Property prices for rent in Penang (Negeri Pulau Pinang)
The rent prices in real estate in Penang, in the Negeri Pulau Pinang region have slightly risen in the last couple of months. There has been a rise in the rent prices in this city.
The price per sq.feet in Penang has risen during the last 6 months. In November, the average price per sq.feet was RM 2.41. In December this price barely changed remaining at RM 2.39 per sq.feet. In the following two months the price per sq.feet has practically remained the same, going from RM 2.4 to RM 2.45 per sq.feet. The price per sq.feet has had a considerable rise of 122 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of RM 2.43 to RM 2.96 during March, and April.
When referring to the price in Penang (cities), this has risen considerably in the last 6 months. In our first sample month during November, the average price is RM 3,374. In December This price remains at RM 3,366. During the following two months (January, February) the average price fell 93 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 163 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 3 bedrooms are the most affordable ones. At a price of RM 7,275 they are 59 % more affordable than the average price for Penang . The properties with the highest average price have 1 bedroom, Their price is 18 % more expensive than the average. After that we have properties with 2 bedrooms priced at RM 4,520.
With regard to the average prices per sq.feet those properties with 1 bedroom are 22 % more affordable than the average price of (RM 2.8 / sq.feet) in Penang. Properties with the most affordable price when referring to the number of bedrooms / sq.feet are those with 1 bedroom. They are 22 % more affordable than the average value aforementioned.
According to average price per property type in Penang, "" priced at RM 3,482 is 52 % lower than the average price (RM 7,275) in this city.
