The normalization of rental rates has finally begun

The normalization of rental rates has finally begun

In the field of rental housing, the «wind of change» has blown: the rates for renting residences, which in recent months could already be called inadequate (153% for a year and 250% for four years, and these are only official figures; the actual ones are higher), began to fall.

 

In part, it is worth «thanking» the inadequate requirements of landlords for the normalization of rental rates: the burden on the courts has sharply increased, where lawsuits between owners and tenants are now being sorted out by hundreds. Tenants who have regularly made payments and have not created any problems complain that they are evicted for no reason in a matter of weeks or are required to pay several times more, despite the fact that since the summer of 2022, the official rental increase rate for the prolongation of long-term contracts cannot exceed 25%.

 

Landlords are outraged that foreigners who have rented housing at their stated rates, either, having got their bearings in prices, demand lower tariffs, or delay payment, or simply move out without paying and without warning. And they also treat someone else's property negligently: they spoil property, etc.

 

Turkish citizens, who previously faced exorbitantly inflated prices for renting apartments and houses, do not want to specify the conditions again: of those who have rented housing for decades, all those who have found the opportunity to buy their own housing, do it. Resorting to mortgages and expanding social programs. 

 

So, under the influence of circumstances, rental rates «climbed» down. The first so-called «rental bubble» burst in the resort of Alanya. 

 

Besides, according to the data released by Emlakjet, already in August – despite the peak season – the amount of monthly rent for housing began to decline across the country: rates fell by 7% in Antalya, by 8% in Chorum and Mardin, by 4% in Burdur, by 13% in Sinop, by 7% - in Yalova. 

In the largest megacities, although there were no drop-in rates, but their growth slowed down noticeably: if we evaluate the indicators of the «Big Three», then in Istanbul rent for a month rose by only 6%, in Ankara – by 8%. Izmir, the third city of the «Big Three», even fell in price by 4%, as did the above-mentioned Burdur. 

 

Analysts say that Antalya is one of the first candidates for the normalization of rental rates, because it is there that prices have jumped especially sharply over the past year, and people are very tired of it. So, it may well rally, refusing to pay an expensive price for eating.

 

Istanbul realtors also predict a decrease in rental rates in the metropolis by up to 40%.

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