January 2024 Rent Increase: TÜİK December Inflation Figures and Percentage Calculation

January 15, 2024

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Rent Increase Calculation and TÜİK December Inflation Figures

After the recent announcement of the December inflation figures by TUIK on January 3, 2024, the calculations for rent increases for the month of January have been brought to light. With the release of the December inflation data, the rent increase rate for January has become clearer. While there is a 25 percent upper limit for residential rents, the rate of rent increase for workplaces has been adjusted according to the December inflation data. It is expected that once the December inflation figures are finalized, the raises for civil servants and retirees will also become clear.

According to the December inflation figures, the consumer price index (CPI) has increased by 64.77% annually and 2.93% monthly. The change in CPI (2003=100) in December 2023 is 2.93% compared to the previous month and 64.77% compared to December of the previous year.

As for the calculation of the January rental increase rate, a sample calculation is provided below:

Workplace Rent Calculation:
– Current Rental Price: 10,000,00 TL
– Month of Rent Increase: January 2024
– Increase Rate Entered: 53.86%
– Rent Increase Amount: 5,386.00 TL
– New Monthly Rent Amount: 15,386.00 TL
– Annual New Rent Amount: 184,632.00 TL

Residential Sample Calculation:
– Current Rental Price: 10,000.00 TL
– Month of Rent Increase: January 2024
– Increase Rate Entered: 25%
– Rent Increase Amount: 2,500.00 TL
– New Monthly Rent Amount: 12,500.00 TL
– Annual New Rent Amount: 150,000.00 TL

Additionally, President Erdoğan has made a statement regarding the rent increase, emphasizing that the upper limit application introduced last year against exorbitant rent increases has been successful. He stated that the 25 percent increase limitation in rent will continue until July 1, 2024.

In conclusion, the latest inflation figures and rent increase calculations for January 2024 highlight the impact on both residential and workplace rents. It is expected that the figures will provide clarity for civil servants and retirees in the coming months.