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Rising house rents

Posted by Hasporealty Hasporealty on August 14, 2022

Rent growth in the first trimester of 2022 was 22,58%. Raise rates rental are constantly changing and adjusted to inflation. Growth rates are determined by TURKSTAT, taking into account the current consumer price index and inflation. In February, the figure reached 22,58%.

To protect tenants from the exorbitant cost of renting housing, the government has prepared an appropriate bill. A residential property owner will not ask for a price difference unless there is a written objection to the lease agreement.

The new document helps resolve disputes between those who rent out housing and those who rent it. According to the statistics rent is a weak spot in the country's economy. Renters are increasingly inflating their prices, causing the cost of living to skyrocket.

Article 344 of the Code of Obligations of the Republic states that the increments carried out each year cannot be higher than the rate of the internal consumer price index. In February 2022, an allowable rent jump was set at 26%.

However, in real life, this limit is constantly violated by property owners. Only the emergence of the Covid-19 pandemic forced homeowners to slow down a bit.

Practice shows that some individuals who provide residential premises for rent set rates at their discretion orally. An unfixed percentage is fraught with the fact that tenants suffer when the terms of the lease change. There are cases when, in such a situation, tenants were evicted from their homes by decision of the Supreme Court.

Tenant Insolvency Crisis

Due to rising rents on residential properties, there has been an increase in non-payment of premiums. Over the past year, the price per 1 sq. m on average increased by 84%. In total, its cost soared from 30 to 49 Turkish liras in Ankara and Istanbul. In Izmir, you can rent a residential property at a price of 24 Turkish lira per 1 sq. m.

Houses in Turkey worth 3 thousand euros rent at a price of 9 thousand Turkish liras. The more spacious and comfortable the apartment, the higher the demand, the greater the likelihood of a jump in the price of an apartment. What landlords don't realize is that by raising prices, they are creating a precedent for tenant non-payment of rent.

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