Economy in Turkey: Rent increase rate for October 2024 set at 63.47 percent

With the announcement of the inflation figures for September, the maximum rent increase rate for residential and commercial properties in October has been determined.

According to data from the Turkish Statistical Institute (TÜİK), the Consumer Price Index (CPI) in September 2024 increased by 2.97% compared to the previous month, by 35.86% compared to December of the previous year, by 49.38% compared to the same month last year, and by 63.47% based on the twelve-month averages.

The rent increases are based on the 12-month average CPI, which has now been set at 63.47% for October. Therefore, this figure represents the maximum allowable rent increase for the month.

According to many economy experts however, the CPI announced by TUIK is considerably lower than the actual rate prevailing in Turkey.