Landlords and tenants were waiting for this news... January rent increase rate announced: There will be no increase above this rate
With the announcement of the December inflation data by TÜİK, the maximum rent increase rate that can be applied to residences and workplaces has become clear. Here are the details concerning landlords and tenants in 2024...
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The Turkish Statistical Institute (TURKSTAT) has announced the inflation data for December. With this data, the ceiling rent increase rate to be applied to residences and workplaces in January has also been determined.
According to TURKSTAT data, the change in the Consumer Price Index (CPI) increased by 44.38 percent on an annual basis and 1.03 percent on a monthly basis in December 2024. The 12-month average inflation was realized at 58.51 percent.
CEILING FOR RESIDENTIAL RENT INCREASES HAS BEEN SET
The increase rate for residential rents is determined according to the 12-month average CPI change rate announced by TURKSTAT. Accordingly, the ceiling rate for rent increases to be made in January has been set at 58.51 percent. Landlords will be able to increase the rent provided that they do not exceed this rate.
HOW IS THE RENT INCREASE CALCULATED
The increase rate for residential rents is based on the 12-month average CPI data announced by TURKSTAT in the previous month.
For example, if an increase is to be made in January, the 12-month average of the CPI for December is taken as the basis. This rate is determined as the legal upper limit, and landlords who want to increase the rent cannot exceed this rate.
HOW ARE WORKPLACE RENTS DETERMINED?
The situation is slightly different for workplace rents. The increase rate is generally based on the provisions specified in the lease agreement.
If it is stated in the contract that an increase will be made according to TURKSTAT data, the 12-month average CPI rate of the previous month is taken into account, just as in residential rents. Property owners can make an increase without exceeding this rate.
It is not legally possible for landlords or workplace owners to exceed these rates when determining the increase rate.
However, if a different rate has been determined in the lease agreements made between the parties, this rate can be applied. Tenants have the right to object to increase demands above the legal limit.
