Over the last few years, both global economic fluctuations and local regulations have deeply affected the rental market. Tenants and landlords have come face to face with new responsibilities and rights in the face of these changes. We will discuss the current situation of the rental market in Turkiye, these changes and future expectations, and detail what path both tenants and landlords should follow. In this article, we examine the latest trends in the rental market, innovations in tenant and landlord rights and the effects of these changes on the market.
Rental Market: Expectations and Realities
The rental market has been experiencing significant changes worldwide and in Turkiye in recent years. While increasing living costs, especially in big cities, cause rental prices to rise, regulations made on tenant and landlord rights also directly affect the market.
Current Rental Market Situation
The rental market in Turkiye is constantly evolving with economic fluctuations and demographic changes. In the post-pandemic period, many people sought larger and more comfortable living spaces. This situation led to an increase in rental prices, especially in metropolitan cities. In addition, renting out houses purchased for investment purposes can have a stabilizing effect on prices by providing more options in the market.
Innovations in Tenant Rights
Recently, many innovations have been made regarding tenant rights. In particular, regulations on deposit and rent increase rates are among the important steps to protect tenants. Rental increase rates in Turkiye are indexed to the Consumer Price Index (CPI) announced by the Turkish Statistical Institute (TUIK) every year. This prevents tenants from facing unexpected and high rent increases.
Landlord Rights and Responsibilities
There are also certain rights and responsibilities for homeowners. Landlords are obliged to provide safe and healthy living conditions for their tenants. In addition, they must comply with the conditions specified in the contracts made during the rental process. During this period, landlords are expected to be more transparent and fair in their relations with tenants.
Future of the Real Estate Market
The rental market will continue to be shaped by global economic conditions and local policies. In the coming period, it is likely that new regulations will be implemented that will balance the rights of both tenants and homeowners. This may create a more stable rental environment in the market.
Conclusion
The rental market is a dynamic space with challenges and opportunities facing both tenants and landlords. In light of current trends and policies, there are many factors that will shape the future of the rental market. New legal regulations and economic conditions will determine how this market will evolve.
Source: Emlakdergisi / Prepared by Irem Yildiz