TÜİK releases data, October rent increase rate announced!
Following the September inflation data released by TÜİK, the rent increase rate for homes and workplaces in October has been set at 38.36 percent. The rent increase rate has decreased compared to the same period last year.
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The September inflation data released by the Turkish Statistical Institute (TÜİK) has also affected rent increase rates. In September, inflation rose by 3.23 percent on a monthly basis and recorded an increase of 33.29 percent on an annual basis.
According to this data, the rent increase rate for homes and workplaces in October has been set at 38.36 percent. In September of last year, this rate was 39.62 percent.
The rent increase rate for October was calculated based on the September inflation data. According to the data released by TÜİK, the rent increase rate in October was 38.36 percent.
HOW IS THE INCREASE RATE CALCULATED?
The rent increase rate is determined by looking at the 12-month average change in the Consumer Price Index (CPI) announced by TÜİK for the month preceding the month in which the increase will be applied. Landlords and commercial property owners can apply an increase equal to or lower than this rate.
For example, a property owner who will apply a rent increase in November will make an assessment based on the CPI data that TÜİK will announce for October. The rent increase will be determined based on this rate.
For commercial properties, the rent increase rate depends on the increase rate specified in the contract. If the contract states that an increase will be made at the index rate announced by TÜİK, the rent increase rate is calculated according to the change rate of this index. Property owners can apply a rent increase without exceeding the determined rate.
For example, for an increase to be made in October, the data from September released by TÜİK is examined. The rent increase rate is determined by the calculation made according to this data.