Overview
AvalonBay Communities, Inc. is a U.S. real estate investment trust that develops, redevelops, acquires, owns and operates apartment communities. Its stated purpose is “Creating a Better Way to Live.” Formed through the 1998 merger of Avalon Properties and Bay Communities, the company focuses on multifamily housing in selected U.S. metropolitan markets.[1][2][3]
AvalonBay’s portfolio spans markets in the Northeast, Mid-Atlantic, Pacific Northwest and California, as well as selected markets in North Carolina, Florida, Texas and Colorado. As of January 2026, it reported 292 operating communities containing 88,768 apartment homes. It had approximately 3,000 employees and generated about $3.04 billion in revenue in 2025.[1][4][5][6] [1][2][4][5][3][6]
Products & services
AvalonBay’s principal product is rental apartments offered under four brands. Avalon provides upscale apartments with amenities and services; AVA emphasizes transit-served neighborhoods and social spaces; eaves by Avalon targets cost-conscious renters, primarily in suburban locations; and Kanso offers moderate-priced homes with few or no shared amenities through a largely self-service model.[7][8][9][10]
Resident services include property maintenance and technology-enabled features such as smart locks, package lockers, internet service, and self-guided or virtual tours, with availability varying by community. Residents can also use AvalonAccess for online rent payments, package notifications and amenity reservations.[11][12][13] Rental and other income accounted for approximately 99.8% of total revenue in 2025; AvalonBay does not report revenue separately for each apartment brand.[14] [7][8][9][10][11][12][14][14][13]
Geographic presence
AvalonBay Communities operates in U.S. metropolitan markets. Its established regions are New England, the New York/New Jersey metropolitan area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California. It also identifies expansion markets in North Carolina’s Raleigh-Durham and Charlotte areas, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. Its headquarters is in Arlington, Virginia.[1][15]
As of January 31, 2026, AvalonBay’s portfolio comprised 292 communities and 88,768 apartment homes. Southern California was its largest region by homes, with 18,374, followed by metropolitan New York/New Jersey with 15,052 and the Mid-Atlantic with 14,253. Northern California accounted for another 12,627 homes.[16] In 2025, Southern California generated the largest share of same-store residential revenue, approximately 22%, followed by metropolitan New York/New Jersey at 20%, Northern California at 16%, and the Mid-Atlantic at 15%. These percentages describe the same-store portfolio, not total company revenue.[17] [1][15][16][16][16][16][16][16][17][17][17][17][17]
Business segments
AvalonBay reports three operating segments based on the stage of its apartment communities: Same Store, Other Stabilized, and Development/Redevelopment. Same Store comprises communities owned and stabilized since the beginning of the prior year, providing a basis for year-over-year comparison. Other Stabilized includes completed communities that do not qualify as Same Store, including more recently stabilized or acquired properties. Development/Redevelopment covers communities under construction, undergoing or expected to undergo substantial redevelopment, and recently completed communities that have not yet stabilized. The classifications are generally set annually and can change when disposition or redevelopment plans change.[18][19][20][21]
In 2025, Same Store generated approximately 92.5% of reported segment revenue, Other Stabilized 5.9%, and Development/Redevelopment 1.6%. Their respective shares of segment net operating income were approximately 93.2%, 5.6%, and 1.2%. These are operating-lifecycle segments, not geographic divisions.[22][18] [18][19][20][21][22][22][22][22][22][22]
Company history
AvalonBay’s roots include Bay Apartment Communities, founded by Gilbert M. “Mike” Meyer in 1978. Its other predecessor, Avalon Properties, went public in 1993; Bay followed in 1994. The two companies merged in June 1998 to form AvalonBay Communities, bringing together their apartment portfolios under one company.[23][3][24]
Timothy J. Naughton succeeded Bryce Blair as chief executive at the end of 2011. In 2013, AvalonBay and Equity Residential completed their acquisition of Archstone; AvalonBay acquired approximately 40% of its assets and liabilities, a major expansion of its apartment portfolio. Benjamin W. Schall succeeded Naughton as chief executive in January 2022.[25][26][27] [23][3][24][25][26][27][23][3][24][25][26][27]
Sources
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