Rental rates continue to rise. Although they are limited by the rule of increasing by a maximum of 25% per year for long-term leases until July 2024, this does not apply to commercial projects.
The Turkish Institute of Statistics has published the dynamics of rent. Taking into account the consumer price index (CPI) for 12 months, rent growth in February was 4.53% compared to the previous month, 11.54% compared to December 2023 and 67.07% compared to February 2023.
Rental rates increased by 55.91% by February 2024 compared to the end of March last year. Accordingly, tenants would have to pay TL 1,591 in March 2024 based on a conditional rent of TL 1,000 per month.
That is why many people, especially in megacities, from among those who rent so-called "workplaces", prefer to arrange a place to sleep in a separate room and move to a workplace not to pay for the rent of the work area and the apartment. This saves a lot of money, especially in Istanbul, which is famous for the highest rental prices in the country, as not everyone can count on numerous social housing, which can be inaccessible to them.