This study uses American Housing Survey metropolitan data from 1995 to 1999to examine changes in the affordable rental stock for six metropolitan areas: New York-Nassau-Suffolk-Orange, Los Angeles-Long Beach, Chicago, Philadelphia, Detroit, and Northern New Jersey. This study builds on similar work by Nelson and Vandenbroucke covering the period between 1985 and 1992. The study finds that the rental stock in the extremely low-rent, very low-rent, and low-rent categories grew; the moderate-rent and high-rent categories declined, and the very high-rent categories grew. About a fifth of the units that were rentals in 1995 had left the rental stock by 1999, and a similar proportion of the 1999 rental stock had not been part of the 1995 stock. Gross flows into and out of each affordability category were many times larger than the net changes. The appendix of the report summarizes the findings for each of the six metropolitan areas.