TÜİK releases data: January rent increase rate announced

With the announcement of December inflation figures, the rent increase rate has also been determined. The Turkish Statistical Institute (TÜİK) has shared the data for December with the public.

According to TÜİK data, inflation in December was 0.89 percent monthly and 30.89 percent annually.

With this development, the rent increase rate for homes and workplaces has been set at 34.88 percent. Tenants and business owners whose lease agreements expire this month will pay rent with this increase. The rent increase rate for the previous month was applied at 35.91 percent.

WHICH DATA WILL THE INCREASE BE BASED ON?

The rent increase rate to be applied to residences is calculated based on the 12-month average change rate of the CPI announced by TÜİK for the month preceding the month in which the increase will be made. Landlords can apply an increase equal to or below this rate.

For example, if the rent increase is to be made in October, the 12-month average CPI data for September of the relevant year announced by TÜİK is taken into account.

For workplaces, the rent increase rate is determined according to the provisions in the contract. If the contract states that the increase will be made according to any index announced by TÜİK, the rent increase is calculated according to the relevant index data of the month preceding the month in which the increase will be made. The property owner cannot make an increase above this rate.

For example, if the increase is to be applied in October, the relevant index data announced by TÜİK in September is taken as the basis.

News Source: 12punto