October Rent Increase Rate Determined as 31.49 Percent
With the announcement of TURKSTAT data, the ceiling increase rate applicable to residential and commercial properties has become clear.
Following the announcement of September inflation figures by the Turkish Statistical Institute, the legal rent increase rate to be applied in residential and commercial properties in October was calculated as 31.49 percent.
September Inflation Data Announced
According to the data shared by TURKSTAT, the Consumer Price Index increased by 1.84 percent in September compared to the previous month, while annual inflation was recorded at 29.73 percent.
Twelve-Month Average Rate Clarified
Following the latest inflation figures announced, the twelve-month average CPI, which is the basis for rent increase calculations for residential and commercial properties, became official at 31.49 percent.
Ceiling Rate for Those Renewing Their Contracts
It was reported that tenants of residential and commercial properties whose lease agreements are renewed this month can be subjected to a maximum increase of 31.49 percent based on the twelve-month average CPI.
Last month, the ceiling increase application for residences and workplaces was at the level of 31.79 percent.