Oyo’s co-living venture wants to expand twice over in two months
Oyo Lifecurrently operates 40,000 beds across 9 cities.
- By 2019 end, it aims to have 100,000 beds.
- OYO has also claimed that it is now the largest ‘long-term’ coliving space.
“We expect the co-living market to continue to grow further and we are geared to provide over 100,000 beds by 2019-end,” said Rohit Kapoor, CEO of new real estate businesses at OYO.
OYO now claims to be the largest ‘long-term’ coliving space. It currently has an occupancy of 85-90%. “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,” said Kapoor.
In September, it also partnered with IIT Delhi and Plaksha University to manage over 500 beds. Oyo claims to provide students with amenities such as surveillance and security, Wi-Fi and food. The prices start at ₹6,500 and goes up to ₹12,999 per bed, per month.
According to a report Student Accommodation Provider Association of India (SAPFI) and CBRE, the student housing sector will attract as much as $700 million investment and add 600,000 beds by 2023.