IMM research... The rental crisis is hurting! It has increased by 732 percent in 4 years

The housing crisis continues to cause pain in metropolitan areas, especially in Istanbul. 

In a report prepared by the Istanbul Planning Agency, affiliated with the IMM, the purchasing power of the 2023 minimum wage in Istanbul, its relationship with minimum wages in other countries, and the cost of living were examined before the 2024 minimum wage was finalized. 

According to the report in BirGün; it was pointed out that no matter how much the minimum wage increases, it cannot keep up with the ever-climbing inflation rate, and it was stated that "Many essential expenses, especially food and housing, cost much more for households living in Istanbul compared to other cities."

INCREASED BY 75 PERCENT IN ONE YEAR, 732 PERCENT IN 4 YEARS

According to the report, rental prices in Istanbul increased by 75.7 percent in November 2023 compared to the previous year, and by 732.1 percent compared to the same month in 2019. The average rent has risen to 1.5 times the minimum wage. The report concluded that "Calculations show that even if two minimum wages enter a household, it will not be easy to cover the cost of living in Istanbul, and a life on the verge of the poverty line will be led."

EVEN TWO MINIMUM WAGES ARE NOT ENOUGH FOR THE POVERTY LINE

Stating that the minimum cost of living for a family of 4 was calculated as 47,493 TL in November 2023, it was noted that "In 2020, these figures were determined as 1,116 TL for the hunger threshold and 3,539 TL for the poverty line. In just 3 years, the poverty line has increased 7-fold and the hunger threshold 5-fold. Despite the increase in the minimum wage, the gap between the minimum wage and the poverty line has widened over three years, and even two minimum wages have reached a level that is not enough to exceed the poverty line in Istanbul."

News Source: 12punto