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What is the average rent in Istanbul 2023?

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    What is the average rent in Istanbul 2023?

    Istanbul is and always was one of the expensive cities in the world. But recently Turkey's financial situation has been getting worse and inflation hit the roof. Inflation, of course, does not limit itself just to food and imported goods, it also affects the housing market. So, what's the average rent in Istanbul in 2023?
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    According to a survey of a real estate platform, rents marked an increase of 11 percent on a monthly basis in March and 140 percent on an annual basis, broadcaster NTV reported on April 27.

    The survey also gave information as to the “most expensive” and “least expensive” districts in terms of renting. Sarıyer has the highest rents as only a flat of 36 square meters can be rented with 10,000 liras in the district. With the same rent, it is possible to rent a 39-square-meter flat in the Beşiktaş district. Beyoğlu, Kadıköy and Şişli districts followed on the list.

    Silivri has the lowest rental costs, as 10,000 lira worth of rent covers a flat with 167 square meters. Silivri was followed by Arnavutköy with 152 square meters, Çatalca with 145 square meters, Sultanbeyli with 139 square meters and Sultangazi with 130 square meters.

    In March, Turkey’s poverty line for a family of four exceeded 31,241 liras whereas the hunger threshold was recorded as 9,591 liras, according to the research of the Confederation of Turkish Trade Unions (Türk-İş).

    The average monthly rent in Istanbul has exceeded 13,000 liras, although almost half of the population earn the minimum wage of 8,506 liras. This means that the competition for finding accommodations has increased a lot. Many of the land lord now demand the yearly rent upfront form renters, especially from foreign renters. ​