Rent Hike Update in Istanbul, Izmir, and Ankara: Will Rents Continue to Rise? – Latest News
The rate of rent increase has fallen behind inflation in recent months, according to a report on Milliyet.com.tr/ÖZEL. This means that while rents are still increasing, the rate at which they are rising is slower compared to the overall inflation rate. For example, if an apartment rented for 20 thousand TL last year were to be increased by the legal limit of 65 percent, it would amount to 33 thousand TL. However, another apartment in the same building is being rented for 28 thousand TL.
Real Estate Expert Mustafa Hakan Özelmacıklı explained that rent increases have been at the level of 65 percent recently, reflecting the increasing inflation. He also mentioned that the rent increase limit is expected to continue rising, as the momentum in the last 12-month average is 65.93 percent.
While rent increases have not occurred at the same rate in the market, it is noted that prices in general have remained around 30% to 40%. This means that tenants looking to rent a new property now may find better prices compared to those who rented last year.
As for the rental prices in the three major cities, Istanbul has an average price of above 200 TL per square meter, with an average 100 square meter apartment starting at a minimum of 20 thousand TL. In Izmir, the average price per square meter is around 180-190 TL, and in Ankara, it is around 150-160 TL.
It is expected that rental prices may increase in the last quarter of August, due to appointments and the opening of universities. However, it is predicted that the figures will find a balance in 2-3 months. Workplaces are expected to be more affected by this process, with CPI increases putting a strain on tenant workplaces.
