Real estate business is seeing down trend since last few yrs all around the world. But the demand of rental property is increasing. So, I think, it is the high time to invest in rental property. What do you think?

I agree. Prices are down, rates are good. rents are stable. Once you lock in, your payment won't change, but rents will go up if inflation cranks. Your property value will go up with inflation too.

I have to say owning real estate is akin to owning gold, both have intrinsic value and people will always need a place to live.

So is this a great hedge for the predicted horizon of inflation???

Yes, it is absolutely a great time to buy rental property if you can afford to. The more people that get foreclosed on, the more people that are going to need rental property to live in. I have seen this happening for the last year in Los Angeles. If you can buy and hold on at the minimum through the medium term, you are going to be a very happy buyer.