Attention landlords and tenants! Rent increase rates have been announced

With the announcement of the inflation figures for November, the rent increase rates for residences and workplaces have been determined.

According to the data from the Turkish Statistical Institute (TUIK), inflation was 0.87 percent monthly and 31.07 percent annually.

RENT INCREASE RATE CLARIFIED

Based on the 12-month average of the CPI (Consumer Price Index), the rent hike rate for this month is 35.91 percent.

Accordingly, workplace owners whose lease agreements are renewed as of November will be able to increase their rents by 35.91 percent. The hike rate determined for the previous month was 37.15 percent.

HOW IS THE HIKE CALCULATED?

The increase rate for residential rents is calculated based on the 12-month average change rate of the CPI announced by TUIK for the month preceding the month in which the hike will be applied.

Landlords have the right to apply an increase equal to or below this rate.

For example, if a rent increase is to be made in October, the 12-month average CPI data for September of the relevant year announced by TUIK is taken into account.

In workplace lease agreements, the hike rate can be applied in accordance with the rate specified in the contract signed between the parties.

If an index announced by TUIK is taken as the basis in the contract, the relevant index data for the month preceding the month in which the rent increase will be made is used as the basis.

For example, if the increase is to be made in October, the change rate of the relevant index announced by TUIK in September for that year is used in the hike calculation.