- AvalonBay Communities ( NYSE: AVB ) said Friday its same-store residential rental revenue for the two months ended Feb. 28, 2023 increased 10.5% from the prior-year period , in line with the apartment REIT's full-year 2023 outlook published on Feb. 8.
- In February, the REIT's same-store residential economic occupancy rate increased to 96.2% from 95.8% in January and 95.6% in December.
- Same-store residential like-term effective rate change was 4.2% in February, up from 3.7% in January.
- By region, the largest rent increase in February was in the Charlotte, North Carolina, market, at 6.4%, followed by Southeast Florida at 6.1%, then New England at 5.3%. The smallest increases were in the Mid-Altlantic region at 2.6% and Northern and Southern California, each at 3.8%.
- Renewal offers for March and April 2023 were delivered to residents at an average increase of 7% over the existing lease, it said.
- Last month, AvalonBay ( AVB ) said it expects 2023 same-store residential rental revenue to growth 5% Y/Y.
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AvalonBay same-store rental revenue rises 10.5% in first two months of 2023