Yah, renting can be an option too. It's a nice way to start living there, then decide later if want to buy or not.
I've spent quite a bit of time at the Straits Quay area. Stayed with friends. I Santorini is nearby, but like what the guy said, it's a bit sian lah. Quite a few of the staff at Straits Quay stay there.
I like Penang a lot. My only gripe is the horrible traffic situation there. Too many cars, on shitty, badly planned roads.