Residential rents in Istanbul experience fastest growth in last five years
While Istanbul has become the city with the highest increase in residential rents over the last five years, the mega-city has also surpassed high-income cities worldwide.
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In the ninth edition of the "Mapping the World's Prices 2025" report prepared by Germany's Deutsche Bank, the record increase in rental prices in Istanbul was brought to the agenda. In the report, which compares the cost of living in 69 of the world's leading countries, Istanbul took the top spot with its rental increase rate.
Over the last five years, the average rent for 3-bedroom apartments in Istanbul's city center has increased by 193 percent; prices, which were 600 dollars at the beginning of this period, reached 1,764 dollars as of 2025.
The price increase for 1-bedroom apartments was recorded at 178 percent. With these figures, the city drew attention as the city where rents have risen the most in the world.
Following Istanbul in rental increases, Saudi Arabia's capital Riyadh ranked second with 151.7 percent, and Mexico's capital Mexico City ranked third with an 87.8 percent increase.
Although Istanbul leads in the rate of rental increase, New York still holds the lead in monthly rental amounts. In New York, the average rent for 3-bedroom rental apartments in the city center reached 8,388 dollars. Singapore is in second place with 6,216 dollars, and Boston is in third place with 6,091 dollars.
Despite the price increase, Istanbul remains in the middle of the list based on total rental amounts. The city ranks 53rd for 3-bedroom residences, while it is positioned 50th for 1-bedroom apartments with an average of 948 dollars.