Exorbitant rent increases continue! A single person's salary is not enough to pay

As rents in Istanbul have doubled in 6 months, citizens cannot help but ask, 'Who is renting these apartments?' A resident who heard the rental price of another apartment in their building said they were shocked. While one citizen stated that rents are even higher than in Miami, another pointed out that the middle and lower classes cannot afford to pay rent, while the upper class does not live in rental properties anyway.

ALMOST DOUBLED FROM APRIL TO SEPTEMBER

According to a report by Now Haber, apartments in Istanbul that were rented for 35-40 thousand liras in April are now listed for 60-70 thousand liras. Rents have doubled in just 6 months.

"Are rents increasing at the same rate as your income?" a citizen was asked, to which they replied, "Absolutely not! We are shocked when we hear the rent paid by those living in my own building. They rented the house for 80 thousand liras. Of course, I hope they enjoy living there, but I am amazed by the rent the landlord is charging."

Another citizen expressed their astonishment, saying, "I am truly amazed; how are those rents being paid! For example, where I live, in Etiler, there are no vacant apartments at all. I was born and raised there. I mean, these are prices that make no sense. They start at 100 thousand liras."

WHO IS RENTING THESE APARTMENTS?

A 3+1, 130-square-meter apartment on the 5th floor of a 5-year-old building in Suadiye, Kadıköy, is for sale. The sale price of the apartment is 14 million liras, while the rent is 75 thousand liras. Speaking about who rents these and similar apartments, Kas said the following:

"Those who are in business, those in the upper-income bracket, and those with high salaries. It is already very difficult to pay these with a single person's salary. These rents can only be paid when two people combine their salaries. For us to rent this place out, the family that will lease it must have an income of over 150 thousand liras."

40-YEAR-OLD BUILDING FOR 45 THOUSAND LIRA

When searching for another rental listing in the same area for an older building, it is learned that the apartment is a 2+1, 100 square meters, has an open-plan kitchen, is approximately 40 years old, has a combi boiler, and lacks an elevator and parking. The rent for this apartment is 45 thousand TL.

Most employees did not receive a mid-year salary increase. The minimum wage of 17 thousand liras is no longer enough to even cover the rent of a house in many districts of Istanbul. More than half of the employees in Turkey earn a salary at or near the minimum wage.

Exorbitant rents may hit a wall at some point because the number of people unable to pay the rent they initially agreed to is rising. There is no regulation for vacant homes, nor is there additional taxation on high rents or those who own multiple properties. The market has been left to its own devices. Tenants have become the victims.

"THE BILL FOR ALL THIS WILL BE PASSED ON TO THE TENANT"

Regarding rental prices, real estate expert Nilüfer Kas, who stated that "over 7 million people are burning in this fire," spoke as follows:

"There are those who sell their cars and put the money into deposits. There are those who sell their fields and put the money into deposits. They are turning their future security into cash to pay their rent. More difficult days await us. Because supply has decreased significantly. Investors are no longer buying housing. From now on, the bill for all of this will be passed on to the tenant."