I just did some research on penang apartments, and I realise the yield is pretty bad, a 240K apartment is only fetching RM 1000-1200/month(approx 5% yield excluding service charge) . Just wondering, to all you penang people out there is this normal?

BTW, how do I buy a property in penang without an agent? Is there any advertisment space where I can deal direct with the owner, similar to KL?

Penang's property prices have appreciated over the past few years because of the high demand from foreigners to own a holiday villa here in a warm country..
Rental yields depend greatly on the rental demand in that area..
Since most people prefer to purchase a property there rather than renting, the rental yields tend to slack..
So, that could be the scenario there at the moment..

Local would prefer to buy a property & pay the instalment rather than paying RM1k or more for rental. Unless the person has a monthly housing allowance & don't intend to reside for long period.

Which brought us back to the fact that only expats could & willing to pay a high price for rental.

Uncle rented out his bunglo at Kulim Golf Club for RM5.7k per month to a German. Which translate to about a 8.5% return annually.