AvalonBay Communities' (NYSE:AVB) total residential rental revenue for established communities for the two months ended Feb. 28, 2021 declined 9.1% from the year-ago period, in line with its expectations for Q1 that it issued in early February.

Rents in established communities fell 7.9% Y/Y in February and 9.9% Y/Y in January, with the largest February rent decreases in northern California (-15.1%) and the Pacific Northwest (-12.7%).

For the total company, average physical occupancy in established communities rose to 95.0% in February vs. 94.7% in January.

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