August 2024 Rent Increase Rate In Turkey, For Residential and Commercial Properties

August 2024 Rent Increase Rate: For Residential and Commercial Properties

August 2024 Rent Increase/Adjustment Rates for Residential and Commercial Properties

The rate of rent increases in Turkey is regulated by Article 344 of the Turkish Code of Obligations. This article aims to protect tenants by setting limits on the rate of rent increases for both residential and commercial properties. The applicable rent increase rate for August 2024 has been determined based on the data released by the Turkish Statistical Institute (TÜİK). The Consumer Price Index (CPI) for July 2024 was recorded as 65.93% based on the twelve-month average. Therefore, if a rent increase is to be applied in August, it should be calculated according to this rate. The rent increase rate for August is determined based on the twelve-month average inflation.

In this article, we will explain the rent increase amounts that can be applied for residential and commercial properties in August 2024 with examples. Rent increase calculations are made based on CPI data, and the necessary parameters should be considered to determine the rent increase date.

Rent increases are limited by the CPI and are calculated based on this index.

Rent Increase Rate for Residential Properties: August 2024

The rate of rent increases for residential properties is determined according to the twelve-month average of the CPI, as per Article 344 of the Turkish Code of Obligations. As of August 2024, this rate has been set at 65.93%.

Example:- Rent amount in August 2023: 8,000 TL- CPI rate applicable for August 2024: 65.93%

The maximum rent increase that can be applied in August 2024:- 8,000 TL x 65.93% = 5,274.4 TL (increase amount)- New rent amount: 8,000 TL + 5,274.4 TL = 13,274.4 TL

In this example, the rent, which was 8,000 TL in August 2023, can be increased to a maximum of 13,274.4 TL in August 2024. The rent increase rate is determined according to the twelve-month average of the CPI, and this rate must not be exceeded.

The August rent increase is determined according to the data released by TÜİK.

Rent Increase Rate for Commercial Properties: August 2024

The same increase rate applies to commercial properties. An increase of 65.93% can be made based on the twelve-month average of the CPI.

Example:- Rent amount in August 2023: 15,000 TL- CPI rate applicable for August 2024: 65.93%

The maximum rent increase that can be applied in August 2024:- 15,000 TL x 65.93% = 9,889.5 TL (increase amount)- New rent amount: 15,000 TL + 9,889.5 TL = 24,889.5 TL

In this example, the rent, which was 15,000 TL in August 2023, can be increased to a maximum of 24,889.5 TL in August 2024. The inflation data for July determines the rent increase rate for August.

The Consumer Price Index (CPI) determines rent increase rates, and this rate must not be exceeded.

Legal Regulations and Points to Consider

Article 344 of the Turkish Code of Obligations:> "Agreements regarding the rent amount to be applied in renewed lease periods are valid provided that they do not exceed the increase in the consumer price index (CPI) of the previous year. This rule applies to residential and roofed workplace leases. If the parties have not reached an agreement on this matter, the rent amount shall be determined by the court, provided that it does not exceed the CPI increase of the previous year."

This article sets the upper limit on rent increases. Agreements made between the landlord and tenant cannot exceed these limits.

Conclusion

Rent increases for August 2024 should be made according to the CPI rate of 65.93% announced by TÜİK. Both residential and commercial property rents should be adjusted within the legal limits set by Article 344 of the Turkish Code of Obligations. This ensures the protection of both tenants and landlords within a legal framework. When renewing lease agreements, these calculations should be taken into account, and rent increases should be made in compliance with these legal regulations.