We estimate the effect of increasing the supply of housing vouchers on rents using a panel of units in the American Housing Survey. We do not find that an increase in vouchers affected the overall price of rental housing, but do estimate differences in effects based on an individual unit?s rent before the voucher expansion. Our results are consistent with voucher recipients renting more expensive units after receiving the subsidy. We also find the largest positive price increases for units in relatively supply inelastic cities, suggesting policy makers should take local attributes into account with targeting future housing subsidies.