Following the entry of the third month of 2022, the rent increase rate in March has been a subject of curiosity. The Turkish Statistical institute announces the inflation figures at the beginning of every month. Following the declaration of inflation figures, it announces the rent increase rate every month. So, what is the rent increase rate in March 2022?
What is rent increase rate?
The rent increase rate is the increase in the rental price of the leased property at certain intervals at a certain rate. It is fair to increase the amount of rent according to inflation figures.
However, Turkish laws prevent the unreasonable increase of this rate. In other words, the law interferes with the freedom of contract in a way.
March 2022 rent increase in Turkey
In February 2022, Consumer Price Index increased by 4.81% compared to the previous month. Besides, it increased by 16.45% compared to December of the previous year. And, increased by 54.44% compared to the same month of the previous year and by 25.98% according to the twelve-month averages.
Rent raise by a maximum of 25.98 percent
According to the data of the Turkish Statistical Institute (TUIK), as of February, consumer prices increased by 25.98 percent compared to the twelve-month averages. Accordingly, the landlords will be able to legally increase rents by a maximum of 25.98 percent.
The legal rent increase rate is calculated by taking the 12-month CPI average of the month following the expiry of the lease agreement. Landlords cannot exceed this rate.