Rent In Iran Up by 60% As Cost Of Living Soars

Rents in Iran have surged by 60% over the past year, with 12 provinces experiencing increases exceeding 70%.

The figures were released by the Eco Iran website, citing statistics from the government-run Statistical Center of Iran for the Iranian year up until March 2023.

In the previous year, 20 provinces, equivalent to 64.5% of Iran's provinces, witnessed rent growth rates surpassing the national average. The report also highlighted that rent inflation in Tehran province exceeded 52%, resulting in the average monthly household rental cost in Tehran province rising from $105 in 2021 to $160.

Additionally, data from the Statistical Center of Iran indicates that the average expenses for housing, water, sewage, fuel, and electricity surged by nearly 60% during the same period.

For around one year, both the Statistical Center and the Central Bank have ceased publishing regular reports on developments in the housing market, drawing criticism from economic experts and the construction and real estate sectors.

Recently, officials from the Ministry of Roads and Urban Development have prioritized restricting property buying, selling, and renting platforms with real estate consultants and property transaction platforms having been accused of contributing to price hikes.

The situation coincides with a report from the Donya-e-Eqtesad newspaper, indicating that the nationwide growth in rent prices from March to September 2023 has reached its highest level in 12 years, surging to 38.5%.

Reports from mid-2022 previously highlighted a staggering increase of over 300% in Tehran's rental prices within a three-year timeframe. Additionally, statistics released in December 2021, around six months after Ebrahim Raisi assumed the presidency, revealed that food and housing costs had surged by 300% to 740% over the preceding six years.