Rent increases in Istanbul spiral out of control: Average rent exceeds minimum wage

High inflation in Turkey has brought a housing crisis along with it. In the country's major cities, rents have surpassed the minimum wage.

According to data released by Endeksa, rents for residential properties in Istanbul increased by 45.83% over the year ending in July 2024.

In July 2023, the average monthly rent per square meter in Istanbul was 160 TL. By July 2024, this figure had risen to 234 TL.

In Istanbul, the average rent for a 100-square-meter apartment has risen to 23,373 TL. This figure corresponds to twice the lowest pension received by millions of people. Meanwhile, minimum wage earners, who receive a salary of 17,002 TL, need an additional 6,371 TL to pay their rent.

As of the end of July 2024, the average rent per square meter for residential properties in Istanbul is 234 TL. The amortization period, or the time it takes for rental properties with similar characteristics to pay for themselves, is around 14 years.

Looking at the averages as of the end of July 2024, the districts in Istanbul that saw the highest increase in housing value were Şile, Beykoz, Eyüpsultan, Kartal, and Kadıköy, respectively.

Looking at the averages as of the end of July 2024, the districts in Istanbul that saw the least appreciation in housing value were, in order, Sarıyer, Küçükçekmece, Sultanbeyli, Esenyurt, and Avcılar.