Breaking News... Inflation announced: March rent increase rate has been determined
According to February data released by the Turkish Statistical Institute, annual inflation was recorded at 31.53 percent. With the announced CPI data, the new rent increase rate to be applied for residences and workplaces has also become clear.
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With the announcement of the inflation figures for February, the maximum increase rate that can be applied to residences and workplaces whose lease agreements are to be renewed this month has been determined. According to data from the Turkish Statistical Institute (TÜİK), the consumer price index (CPI) increased by 2.96 percent on a monthly basis and 31.53 percent on an annual basis.
RENT INCREASE RATE IS 33.39 PERCENT
In line with the announced 12-month average CPI data, the rent increase rate was calculated at 33.39 percent. Accordingly, the maximum increase that can be applied to tenants whose contract period ends in February will be at this rate. The increase rate applied in the previous month was at the level of 33.98 percent.
CALCULATION METHOD FOR RESIDENTIAL RENTS
The increase rate for residential rents is determined based on the 12-month average change rate of the CPI announced by TÜİK for the month preceding the month in which the increase will be made. The landlord can make an increase provided that they do not exceed this rate; it is also possible to determine a lower rate.
For example, if the rent increase is to be made in October, the 12-month average CPI change rate for September of the relevant year is taken into account.
CONTRACT IS DETERMINING FOR WORKPLACES
For workplace rents, the increase rate is primarily shaped according to the provisions of the contract. If one of the indices announced by TÜİK is taken as a reference in the contract, the increase rate is again calculated according to the relevant index data of the month preceding the month in which the increase will be made.
In this case as well, the landlord can apply an increase equal to or lower than the determined rate. If the increase is made in October, the index data for September of that year is taken as the basis.