Nominal Rigidities in the Market for Housing Rentals in Turkey

[EN] Using a national panel of housing units, this paper analyzes the rate of nominal rigidities in housing rents in Turkey between 2008 and 2011. We find that, on average, 31.5 percent of the rents did not change from year to year in nominal terms. We then ask if the incidence of nominal rigidity depends on the turnover status of the housing unit. We show that 35.4 percent of the non-turnover units had rigid rents, while for only 17.1 percent of the turnover units rents did not change. We also present evidence that grid pricing is responsible for more than half of the observed nominal rigidities in housing rents. Implications of these results for monetary policy, inflation accounting, and asset prices are discussed. [TR] Bu calismada, TUIK tarafindan 2008-2011 yillari arasinda uygulanan Gelir ve Yasam Kosullari Arastirmasi verisi kullanilarak Turkiye’de konut kiralarindaki katiligin derecesi olculmektedir. Nominal kiralarin yillik bazda ortalama yuzde 31,5’inin degismedigi bulunmustur. Sonraki asamada, kiralardaki katiligin kiracilarin ev degistirme oraniyla iliskisi incelenmistir. Katilik derecesi evlerini degistirmeyen birimlerde yuzde 35,4’e kadar cikarken, ev degistirenlerde bu oran yuzde 17,1’e kadar dusmektedir. Bunun yanisira, kiralarda gozlenen katiligin yarisindan fazlasinin da yuvarlama etkisinden kaynaklandigi gosterilmistir. Ayrica, para politikasi, enflasyon ve varlik fiyatlamasi gibi konulardaki etkiler de tartisilmistir.