The rent increase rate for May became clear with the April inflation data. Along with the April inflation announced by the Turkish Statistical Institute (TUIK), the 12-month CPI figures affecting rent increases have also become clear. So, how much was the rent increase rate in May? How much is the house and workplace rent increase? How many TL?
25% INCREASE LIMITATION ON RENT END IN JULY
Following the statement made by Minister of Justice Yilmaz Tunc, it was stated that the 25% increase limit on rents would continue.
In his statement, Minister Tunc said, “The regulation that imposes a 25% limit on rent increases will be valid for one year starting from July 1, 2023. The regulation will become law when the Parliament meets after the holiday.”
According to this; The 25% increase limitation in rent will continue until July 1, 2024. Thus, residential tenants whose leases have expired will be able to give their landlords a 25% raise in May, regardless of the CPI figures.
There is no statement yet that the 25% increase limit on rent will continue after July.
HOW MUCH IS THE RENTAL INCREASE RATE IN MAY?
Under normal circumstances, rent increase rates calculated according to CPI data were limited to 25% following the implementation introduced by the government.
According to this; In contracts renewed between June 11, 2022 and July 1, 2024, the tenant will not be able to increase more than 25%.
The 25% increase limit will only apply to housing. There is no such limit for workplace rents.
NO RENTAL LIMITATIONS ON WORKPLACES
There is no limit on the rent increase for workplaces. The rent increase rate for May was determined as 59.64%. Thus, business owners whose leases expire in May will apply a ceiling increase of 59.64% on their rents.
CALCULATION OF MAY RENTAL INCREASE RATE
- Current Rental Price: ₺17 thousand
- Month of Rent Increase: May 2024
- Increase Rate You Entered: 25%
- Rent Increase Amount: ₺4 thousand 250
- New Monthly Rent Amount: ₺21 thousand 250
IF THE RENTAL INCREASE WERE CALCULATED ACCORDING TO 12-MONTH CPI
- Current Rental Price: ₺17 thousand
- Month of Rent Increase: May 2024
- Increase Rate You Entered: 59.64%
- Rent Increase Amount: ₺10 thousand 139
- New Monthly Rent Amount: ₺27 thousand 139
Source: NTV / Prepared by Irem Yildiz