House rents rise sharply in Turkey; tenants hold tight due to lack of cheap apartments
Rent prices in Turkey have risen sharply in the last year amidst strong demand for housing from students, a need for larger homes brought on by remote working conditions and inflationay pressures, local officials say.
According to July data provided by Endeksa.com, rent prices have increased by up to 28 percent. In the cities of Adana and Tekirdag, areas that accommodate student populations, the cost of rent jumped by 28 percent, while in Istanbul, rent prices rose by 19 percent.
“Since rental prices have increased very much, those living in the same house for a long time have postponed moving, except due to necessity, because of the higher cost in moving to a new rental home,” said Indexsa.com Founding Partner and General Manager Görkem Öğüt.
Once we hit the summer period, we saw a dip in the housing stock available for sale and rent, he added.
Along with changing living conditions, Turkey’s economy is wrestling with a deteriorating inflation outlook.
The latest data from the country’s statistical authority shows that Turkish inflation jumped to 18.95 percent in July, increasing from 17.53 per cent in June, in the highest rate of inflation the country has seen in two years.
Food prices increased sharply: Food and non-alcoholic beverages were up 24.92 per cent, hitting particularly hard the third of the country’s population living below the poverty line.
Transportation was up 24.62 per cent, and furnishings and household equipment increased 22.7 per cent. A sharp increase in energy prices also drove consumer prices higher.
In terms of rent prices, data shows that the average cost of rent (per square meter) in Isparta reached 12.37 TL, with an average rent of 990 TL, while in Istanbul the cost per square meter rent hit 19,71 TL, averaging out at a total of 1892 TL.
In Samsun the average cost per square meter rent climbed to 10.87 TL and in Ankara it advanced to 12.04 TL.