The population began to be interested in how the rate of rent increase will be determined from July 2023, when the annual restriction will cease to apply. After all, the homeowners insisted on an increase even before the new year.
Recall that since July 1, 2022, the authorities, in an attempt to take control of the explosive growth of rental rates for housing, have set a maximum limit on increasing the amount of rent when it comes to long-term residence. That is, the prolongation of annual contracts. As much as possible, the owner of the property could raise the price by 25%, for the whole next year; during the year, additional increases were not officially allowed, although they took place unofficially. But then the tenants had every right to sue.
The restriction is valid until July 1, 2023; however, it theoretically ends later. On the one hand, the return of the previous practice is likely. On the other hand, it may be beyond the power of the population: not only has rent gone up by an average of 70% over the past year, but it will also be extremely difficult to find real estate for rent now, given the recent earthquake. So, the combination of these two facts can lead to the fact that the rate of rent growth can return to frightening.
However, this issue is one of the most significant on the agenda, after the elimination of the consequences of the earthquake. TurkEstate will continue to monitor this issue.
Earlier we told you that the procedures related to renting housing in Turkey are gradually being transferred to an electronic format.