SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

DJ Is The Worst Past For AvalonBay? -- Market Talk

· 02/04/2021 14:22

1422 ET - The Covid-19 pandemic, work-from-home orders, civil unrest and shifting preferences among some consumers to give up rentals as they buy homes made 2020 tough for apartment company AvalonBay Communities. Average rental rates for established markets were down 2.4% for 2020 compared with 2019, including a 7% drop in 4Q driven in part by weakness in New York City, San Francisco and Los Angeles. Yet the landlord has seen "early signs of stabilization with a steady improvement in occupancy followed by effective rents beginning to level off in all of our markets, " CEO TIm Naughton says. AvalonBay shares rise 3.1%. (micah.maidenberg@wsj.com; @MicahMaidenberg)

(END) Dow Jones Newswires

February 04, 2021 14:22 ET (19:22 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.