Real EstateBusinessTurkiye

June Rent Increase Rates Announced for 2024

What Are the June Rent Increase Rates?

With the release of May’s inflation data by the Turkish Statistical Institute (TUIK), the rent increase rates for June have been determined. The 12-month average Consumer Price Index (CPI) figures, which influence rent hikes, have been clarified. So, what is the rent increase rate for June, and how much is it in percentage terms? How much is the rent hike for residential and commercial properties?

June Rent Increase Rate Determined

According to the inflation data released by TUIK, the rent increase rate for June has been set. Typically, these rates are based on the 12-month average CPI. However, due to the government-imposed 25% limit on rent hikes introduced in recent years, the increase for June remains restricted.

25% Rent Increase Limit Ends in July

Justice Minister Yılmaz Tunç announced that the 25% limit on rent increases will remain in effect until July 2024. Therefore, tenants with contracts expiring in June can face a maximum increase of 25%, regardless of the CPI figures.

Starting August, following the end of the limit, rent increases will revert to being based on the CPI and TEFE figures.

June Rent Increase Rate for Residential Properties

Under normal circumstances, rent increase rates are calculated based on the CPI data. However, due to the government’s limit, rent increases for contracts renewed between June 11, 2022, and July 1, 2024, cannot exceed 25%.

No Rental Limitfor Commercial Properties

For commercial properties, there is no such limit. The June rent increase rate for commercial properties is set at 62.51%, based on the 12-month average CPI.

Calculating the June Rent Increase

For a residential property:

  • Current Rent: ₺20,000
  • Increase Rate: 25%
  • Increase Amount: ₺5,000
  • New Monthly Rent: ₺25,000

If the increase were based on the 12-month CPI:

  • Current Rent: ₺20,000
  • Increase Rate: 62.51%
  • Increase Amount: ₺12,502
  • New Monthly Rent: ₺32,502

Source: NTV / Prepared by Irem Yildiz

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