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Realtors tracking property price trends on Old Klang Road (OKR) are concerned over a surging supply of new high-rise residential units, which might put pressure on rental growth and demand as tenants might choose to purchase the more affordable smaller units available in the market rather than continue renting.
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“If you have been renting a place for RM1,500 per month here on OKR, with the same amount of money, you could consider buying a unit now as there are ample affordable choices in OKR,” says CID Realtors Sdn Bhd real estate negotiator Joseph Tin.
Under such conditions, landlords need to offer better deals for tenants, either by giving good furnishing or irresistible rental rates to secure longer tenancy agreements, he adds.
On the other hand, IQI Realty Sdn Bhd real estate agent Thomas Chong is more optimistic on the high-rise rental market in OKR. He believes that with more high-rise supply adding into the market in the next few years, it will stimulate the market movement.
He notes that projects in good locations will always attract buyers. There will always be people who prefer a particular location but can’t afford it yet, hence they will turn to renting one. OKR is one such location.
“Moreover, OKR is currently left with less land for housing developments. In the long-run, properties with good management will remain popular,” Chong concludes.
This story first appeared in the EdgeProp.my e-weekly on Feb 19, 2021. You can access back issues here.
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