Title of presentation: "Sticky Continuing Tenant Rents" Authors: Joshua Gallin, Lara Loewenstein, Hugh Montag, Randal Verbrugge Presentation Venue: Society for Economic Measurement Annual Conference, Atlanta, Georgia, 8/1-3/2024. https://sem-society.org/ Abstract: While much attention has been focused on new tenant rents, continuing tenant rents are more important for the dynamics of CPI shelter indexes. Besides their well-known stickiness, little else is known about these rents. This is the first study to use US CPI rent microdata, over 1999-2024, to do a deep-dive analysis of continuing tenant rents. Over this period, despite technological advances available to unsophisticated landlords, continuing tenant rents remained very sticky, with little cyclical variation even during the Financial Collapse or the pandemic; and declining mobility has made continuing tenant rents even more important drivers of the CPI since 2010. Unsurprisingly, the aggregate rent hazard function is downward-sloping. Unit- level rent gaps---that is, the difference between the unit's actual rent and its hypothetical new-tenant rent---grow over a tenancy, indicating length-of- residence discounts rather than sit discounts. Despite this, rent gaps are the most important driver of continuing tenant rent changes; other drivers of rents mainly influence new tenant rents. Notice: The conference presentation is available upon request. Contact author is Hugh Montag (Montag.Hugh@bls.gov). Disclaimer: This presentation provides a summary of research results. The information is being released for statistical purposes, to inform interested parties, and to encourage discussion of work in progress. The presentation does not represent an existing, or a forthcoming new, official BLS statistical data product or production series.