Rental Rates in Istanbul Doubled in 2022

Rental costs have increased significantly throughout Turkey. According to the BETAM Center for Economic and Social Research at Bahçeşehir University, rents in Turkey have risen by 77.8%. Rent increases were highest in Istanbul, with an overall increase of 100% – 300% in some neighborhoods.

How Much Does It Cost to Rent a House in Istanbul?

Prices of rental apartments in Istanbul increased by 97.7% in January 2022 compared to January 2021. Salier, which borders the Black Sea northwest of the city, was the area with the highest rent increase of 290 percent. Rumeli Hisar and Besiktas lagged behind Sariyer with 238% growth, followed by Kadikoy in Asia with 150% growth. According to BETAM, the average price per square meter of a rental apartment is 44 TL.

The increase was due to a slowdown in new construction and a surge in demand following the return to cities after the pandemic. In addition, sales are also increasing. Megacities bought 276,000 homes in 2021, compared to 265,000 the year before.

Rent Rises in Every City in Turkey

Those considering buying an investment property to rent out may also consider other areas with higher rent increases: Antalya (92%), Ankara (82%) and Izmir (62%). With the strong growth of the rental market and growing interest in property ownership, we invite you to meet with our advisors to find out how you can start investing in Turkish property now.

Can Foreigners Rent a House in Turkey?

Foreigners can rent in Turkey as long as they are legal in Turkey. To find an apartment in Turkey, you can contact any real estate company. After selecting the desired apartment and paying the deposit, you will receive a notarized house contract where you can open the gas, internet and water contract.

Some foreigners may also ask how to rent a house in Turkey. Most apartments in Turkey are rented for at least 6 months to a year. Tenants can talk to the homeowner at any time and agree on the specific type of contract that works best for them. For more information on the laws of renting in Turkey and the percentage of rent increases, visit Tuikstats.