September rent increase rate finalized: TÜİK has announced the data
With TÜİK's announcement of the August inflation data, the rent increase rate to be applied in September has been finalized.
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The Turkish Statistical Institute (TÜİK) has shared the inflation figures for August with the public.
The Consumer Price Index (CPI) increased by 2.04 percent on a monthly basis, while annual inflation stood at 32.95 percent.
RENT INCREASE RATE IS 39.62 PERCENT
Following the announcement of the inflation data, the ceiling increase rate to be applied to rental contracts in September has also been determined.
According to the calculation based on the 12-month average of the CPI, the rent increase rate has been set at 39.62 percent. This rate will be valid for both residential and commercial properties.
As of July 1, 2024, the 25 percent increase limit applied to rental contracts was lifted. Thus, rent increases are now fully indexed to the CPI average.
In accordance with Article 344 of the Turkish Code of Obligations, rent increase rates are calculated based on the 12-month average of the CPI.
Example calculation
Current rent amount: 10,000 TL
CPI 12-month average: 39.62 percent
10,000 TL x 39.62% = 3,962 TL increase
New rent amount: 10,000 + 3,962 = 13,962 TL