Minimum wage set, tenants are deeply concerned: What will the rent increase rate be?

Following the determination of the minimum wage figure at 22,104 TL, tenants have begun to worry. The 25 percent rent increase cap was lifted as of July 2024.

With the 30 percent minimum wage increase for 2025 taken into account, there is curiosity regarding what the rent increase rate will be.

Speaking on Ekol TV, Real Estate Expert Şerif Varlı stated that the CPI (Consumer Price Index) is awaited for the rent increase rate, noting that the fundamental problem stems from landlords who do not rent out their apartments due to concerns about not receiving rent. He said, "Landlords who keep their homes empty instead of renting them out have locked up the market."

Real Estate Expert Şerif Varlı said the following:

What will the rent increase rates be as of January 1st?

"This is entirely related to the announcement of the CPI. There was a 25 percent limit until July. The CPI rates announced after July have been between 60 percent and 62 percent. The expectation is again in the 60 percent range, so we can say that rent increase rates will also be in the 60 percent band.

Therefore, we cannot say that the minimum wage will significantly affect rent increase rates."

Will the hikes create an upward trend in major cities?

"One of the biggest problems is the tenant-landlord issue. The fact that tenants are long-term and current rents are low creates grievances. Most landlords no longer want to rent out their homes. Homes kept empty also cause rents to rise. In a sense, this is also the reason for the increasing hikes. If you look at rental listings, one-third of them consist of furnished homes."

'THEY THINK THEY WILL STAY FOR 2 YEARS AND LEAVE'

"Landlords do not want to create a long-term relationship with a tenant by renting out furnished apartments. They think, 'They will stay for at most 2 years and leave.' The tensions between landlords and tenants need to be reduced."