This paper studies the effects of monetary policy on housing rents. We provide comprehensive measures of rent inflation at a micro-geographic scale by constructing a new repeat-rent index. Using our rent index, we estimate the impulse responses of rents to monetary policy shocks. We find that, on average, monetary tightening increases rents. The effect is driven by a shift in demand from the owner-occupied market to the rental market. Areas where household borrowing constraints are more binding, where renter and owner markets are more segmented, and where landlords are more levered experience greater rent increases following the same contractionary shock.