According to property rental platform, SPEEDHOME, the property overhang in the Johor state is very significant, resulting in a 4.7 percent gap between owners’ average rental asking price and the final transaction price.
“According to the transaction data on the platform for the past year and a half, local high-rise residential properties in Johor are still very popular with young people, especially those with a rental value ranging from RM1200 to 1500, which accounted for the majority,” said Wong Whei Meng, chief executive officer of End-to-End.
“The majority of Johor homeowners who use SPEEDHOME services are predominantly high-rise properties within 15 kilometers of Johor Bahru. The tenant pool is mostly locals, and Johor listings on SPEEDHOME are primarily suites (Studio) or small units with two rooms (2 rooms),” he added.
According to Whei Meng, majority of Johor homeowners who use the platform’s services are mostly high-rise properties within 15 km of Johor Bahru.
“I have renovated my house a little bit and rented a house at a monthly rent of RM1,000 per month, enough to cover my mortgage. Of course, I also spent quite a long time conducting market research,” SPEEDHOME quoted a local.
Wong Whei Meng further urges homeowners to take the initiative to find customers online. Homeowners who are not familiar with technology can ask their children for help he says.
“Plus, online platforms are now working on creating more user-friendly mobile apps and have teams of customer service professionals to assist. Homeowners should not consider renting houses online as complicated as a complicated process or rocket science,” he added.