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The Nominal Rigidity of Apartment Rents

  • David Genesove

    (The Hebrew University of Jerusalem, NBER, and CEPR)

This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among housing rents in the United States between 1974 and 1981. Of the units studied, 29% had no change in nominal rents from year to year. The incidence was much higher (a) in years and cities with a low median nominal rent growth rate, and among (b) units whose tenants continued from the previous year and (c) units in small buildings. A little less than half of the nominal rigidity can be ascribed to grid pricing. Possible explanations, as well as the likely distributive and allocative implications, are discussed. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 85 (2003)
Issue (Month): 4 (November)
Pages: 844-853

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Handle: RePEc:tpr:restat:v:85:y:2003:i:4:p:844-853
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