September rent increase rate finalized: TÜİK has announced the data

The Turkish Statistical Institute (TÜİK) has shared the inflation figures for August with the public.

The Consumer Price Index (CPI) increased by 2.04 percent on a monthly basis, while annual inflation stood at 32.95 percent.

RENT INCREASE RATE IS 39.62 PERCENT

Following the announcement of the inflation data, the ceiling increase rate to be applied to rental contracts in September has also been determined.

According to the calculation based on the 12-month average of the CPI, the rent increase rate has been set at 39.62 percent. This rate will be valid for both residential and commercial properties.

As of July 1, 2024, the 25 percent increase limit applied to rental contracts was lifted. Thus, rent increases are now fully indexed to the CPI average.

In accordance with Article 344 of the Turkish Code of Obligations, rent increase rates are calculated based on the 12-month average of the CPI.

Example calculation

Current rent amount: 10,000 TL

CPI 12-month average: 39.62 percent

10,000 TL x 39.62% = 3,962 TL increase

New rent amount: 10,000 + 3,962 = 13,962 TL