How much is the rent increase rate in November?
The rent increase rate will not exceed 25 percent of the previous year’s rent until July 2, 2024. The 25 percent increase limit will only apply to housing. There is no such limit for workplace rentals. Rent increases at the workplace may be made in accordance with the determined rent increase rate.
HOW MUCH IS THE RENT INCREASE RATE?
The rent increase rate for November was determined at 54.26 percent.
However, according to the statement, the upper limit of the rent increase rate on residential rents will apply as 25 percent for one year from July 2, 2023 to July 2, 2024.
There is no limit on the increase in rent for workplaces. Business owners whose leases expire in November will see a maximum 54.26 percent increase in their rents.
HOW IS THE RENT INCREASE RATE CALCULATED?
Within the scope of the New Economic Package, rent increases are no longer determined by producer price index rates, but rather the upper limit of the rate of rent increase is determined by producer price index rates. consumer (IPC). However, this advertised figure is the rate of increase to the highest ceiling that the owner can apply.
HAS THE 25 PERCENT RENT INCREASE BEEN EXTENDED?
Justice Minister Yılmaz Tunç stated that the upper limit of the residential rent increase rate will be applied at 25 percent for one year from July 2, 2023 to July 2, 2024.
Tunç made statements about the practice of arranging rental and sale contracts for real estate in notaries.
Recalling that the rule imposing a rent increase limit of 25 percent was promulgated last year and lasts one year, Minister Tunç stated that this period will expire from July 1.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
