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                    AvalonBay: Fourth Quarter Dividend Declared

For Immediate Release December 17, 1998

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 1998. The Common Stock
dividend is 51 cents per share and is payable on January 15, 1999 to all common
stockholders of record as of December 31, 1998.  The Series C, Series D and
Series H Cumulative Redeemable Preferred Stock dividends are is 53.125 cents
per share, 50 cents per share 54.375 cents per share, respectively, and are
payable on March 15, 1999 to all Series C, Series D and Series H shareholders
of record as of March 1, 1999.  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,
1999 to all Series F and Series G shareholders of record as of February 1,
1999.        

AvalonBay is an equity REIT operating in the high barrier-to-entry markets of
the United States.  The Company owns 147 communities totaling 42,952 apartment
homes in 29 distinct markets, of which 15 communities are under construction
and 13 are under redevelopment.  In addition, the Company holds future
development rights for 23 communities.  For more information on AvalonBay,
visit the Company's website at http://www.avalonbay.com.  For additional
information, please contact Richard L. Michaux, CEO, at (703) 317-4602 or
Thomas J. Sargeant, CFO, at (703) 317-4635.


This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.  The words "foreseeable," "expect," "anticipate,"
"estimate," "projected," "budgeted" and other similar expressions which are
predictions of or indicate future events and trends that do not relate solely
to historical matters, including information concerning the Company's future
FFO estimates, identify forward-looking statements.  Reliance should not be
placed on forward-looking statements because they involve known and unknown
risks, uncertainties and other factors, which are in some cases beyond the
control of the Company and may cause the actual results, performance or
achievements of the Company to differ materially from anticipated future
results.  No assurance can be provided that the anticipated benefits of this
merger will be realized.  Factors that impact the Company's ability to meet
these forward-looking statements include, but are not limited to, the market
acceptance of the Company's new developments, local market conditions, the
ability to achieve projected costs, occupancy levels and revenues, the ability
to successful integrate the merged companies and other factors discussed
periodically in the Company's reports filed with the Securities and Exchange
Commission.




Copyright (c) 1998 AvalonBay Communities, Inc. All Rights Reserved






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