159 Percent Rent Increase in the Last Quarter of 2022

By Justin Mays: 

The average rental prices in Turkey increased to 159 percent in the month of October 2022, reported the Hurriyet Daily News. A combined study conducted by the Center for Economic and Social Research (BETAM) at Bahcesehir University and sahibinden.com, a classified advertisements platform, indicated that rentals rose to 62.2 TL per square meter on average this year. 

In Istanbul, Ankara, and Izmir the annual rent increase was 145.6 percent, 168.4 percent, and 158.6 percent, respectively. However, on average, the annual rental increase moderated from 166.4 percent in September this year. 

The average rentals per square meter are 42.9 Turkish Lira in Ankara, 62.1 Turkish Lira for Izmir, and 88.8 Turkish Lira for Istanbul properties. 

The demands of landlords renting homes are beyond the expectations of tenants. Some landlords are even asking tenants to bring a civil servant cosigner, someone with a fixed income, which is a requirement that a tenant cannot meet. A real estate agent in Ankara confirmed that 7 out of 10 people looking for apartments are coming back empty-handed as they fail to find a cosigner for the property they wish to rent. 

The government in Turkey is taking strides to increase the number of houses to control the rise in rental prices in the country. A project called ‘My first home, my first workplace project’ was announced in November 2022, and 500.000 houses are being built, including 50.000 workplaces in 81 provinces. 

Find Rental Property with Prime Property Turkey

At Prime Property Turkey, we believe that renting or buying property should be easy and smooth. Our rental services are second to none. We have a variety of property types to rent from penthouses, apartments, holiday homes and even villas. Choose the rental period you want, and we will help you select the perfect property without any hustle. Contact us for all your property services, including interior design and home maintenance. 

If you wish to rent out your property, our team is here to help you with that, ensuring that you get a tenant who will pay rentals on time and monthly.