While the pace of multifamily construction during the first three quarters of 2019 was at its highest rate in three decades, the amount of available low-rent apartments has decreased significantly since 2012, according to a blog post today by the Harvard Joint Center for Housing Studies.

These were two of 10 conclusions mentioned in “10 Surprising Facts from America’s Rental Housing 2020,” by Whitney Airgood-Obrycki, Research Associate, Harvard Joint Center for Housing Studies.

A few other conclusions mentioned in her research included:

• Most of the new construction has been located in big, centrally located buildings,
• By the middle of 2019, rental vacancy rates hit a 30-year low,
• Average rental rates have increased 29 consecutive quarters, and
• The number of low-rent apartment units declined about 3.4 million between 2012 and 2018.

Read the blog and find out more about Airgood-Obricki’s research.