• AvalonBay Communities average operating margin for 2023 was 30.88%, a 45.59% decline from 2022.
• AvalonBay Communities average operating margin for 2022 was 21.21%, a 25.65% increase from 2021.
• AvalonBay Communities average operating margin for 2021 was 16.88%, a 28.93% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.