• AvalonBay Communities average operating margin for 2023 was 22.62%, a 19.12% increase from 2022.
• AvalonBay Communities average operating margin for 2022 was 18.99%, a 12.5% 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.