AvalonBay: Declares Dividends


For Immediate Release
December 15, 1999

AVALONBAY COMMUNITIES DECLARES
FOURTH QUARTER DIVIDENDS


AVALONBAY COMMUNITIES, INC. (NYSE/PCX Symbol: AVB) announced today that its
Board of Directors declared dividends on the Company's Common Stock (par
value $.01) and the Series C, Series D, Series F, Series G and Series H
Cumulative Redeemable Preferred Stock for the fourth quarter of 1999.  The
Common Stock dividend is 52 cents per share and is payable on January 18,
2000 to all Common Stockholders of Record as of December 31, 1999.  The
Series C, Series D and Series H Cumulative Redeemable Preferred Stock
dividends are 53.125 cents per share, 50 cents per share and 54.375 cents
per share, respectively, and are payable on March 15, 2000 to all Series C,
Series D and Series H Stockholders of Record of record as of March 1, 2000.
The Series F Cumulative Redeemable Preferred Stock dividend is 56.25 cents
per share. The Series G Cumulative Redeemable Preferred Stock dividend is
56 cents per share.  The Series F and Series G Cumulative Redeemable
Preferred Stock dividends are payable on February 15, 2000 to all Series F
and Series G Stockholders of Record as of February 1, 2000.

AvalonBay, named the NAHB Development Company of the year for 1998/1999 and
the Property Management Company of the Year for 1996/1997, owns or holds an
ownership interest in 130 apartment communities containing 37,895 apartment
homes in 12 states and the District of Columbia, of which presently 10
communities are under construction and 10 communities are under
reconstruction.  AvalonBay is an equity REIT in the business of developing,
redeveloping, acquiring and managing multifamily apartment communities in
high barrier-to-entry markets of the United States.  More information on
AvalonBay may be found on AvalonBay's Web Site at http://www.avalonbay.com.
For additional information, please contact Richard L. Michaux, President
and Chief Executive Officer, at (703) 317-4602 or Thomas J. Sargeant, Chief
Financial Officer, at (703) 317-4635.


End.