Rents Soar in Turkey as Prices in Istanbul Surpass Minimum Wage

Rental prices in Turkey continue to rise at a pace that is leaving tenants struggling to keep up. While the busy summer season in the housing market has come to an end, the upward trend in rent has shown no signs of slowing down. Average monthly rent across the country climbed to 22,000 TL in September, while in Istanbul, average prices soared to a record 33,000 TL, far exceeding the national minimum wage.

The shift in the housing market as autumn begins has created new dynamics, particularly in major cities where the demand for rental properties remains strong. This surge reflects both the lack of affordable housing and the pressure of inflation, especially in large urban areas.

Istanbul Leads the Surge

According to an analysis by Istanbul Real Estate Valuation, the average rent increased by nearly 10 percent in just three months, rising from 20,000 TL in May to 22,000 TL in September. The highest rental prices are concentrated in major cities, with Istanbul topping the list at 33,000 TL, followed by Muğla, Ankara, İzmir, Antalya, Kocaeli, Diyarbakır, Çanakkale, Bursa, and Adana.

While Turkey’s western regions dominate the top of the price list, the inclusion of Diyarbakır from the east highlights how widespread the surge has become. For many households, even the minimum wage is no longer enough to cover monthly rent in large cities.

Where Rents Remain Relatively Lower

In contrast to the soaring figures in big cities, rental prices remain more affordable in several Anatolian and eastern provinces. Cities like Muş, Aksaray, Isparta, Burdur, Yozgat, Şırnak, Kars, Bayburt, Siirt, Mardin, Hakkâri, Düzce, Kırıkkale, Osmaniye, and Kütahya show average rents between 12,000 and 14,500 TL per month. These regions offer some relief for tenants who are priced out of major metropolitan areas.

No Immediate Price Drop Expected

Experts say that even though demand might soften slightly after the summer, rental prices are unlikely to decrease. Limited housing supply in earthquake-affected regions, combined with insufficient stock in major cities, is keeping rents at record levels. The current market trend suggests that rent increases may slow in the last quarter of the year but a significant decline is not expected.

For now, renters in Turkey face an increasingly challenging housing market, with Istanbul standing at the center of the crisis.

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