, refrigerator, furnishings, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. By doing so, OYO LIFE addresses the supply-demand gap in the long-term rental housing space and eliminates the hassles of heavy deposits, lock-in period, lack of safety infrastructure, unpredictable living conditions, expenses on furnishings, maintenance and unreliable housekeeping.
Talking about its growth trajectory and the milestone, Rohit Kapoor, Chief Executive Officer, New Real Estate Businesses, OYO, said, “OYO LIFE was conceptualized based on the feedback and demand from our valued customers and building owners for solving the pain-points associated with long-term rentals including high deposits, lock-in periods, non-transparent payments and lack of amenities. We are ecstatic to see OYO LIFE getting an overwhelming response in India and extremely humbled to achieve this milestone. Technology and design have always been key differentiators for us as well as our focus on building a community of young professionals through our in-house networking and community events. Originally targeted at young professionals and first jobbers, we have been seeing interesting case studies of customers across various stages of life ranging from students, couples, right up to families and senior citizens across diverse income groups, choosing OYO LIFE as their preferred option. Consequently, we expect the co-living market to continue to grow further and we at OYO LIFE are geared to provide over 100,000 beds by 2019-end. This is in line with OYO’s mission of creating quality living spaces and experiences, anywhere, for everyone.”
OYO LIFE accommodation provides essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Residents also have access to OYO Support at all times for any escalation and issues, at no additional cost over the monthly rental charges. These living spaces are carefully curated keeping in mind the preferences of the young and ‘always on’ generation, with a focus on comfort and convenience, so that these young creative minds can pursue their passions.