Even old houses in Izmir have rental prices above the market

Rising rental prices in the pearl of the Aegean, Izmir, are soaring due to factors such as the location of the house, proximity to the metro, and sea view adding value. In a city where old houses are predominant, buildings are renovated and rented out as if they were new buildings. Rasim Guner, who has been in real estate for 30 years, stated, ‘Despite the aging of the buildings, the rental values are currently very high in the market. A 50-year-old building near the metro can be rented for 30-35 thousand Turkish Lira, while a 45-year-old one is rented for 20 thousand Turkish Lira.’In recent years, the increasing rents have started to seriously burden the citizens. While the removal of the 25% limit on rent hikes is currently on the agenda, this situation is causing deep concern among the citizens.Izmir is among the cities where rental prices have increased the most in the last few years. While rents vary by region in Izmir, it is becoming rare to find houses below 18-20 thousand Turkish Lira in price that are habitable in the city.These figures vary according to the types of apartments such as 1+1, 2+1, 3+1; advantages such as the location of the house, proximity to the metro, Izmir Suburban System (IZBAN), and being close to the sea add value to the prices.Even rental prices for old buildings have increasedFurthermore, even old buildings over the age of 35, which are about to enter urban transformation, have become unaffordable. As rental prices for 30 and 50-year-old buildings soar, the safety of apartments against earthquakes has also come into question.Rasim Guner, who has been in real estate on Inonu Street in Konak district for 30 years, stated that apartment prices start from 20 thousand Turkish Lira even in the side streets.’Can ask for 30-35 thousand TL for 50-year-old houses’Guner stated that it is not difficult to see prices ranging from 30-40 thousand Turkish Lira when you go to the main streets, indicating that some homeowners even advertise their 50-year-old houses for rent, asking for 30-35 thousand Turkish Lira due to their proximity to the metro.Guner said, ‘Buildings over 35 years old start from 20 thousand Turkish Lira in side streets. When you go to the main street, these prices can reach 30s and 40s. Unfortunately, despite the aging of the buildings, their rental values are currently very high in the market. 25-year-old apartments, slightly younger buildings go for 30-35-40. Of course, this is now; it doesn’t matter the age of the building depending on the location, proximity to the metro, street. This is a bad system. Someone can ask for 30-35 thousand Turkish Lira for a 50-year-old building just because it’s close to the metro. A 45-year-old one is now 20 thousand Turkish Lira. Three rooms, one living room, with natural gas, on the first floor, not many elevators. Usually, old buildings in the back streets do not have elevators. Only one street has an elevator. Prices on the main street are currently around 30-35.’Old buildings are renovated to be similar to new buildingsRasim Guner explained that some old houses are renovated and rented out at prices similar to new buildings, saying:’Old houses are being renovated; in other words, the apartment is decorated. They are put back on the market at high prices as renovated. We have not seen such a thing before. We are old in this market. I don’t know where this will lead. If a citizen rents a 20 thousand Turkish Lira apartment, at most, it will have natural gas. It will be a semi-classic, not fully renovated, around 40-45 years old.”My rent increased from 7 thousand TL to 15 thousand TL all of a sudden’Ibrahim Geyik, who has been living in a rented house for 8 years and pays a rent of 15 thousand Turkish Lira, said, ‘My rent increased from 7 thousand TL to 15 thousand TL all of a sudden. The landlord says, ‘either vacate the house or accept this rent increase.’ If you move out, you cannot find an apartment below 20-25 thousand lira, and the cost of moving is around 100 thousand lira. Landlords also say, ‘inflation has increased, minimum wage has increased.’ 17 thousand lira minimum wage, 20 thousand lira rent. How am I going to survive,’ he said.Finally, Mehmet Duduk (52) continued:’May Allah have mercy on people, mercy is very important. A merciless person can do anything. They can rent a 7 lira house for 15 lira, or for 20 lira. I live in Balçova myself. They turned shops into houses and rent them to students for 25 thousand lira, 30 thousand lira; this is not justice. They need to find a solution to this. There is no rent below 20-25 thousand in our region. I rented one for my daughter before New Year’s Eve. My daughter is getting married on June 28th and we rented it for 15 thousand lira. A building that is 30-35 years old. If you rent a brand new building, it’s 30-35 thousand lira. These people are heartless.’