Istanbul Rental Rates Doubled in 2022

By Justin Mays: 

Throughout Turkey, the cost of rent has increased significantly. According to the Center for Economic and Social Research BETAM, at Bahçeşehir University, rents across Turkey have increased by 77.8%. Istanbul has the highest rate, a total 100% increase - with some neighbourhood rents rising by 300%.

How Much Does it Cost to rent a House in Istanbul?

The price of rental homes in Istanbul was up by 97.7% in January 2022 from January 2021. Sariyer, adjacent to the Black Sea northwest of the city, was the top area to see an upturn in rental prices of 290%. Rumeli Hisar and Besiktas trail Sariyer at 238%, followed by Kadikoy on the Asian side with growth at 150%. The median price for rental residences per square meter is 44 Turkish Lira, according to BETAM.

The uptick stems from a surge in demand due to a slowdown in new construction and post-pandemic movement back into the city. Additionally, sales are rising too. In 2021, 276,000 houses were purchased in the megacity compared with 265,000 in the previous year.

Increase of Rent per City in Turkey

Those considering buying investment properties to rent out might also look at other areas with a high increase in rent: Antalya (92%), Ankara (82%), and Izmir (62%). Given the robust rental market and growing interest in property ownership, we invite you to meet with our consultants to learn how you can invest in Turkish real estate now.

Can Foreigners Rent a House in Turkey

Foreigners are allowed to rent an apartment in Turkey as long as they are in the country legally. To look for an apartment in Turkey, you can go on the Sahibbiden website or approach any real estate company. After choosing the apartment you want and paying the deposit, you will get a notarized house contract that you can use to open gas, internet and water contracts. 

Some foreigners may also ask how to rent a house in Turkey. Most apartments in Turkey are leased for a minimum of 6 months to a year. A tenant can always talk to the house owner and agree on a special kind of contract that best suits them. For more information on the laws of renting a property in Turkey and the percentage of rent increament, visit Tuikstats.