YourOwnRoom is an online platform based in Bangalore that manages and lists affordable rental properties for singles that are no further than a 15-30 minute commute away from the renter’s workplace.
The company launched in February this year in Bangalore (the portal has been operational since April) and the mobile and android app will be launched in the next few weeks.
Currently the portal lists over 50 properties and offers singles private rooms in furnished living spaces with common living and dining areas.
Bangalore is home to approximately 1.5 million singles, many of whom are facing the same problem when they search for housing – discrimination.
“There is a trust deficit between owners and singles,” says founder of YourOwnRoom, Prabhat Kumar Tiwary.
“Owners don’t want to give the property away to singles; they would prefer to give it away to families as they think singles will party and spoil the property,” he told Property Portal Watch.
Tiwary’s intention was to create a business model that used technology to bridge a gap in India’s rental market.
One of the existing problems is that there are many properties that remain unavailable because owners are waiting for property prices to rise so they can sell. Demand outweighs supply and renters search in vain.
YourOwnRoom offers investors the chance to monetize their properties and eliminates the inconvenience of them dealing directly with tenants.
“There are too many people who want a property and too many properties that are locked up, Tiwary explains. “I said ‘let me solve this problem with technology’”.
“What we’re offering is an online platform to manage rentals and list properties and all the associated businesses services that come with it.”
Tiwary believes owners and tenants are looking for a business model that acts as a one-stop shop within the portal market.
“I think businesses like ours are changing the way people look for properties,” he says. “The most important point that I notice is that both owners and tenants need significant hand holding.
“You want to talk to someone who takes you straight to the property. People use the conventional portals more for the search but when it comes to transacting and doing business, they prefer to come to portals like us.
Solving the rental problem for singles
Tiwary says India’s portal market is a technology, sales and operation game.
“It’s how well you can triangulate these things and how you can reach out to your prospects and your customers through marketing,” he says.
YourOwnRoom prides itself on pairing singles with affordable and convenient rentals that are within a few kilometers of their workplace.
“The biggest determinant for quality of life for an individual in an urban setting is how much time they spend on the road,” Tiwary says.
“We’ve made sure we offer properties that are within 15-30 minutes of where the person works.”
View how YourOwnRoom works
Success & Expansion
The ambitious business plans to up its tenancy to 1000 by next year.
"What motivates me the most is the fact that this is not a problem specific to India. This is a problem in Dubai and also in the university towns like London, New York and Sinapore. Our plan is to build a successful business in India first. We’re starting with Bangalore and Pune and eventually we will expand to include other Indian cities like NCR, Mumbai, Chennai and Hyderabad."