Indian hospitality firm Oyo has launched its apartment rental service in Japan — Oyo Life — with more than 1,000 residential units.
The company that is backed by SoftBank, formed a joint venture with Yahoo Japan Corporation to make an entry into the housing rental market in Japan.
“We are really excited to announce that Oyo Life is now live in Tokyo. We are focussed on creating unique living experiences for Japanese citizens, students, and young professionals,” said Ritesh Agarwal, CEO & Founder, Oyo Hotels and Homes, who was in Tokyo during the service’s launch.
Tokyo’s home rental market has had some difficulties. Traditionally, the country has been a real estate market and as a result, renting out properties came with huge challenges, such as deposits, non-refundable key money and agent fees. This was particularly proving to be difficult for young people renting out properties for the first time.
Oyo’s entry into this market brings a change. According to the company, their new initiative, the Oyo Passport program is a “subscription-based membership programme that is going to be available free of cost to Oyo Life residents, for the first month. Through this programme, people avail benefits from a growing list of companies that are part of the Sharing Economy Association of Japan (SEAJ). The suite of companies offering discounts and benefits include those providing housekeeping services as well as laundry etc.
The company also launched Oyo Partner Real Estate Stores in Japan. This is aimed at empowering people in the real estate industry to take advantage of the internet economy.
Oyo Life has also built its presence on Yahoo! – Japan, through integrations with Yahoo!