Over the past few years, the alternative accommodation sector has experienced exponential growth in India. The trend which is a subset of the sharing economy is led by millennials but is gradually catching up with the rest of the society.
Despite this explosive growth of the home rental market, travellers still choose hotels over homes. Given the better price, larger space and the privacy factor, why aren’t such rentals the preferred choice of accommodation? The answer is simple: these homestays cannot match the consistency of services and conveniences provided by hotels. This is where hubloft steps in.
Hubloft is a home rental platform that offers travellers with beautiful homes and vacation rentals with the quality standards of hotels.
“We are a hybrid between a hotel and a home offering personalized stays and bespoke services be it a modern bungalow within a plantation or a plush villa with a private pool” says Raiyaan Nayeem, co-founder and Head of Marketing at hubloft.
To attract travelers accustomed to hotels, hubloft carefully curates the portfolio of homes and insists upon exclusivity. The company adheres to a rigorous set of quality standards when evaluating a potential home. This ensures a consistent experience to travellers.
The Second Home conundrum
Millions of Indians have bought homes in the last decade.This means that an unimaginable number of homes are underutilized. Either because they are second homes or the owners are often away from their primary residences. These homes are usually either locked up for weeks on end. As short-term rentals, Hubloft ensures that such homes not only earn an income, but are also available for use by the home-owner whenever and for as long as they need.
“I saw the potential of home-sharing when I converted the space in my home into a bed & breakfast in 2015. Our family business was going through a tough time and this created a second income for us. Through hubloft, we enable other homeowners to do the same.” says Basil P.A, co-founder and Head of Online Business at hubloft.
Home sharing - the next disrupter in real estate
Real estate market in India has been in a slump for the past couple of years with demonetization, economic slowdown and change in consumer behaviour. Low rental yield has pushed the need for new business models - co-living, co-working and short term rentals.
Short term rentals where homes are rented out in short periods of time from a few days to a couple of weeks offer homeowners the opportunity to earn better returns. STR offers a 30% higher profit than traditional rentals and profitability is further enhanced when these properties are managed professionally with technology, dynamic pricing and superior services.
“Space as a service is an offering where a physical location is combined with specific amenities to provide an on-demand experience. This is the future of real estate.” says Raiyaan.
Hubloft over hotel rooms
How many hotels have you visited that looked exactly the same, giving you a standardized but consistent experience. Staying in a hotel gives you less freedom, with fixed breakfast timing, limited private space and shared amenities.
Modern technology has created an opportunity to sleep at the most luxurious and unique homes in the world. While you can book homes from individuals through multiple platforms like Airbnb or booking.com, these homes can be uneven in quality.
Hubloft wants to offer you the best of both worlds: the quality and consistency of a hotel room with the comforts of a home.
As a company, hubloft’s goal is to make booking a vacation home as easy and reliable as a hotel room. The startup is in hyperlocal growth mode in Kerala.
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