Every foreign landlord in Turkey eventually faces the same problem. You collect rent in TRY. Your life runs in USD or EUR. Inflation is 35-40% and the lira depreciates 15-25% a year against the dollar.
The first approach — and the most common — is to convert rent to USD monthly. You lock the FX at collection, you sleep at night, you accept the spread. The downside is that the nominal lira rent is being adjusted upward to chase inflation. Your landlord contract should include a TÜFE-linked (CPI) renewal clause. Most do; make sure yours does.
The second approach is USD-denominated leases. Legal in Turkey for foreign-owned properties, but operationally hard to enforce — most Turkish tenants won't sign them. If you're in a high-foreigner area (Mahmutlar, parts of Antalya), it's viable. Elsewhere, you're restricting your tenant pool.
The third is to hold cash in TRY deposits at the protected-deposit rate (KKM — Kur Korumalı Mevduat), which indexes your lira balance to USD moves. Banks pay the difference if the lira drops. This was a 2021 Erdogan creation and still exists in 2026, though program economics have tightened.
The fourth, for serious portfolios: onshore FX forwards or options. You'll need a relationship with a Turkish bank with a treasury desk, minimum ticket size $250k+. Sophisticated, but works.
The simple rule: if you can't price your liabilities in TRY, don't price your assets in TRY either. Convert.