April 2024 rent increase rates have been announced
The rent increase rate for April has been determined following the release of March inflation data. Accordingly, the ceiling increase rate that can be applied to commercial properties has been set at 57.50 percent. For residential properties, the 25 percent rent increase cap remains in effect until July.
The Turkish Statistical Institute (TÜİK) has released the March inflation figures, which determined the ceiling increase rate to be applied to commercial properties this month.
The ceiling increase rate, calculated based on the twelve-month average, is 57.50 percent. Consequently, business owners whose lease agreements expire in April will apply a ceiling increase of 57.50 percent to their rents.
For residential rents, the 25 percent ceiling increase policy will continue until July 2, 2024. Thus, residential tenants whose lease agreements expire will pay a 25 percent increase to their landlords, regardless of the CPI figures.
APRIL RENT INCREASE RATE CALCULATION
Current Rent Amount: 16 thousand TL
Month of Rent Increase: March 2024
Increase Rate Entered: %57.50
Rent Increase Amount: 9 thousand 200 TL
New Monthly Rent Amount: 25 thousand 200 TL
News Source: 12punto
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