Rising Rents in Istanbul: A Growing Concern

Istanbul’s Soaring Rents: A Yearly Increase of 46.82%

According to recent data from the real estate data platform Endeksa, Istanbul has witnessed a significant surge in rents, with a 46.82% increase over the past year as of July.

The average rent for a residence in Istanbul has been calculated at 24,400 Turkish liras ($715), with the average price per square meter standing at 244 liras.

Breaking down the numbers, the average rent in the least expensive area of the city, Esenyurt, was around 13,800 Turkish liras. In contrast, three areas have seen average rents exceed 35,000 liras.

Endeksa’s data reveals that the highest rent for a 100 square meter residential property in Sarıyer was a staggering 44,000 liras.

Beşiktaş followed closely with an average rent of 39,900 liras, while Kadıköy secured the third spot with a monthly rent of 38,700 liras.

Notably, the minimum wage in the country stands at 17,002 liras, highlighting the significant disparity between income and housing costs.

Despite the implementation of a 25% cap on rent increases in recent years, Istanbul’s rapidly rising house rents show no signs of slowing down.

The law, however, has not been effectively enforced, leading to a surge in disputes between tenants and landlords, which have filled the courts.

With the end of the cap on July 1, rent increases are now determined according to the annual rate of inflation, leaving many to wonder what the future holds for Istanbul’s renters.