It is a norm these days that most residents prefer renting a home instead of purchasing one themselves. This situation can correlate to our country’s uncertain economy, weak sentiments towards the property market, affordability concerns and tight lending rules set by financial institutions.
To add on to this, the recent exit of British (Brexit) from the European Union has added more chaos, putting the global economy in jeopardy. This has caused the public to become extremely cautious in investing and the next best option they have is renting a house. Hence, many buyers now opt to rent a house instead.
In Q1 2016, Puchong topped the list as the most rented location in Kuala Lumpur and Klang Valley. Meanwhile, Petaling Jaya (PJ) came as the runner-up. But, the situation has changed now where Petaling Jaya takes the lead, while Puchong did not make it into the most rented locations for Q2 list.
Being an established location in Klang Valley, PJ is preferred by many due to many reasons. PJ comprises prominent areas, namely Bandar Utama, Kelana Jaya, Kota Damansara and Bandar Sunway – to name a few.
First and foremost, PJ is a gem of a location. This enclave is located in between places such as Kuala Lumpur, Puchong, Shah Alam, Seri Kembangan and Sungai Buloh.
This city also houses many established and renowned private firms, which encourages people to consider staying in PJ itself instead of staying elsewhere. This has caused the rental market to prosper, as the demand for rented homes is high despite being pricey.
In terms of accessibility, major highways such as Federal Highway, Damansara-Puchong Expressway (LDP), North-South Expressway (PLUS) and New Klang Valley Expressway (NKVE) links PJ to neighbouring suburbs. Meanwhile, there is also adequate public transportations available within which include light rail transit (LRT) service and the free PJ City Bus.
This mature city started growing many years ago when numerous developments started pouring in. Now this place is almost wholly developed with the scarcity of land being a major concern. Hence, the number of new developments launched here is very limited.
Besides that, PJ has a countless number of amenities within. Schools, colleges, shopping malls, food and beverage (F&B) outlets, hospitals, and the list goes on.
The above-mentioned points explain why PJ tops the most rented locations for Q2 2016. Besides PJ, the other areas which made it to the top five most rented locations include KLCC, Mont Kiara, KL City and Cheras.
At the moment, the rental market appears to be performing well as many people avoid acquiring properties. But this situation may take a turn following the recent announcement by Bank Negara Malaysia regarding the cut in Overnight Policy Rate, which might encourage property investment among Malaysians.
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Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my