Using the most recent data available, this issue of Cascade Focus analyzes trends in rental housing affordability in the Third Federal Reserve District between 2007 and 2012. In addition to examining rates of housing cost burden for low-income renter households, this analysis evaluates whether the supply of affordable rental units is sufficient to meet the need. Lastly, this report presents a series of in-depth fact sheets for the Third District, Pennsylvania, New Jersey, Delaware, and 14 metropolitan areas within these three states, as well as the City of Philadelphia. Note: Estimates from reports published by the department in 2010, 2011, and 2012 should not be compared with estimates in this analysis because of the differences in geographic areas covered, data sets used, and methodologies employed.