Rent Hike Announced For May

With the announcement of the inflation rate, the hike rate for lease payments has also been determined. According to the Consumer Price Index, a maximum of 12.66% increase can be made.

Based on CPI

In previous years, rent hikes were calculated based on the Producer Price Index (PPI). However, since 2018, the 1-year Consumer Price Index (CPI) is based on and the hike rate for lease payments is calculated. TSI (Turkey Statistical Institute), according to information released by the April CPI showed a monthly increase of 0.85% and 10.94% annually. According to these rates, the hike rate to be applied in April according to CPI data was determined as 12.66% at most. According to this rate, for example, a tenant who pays 1,000 TL rent fees will have to pay 1,126 TL next month.

Coronavirus Effect on Detached Houses

With the effect of the coronavirus epidemic, an increase was observed in the demand for detached houses in summer places and highlands. For this reason, the rent hike that came to the prices of the detached house was more than the apartment residences. According to the data, 25% in Turkey overall selling prices of detached homes, while rents were seen in an 18% increase.