Maximum rent increase rate for commercial properties in November becomes 54.26 percent
The inflation figures for November 2023 have become clear following the announcement by the Turkish Statistical Institute (TÜİK). Accordingly, the maximum allowable rent increase rate for commercial properties in November is 54.26 percent.
The maximum rent increase rate for commercial properties is determined based on the twelve-month averages in inflation. According to this calculation, this rate was 54.26 percent in October.
HOW IS THE RENT INCREASE RATE FOR COMMERCIAL PROPERTIES CALCULATED IN NOVEMBER?
Down below is an example for concerned calculation
Current Rent Amount: 12,000 TL
Month for Rent Increase: November 2023
Entered Increase Rate: 54.26 percent
Rent Increase Amount: 6,511 TL
New Monthly Rent Amount: 18,511 TL
25 PERCENT CONTINUES FOR RESIDENTIAL PROPERTIES
It was announced that the 25 percent maximum rent increase applied for residential properties, which ended on July 1, would continue. The application will continue until July 2, 2024.
HOW IS THE RENT INCREASE RATE FOR NOVEMBER CALCULATED?
Current Rent Amount: 3,000.00 TL
Month for Rent Increase: October 2023
Entered Increase Rate: 25 percent
Rent Increase Amount: 750.00 TL
New Monthly Rent Amount: 3,750.00 TL
WHAT WAS THE RENT INCREASE CEILING IN OCTOBER?
According to the data of the Turkish Statistical Institute (TÜİK), inflation in September was 4.75 percent on a monthly basis. Therefore, the rent increase rate for commercial properties in September was 55.30 percent.
