Turkish renters are facing problems in the pursuit of profit. New tenants are either making late payments or leaving the apartment before the contract expires.
What’s wrong? Landlords who are trying to make money by renting out their properties at inflated prices are facing problems. New tenants either don’t make payments at all or leave the property before the contract even expires.
Details. Rental prices in Turkey have been on the rise for months, and many landlords hoping to make a bigger financial gain are asking their existing tenants to pay more or vacate the premises.
Some landlords want to rent their properties to foreigners, who they believe can afford the higher prices. However, their expectations are not met; on the contrary, they face even more problems.
Problems. New tenants who initially agreed to pay higher rents leave the apartment before the lease expires, which means no income from the property for weeks or even months. Or they disappear without making any payments.
Landlords also complain that some tenants cause substantial property damage to the apartments. Property owners go to the courts for compensation, but it is difficult to find the disappearing tenants.
Context. Earlier this year, the government introduced a new regulation that limits rent increases to 25 percent. The restriction will apply to leases signed before July 1, 2023 and is a temporary measure.