Universities are opening... Housing prices awaiting students and their families: How much in which city?
Following the announcement of university placement results, students and their families have begun searching for solutions to the housing problem. Endeksa analyzed residential rental prices in the 10 cities that host the highest number of students.
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Endeksa has analyzed rental housing values in the 10 provinces with the highest student populations in Turkey ahead of the enrollment period. According to Endeksa data, in most of these cities, rents increased less on an annual basis in July 2024 compared to inflation. In other words, although they rose in nominal terms, rental prices showed a decline in real terms when the effect of inflation is taken into account.
The annual change rates of rents in student-dense cities are as follows:
In recent years, Istanbul, where students have had major reservations about choosing universities due to the cost of living, still remains the city with the second-largest student population. As of July 2024, rents in Istanbul showed a nominal increase of 46% compared to the same month last year.
However, when the data is adjusted for inflation, a 13% real decrease in rents is observed. Despite this, among the 11 cities analyzed by Endeksa, Istanbul has the highest average rent. In the mega-city, the average unit rent is 234 TL/m2, and the average rent is at the level of 23 thousand 373 TL.
Eskişehir, which hosts 3 state universities and is known as a "student city," is also the city with the highest number of registered university students in Turkey.
As of July 2024, rents in Eskişehir increased by 69% nominally on an annual basis, while the real increase remains limited to 1% when inflation is taken into account. In this student city, the average unit rent is 161 TL/m2, and the average rent price is 15 thousand 98 TL.
In İzmir, which promises an attractive educational experience for students with its 6 public universities, 3 foundation universities, and vibrant cultural life, rents have decreased this year when adjusted for inflation. According to July 2024 data, rents in İzmir increased nominally by 61% compared to the same month last year.
When examined after adjusting for inflation, it was determined that rents decreased by 3%. In the pearl of the Aegean, the average unit rent is 207 TL/m2, while the average rent is at the level of 21 thousand 903 TL.
In Ankara, which stands out with its universities of high education and research quality, as well as its student-friendly cafes, libraries, and cultural venues, rents have shown a nominal increase of 63% compared to last year. However, according to inflation-adjusted data, rents have decreased by 2%. In the capital, the average unit rent is 176 TL/m2, and the average rent is 20,965 TL.
In Antalya, which has faced significant price increases in recent years due to post-pandemic migration trends and high foreign demand for housing, residential rental prices have entered a period of normalization. As of July 2024, rents in Antalya have increased by 23% nominally on an annual basis, but have decreased by 26% in real terms.
With this rate, Antalya became the province that lost the most value against inflation among 10 provinces. In the tourism city of Antalya, the average unit rent was determined as 172 TL/m2, and the average rent as 18 thousand 749 TL.
In Kocaeli, which is a preferred destination for students due to its proximity to Istanbul, rents increased nominally by 63% in July 2024 compared to the same month last year, while they fell by 2% in real terms. In the city, the average unit rent was 161 TL/m², and the average rent was 18 thousand 248 TL.
According to a report by Habertürk, among the cities analyzed by Endeksa, Sakarya and Erzurum stand out as cities where students can easily afford rent, as they have the lowest average rental prices. The average rent remained at 14 thousand 168 TL in Sakarya, 14 thousand 339 TL in Erzurum, 16 thousand 44 TL in Bursa, and 17 thousand 309 TL in Konya.
Endeksa General Manager and Co-Founder Görkem Öğüt: “In the post-pandemic period, we saw high increases in rental prices, exceeding 10% monthly, similar to the rise in housing sales prices. As of this year, we see that housing prices have started to decline when adjusted for the effects of inflation, but prices remain high due to the sharp increases in the previous period.”
For students who have to live away from their families, in particular, living alone in a house continues to be a great luxury. Students looking for rental homes in large cities must set aside a minimum budget of 14,000 TL if they demand to live without roommates. For rental housing to catch up with purchasing power, the real decline observed since the beginning of this year needs to continue,” he said.
