How can one manage to find a cheap and nice looking place to rent, any tips, what to look for? I'm thinking that the area where you rent it's the first factor that affects the price. Is the place in the middle of the city? Expect to pay more. If it's located farther from the center and in less evolved/desirable areas the rent is cheaper. Next, as a price changer, comes the way a place looks (freshly painted etc) and the available appliances. Choose a not so good looking place with less appliances and the price is lower.
Well it all depends on what you need. You're right about the location but I think it's more of a personal preference, as for me I tend to regard the availability of the bathrooms, some places have shared bathrooms so it's a big no for me, they usually fair in cheaper but it's not going to cut it for me.
As a Real Estate professional, I can safely say that you are very much correct. You do have, well in my country, very expensive places for rent in the Rural areas or areas that are not in the center of the city.