Rent Growth Slows in December, Some Areas See Small Declines

Rent Growth Slows in December, Some Areas See Small Declines

The independent research company, which offers real estate value calculations using big data analysis and artificial intelligence methods and thus enables users to sell real estate with confidence, conveyed the latest situation regarding the rental prices that are not falling off the agenda. According to the data of a research company that scrutinizes Turkey in general, rental values in Antalya, Muğla and Trabzon rose by less than 1 percent in the last month of the past year. In other major cities, minimum increases of 4 percent were recorded on average on a monthly basis. Accordingly, as of December, the average house rental value in Turkey was 14 thousand 472 TL and the average house square meter rental price was 128 TL. Looking at Turkey in general, December 2023 was a month in which the rapid price increase in housing rents was replaced by calmer market conditions.

Average rent in Istanbul was 17 thousand 594 TL
According to the independent research firm's assessment for December 2023, Istanbul has the highest rental unit value in Turkey. In the last month, the average house rent in Istanbul was determined as 17 thousand 594 TL and the unit square meter rental price was 176 TL. Independent research company data shows that the value of rental housing in the metropolis has increased by 78 percent in the last year.

On the other hand, the cosmopolitan structure of the mega-city also manifests itself in the rental market. In Istanbul, where sectoral fluctuations and rental value increases are clearly felt in many regions, some districts also experienced a decrease in value. For example, in December, square meter prices in Şile fell by 3 percent to 165 TL. Similarly, Başakşehir and Küçükçekmece saw a 2 percent decline, with rental prices per square meter falling to TRY 181 and TRY 168, respectively. In the more central districts of the city, the increase continues. There is a 6 percent increase in Beşiktaş with a rental value of 331 TL per square meter, and a 5 percent increase in Beyoğlu with 267 TL and Sarıyer with 382 TL.

In 2023, many provinces experienced a value increase of more than 100 percent
According to December figures, the second most valuable city in Turkey in terms of rental housing is Muğla with an average of 16,399 TL. Despite a continuous decrease of up to 13 percent in total since July, the city maintains its place at the top of the list. One of the main reasons for the decline in Muğla, where the unit square meter rental value decreased from

Izmir, another important city of the Aegean, closed the year 2023 with an increase of 119 percent in terms of rental values. The increase recorded on December basis was 4 percent. The current average house rent in the city is 15 thousand 926 and the rental value per square meter is 145 TL. On the other hand, Bergama became the champion of the increase in rental value in Izmir in December. In the district, where a positive value change of 6 percent was recorded, the rental housing square meter value is 100 and the average rental housing value is 12 thousand 200 TL. 

In Antalya, one of the most vibrant cities of the Mediterranean Region in terms of the real estate market, the stagnation that came with the winter season also showed its effect in the last month of 2023. The value change in the city remained constant and the average rental housing square meter value was determined as 145 TL and the rental housing price as 15 thousand 38 TL. The only district of Antalya that experienced a significant decrease as of the last month of 2023 was Gazipaşa with a negative change of 5 percent.

186 TL to 164 TL in the last six months, is shown as the end of the summer season. As the demand for housing due to tourism decreases, this trend is also reflected in rental values.

Ankara closed December with an average rental price of 118 TL per square meter and an average rental price of 14,188 TL. Evaluations made from an annual perspective show that the city has drawn a fluctuating graph throughout 2023. For example, in February, there was a 21 percent increase in the value of rental housing in Ankara and the square meter value increased from 52 TL to 63 TL. The capital city saw a 2 percent decline in November, and in December the rental market rebounded by 4 percent.

The increase slowed down but continues
analysis shows that rental values continue to increase in many important cities in Turkey, but this increase has started to slow down. 

In this parallel, Bursa experienced a 2 percent change in housing value in December and the annual rental value increase in the city was determined as 125 percent. Currently, the square meter value of housing in the city is 111 TL and the average rental value is 13 thousand 309 TL. Eskişehir, the student city, was one of the cities that closed the year 2023 with high appreciation. Rents in the city increased by 152 percent in 2023. In December, the value change was 3 percent. Currently, the average housing rent in Eskişehir is 10 thousand 162 and the average rent per square meter is 103 TL. In September, this figure was 107 TL.

Trabzon, one of the largest cities of the Black Sea Region, has also been one of the places with a significant increase in rental value like Bursa and Eskişehir. The city recorded a 146 percent increase in the last year. As of December 2023, the average house rent in Trabzon is 11 thousand 46 TL and the unit square meter value of rental housing is around 78 TL. Square meter prices in Trabzon were up to 85 TL in September.