What Will Be the Increase in Rent Prices in Istanbul in 2023?Wed, Jul 27, 2022, 12:43:32 AM
The increase in rent prices in Istanbul came to the fore in the first days of the New Year. After the massive inflation figures, many landlords and tenants are wondering more about the increase.
In this context, tenants may have to pay at most ₺2,400 for their ₺2,000 rent price. On the other hand, the landlords can increase the rent by 19.60% at maximum rates.
The rent increase rate is determined based on the twelve-month average of the CPI. Here are the expert opinions about the rate of the rent increase.
What Is the Rent Increase Rate in Istanbul?
As a result of the announcement of inflation figures, the rent increase rates for January and onwards in 2022 were determined. The rent increase rate, based on the twelve-month average of the Consumer Price Index (CPI), was 19.60 percent for January.
In December 2021, there was an increase of 13.58 percent compared to the previous month, 36.08 percent compared to December of the previous year, 36.08 percent compared to the same month of the previous year, and 19.60 percent according to the twelve-month averages.
In 2022, the landlords will be able to determine an increase in rent according to this rate.
What to Do If There Is No Rental Increase Article in the Contract?
According to the Turkish Code of Obligations, if there is no rental increase rate in the rental agreement, then the landlord must notify the tenant about the possible rental increase at least 30 days in advance.
If the landlord files a lawsuit without notifying the tenant of the rent increase 30 days before the new rental period comes, the rental money to be determined will be accepted and a judgment will be established in case the tenant accepts it.
If you need further assistance, you can contact an attorney or our company.