How to have an edge when competitors have very low rental rates?

[Ava G.]

I've been posting here often recently and I'm a newbie who's targeting SFH (condos) as a niche market in my area.

While looking at some condos in the same good location as my target property, I'm seeing some that are priced way below the market rental value. For instance, one condo unit is about $90k-$100k but is renting at $590 / month. I've seen a few that are like this although some are not very low but still below their supposed market rate. Some are even fully furnished at that.

I'm wondering why some are doing it this way. Are they not really investors but maybe end-users who are happy enough that someone will share their monthly expenditures for that property?

If there are people doing this, bringing down the rental rate, how does one compete?

(Although, I do see some who are pricing their units normally or above the normal rate.)