October 2021 Investor Update

Growth Strategy AND DELIVER NEARLY 9 PER SHARE OF VALUE CREATION VALUE CREATION PER SHARE FROM CURRENT DEVELOPMENT ACTUAL PROJECTED ANNUAL INITIAL STABILIZED NOI FROM CURRENT DEVELOPMENT MARKET VALUE OF PROJECTED STABILIZED NOI FROM CURRENT DEVELOPMENT AT A 3.8% ESTIMATED MARKET CAPITALIZATION RATE LESS: PROJECTED TOTAL CAPITAL COST OF CURRENT DEVELOPMENT 145M 3.8B (2.6B) A B A / 3.8% C 650M PROJECTED VALUE CREATION Q3 2021 TOTAL OUTSTANDING COMMON SHARES AND DOWNREIT UNITS PROJECTED VALUE CREATION PER SHARE FROM CURRENT DEVELOPMENT Source: Internal company reports. 22 1.2B D B C 140M E 8.68 F D/E

Growth Strategy INTRODUCING KANSO: LIVE SIMPLY, WITHOUT SACRIFICE KANSO TWINBROOK ROCKVILLE, MD NEW BRAND TO SERVE DISTINCT CUSTOMER SEGMENT FOCUSED ON APARTMENT HOMES AND LOCATION, WITHOUT ADDITIONAL SERVICES APARTMENT HOME LAYOUT AND FINISHES COMPARABLE TO AVALON LIMITED COMMON AREA AMENITIES (NO SWIMMING POOL, FITNESS CENTER, OR LOUNGE) TECH-ENABLED, SELF-SERVICE OPERATIONS REDUCED ONSITE STAFFING TOTAL CAPITAL COST 67M APARTMENT HOMES 238 AVERAGE RENT PER APARTMENT HOME TOTAL CAPITAL COST PER APARTMENT HOME Source: Internal company reports. 23 1,775 280,000 CENTRALIZED OFFSITE RESIDENT SUPPORT COMPETITIVE PRICING LOWER CAPITAL AND OPERATING COSTS ENABLE BETTER VALUE PROPOSITION TO TARGET CUSTOMER SEGMENT

PORTFOLIO MANAGEMENT & OPERATING STRATEGY 24 Avalon Doral Doral, FL

Portfolio Management & Operating Strategy OFFERING A DIVERSE, MULTI-BRAND PORTFOLIO LOCATION MIX URBAN, 35% PRODUCT TYPE MID-RISE, 34% HIGH-RISE, 23% BRAND ALLOCATION SUBURBAN TOD, 16% SUBURBAN, 49% AVA, 13% EAVES, 14% GARDEN, 43% Source: Internal company reports. Data as of September 30, 2021. Excludes communities under construction. 25 AVALON, 73%

Portfolio Management & Operating Strategy DELIVERING ABOVE SECTOR AVERAGE OPERATING MARGINS SAME-STORE OPERATING MARGINS 67.1% 69.4% 69.5% 71.7% 69.4% 71.4% 68.9% 70.6% 68.7% 70.3% 67.5% 70.3% 69.8% 66.4% 64.8% 63.4% 65% 65.7% 67.8% 69.4% 69.7% 72% 58% 2011 2012 2013 AVB 2014 2015 2016 2017 2018 2019 MULTIFAMILY SECTOR WEIGHTED AVERAGE Source: S&P Global. Operating margin defined as same-store NOI divided by same-store revenue. Multifamily sector weighted average includes AIV (through 2019), CPT, EQR, ESS, MAA and UDR, and is weighted based on Total Enterprise Value as of December 31, 2020. 26 2020

Portfolio Management & Operating Strategy OPERATING MODEL INNOVATION EXPECTED TO ENHANCE OPERATING MARGINS BY 200 BASIS POINTS INITIATIVES ALREADY DEPLOYED VIRTUAL LEASING ASSISTANT VIRTUAL & SELF GUIDED TOURS DIGITAL MOVE-IN PROCESS A RESPONSIVE, AIPOWERED, VIRTUAL LEASING ASSISTANT THAT ANSWERS QUESTIONS, SCHEDULES TOURS, FOLLOWS UP POSTTOUR INITIAL, LOW-TECH DEPLOYMENT FOR REMOTE VIRTUAL TOURS AND INPERSON SELF-GUIDED TOURS SELF-SERVICE, MOBILE FIRST ORIENTATION AND MOVE-IN SOLUTION, ALLOWING EASY COMPLETION OF PREMOVE-IN TASKS SELF-SERVE PACKAGE LOCKERS & ROOMS TEXT AND E-MAIL NOTIFICATIONS NOI ENHANCEMENT 10 MILLION 2021 – 2023 INITIATIVES ROADMAP VIRTUAL LEASING SEARCH & TOUR BOOKING APPLYING & LEASING IMPROVE USER EXPERIENCE TO OPTIMIZE SEARCH, CROSSSELLING, AND TOUR BOOKING; DIGITALLY ENABLE BROAD TOURING CAPABILITIES WITHOUT ASSOCIATE INVOLVEMENT DELIVER A FULLY SELFSERVICE APPLICATION AND LEASING EXPERIENCE MOBILE MAINTENANCE MOBILE ENABLED, DIGITAL PLATFORM TO OPTIMIZE SCHEDULING AND INCREASE LABOR EFFICIENCY SMART HOME/ACCESS ASSISTANTRENEWALS A FRIENDLY, RESPONSIVE, AIPROVIDE SMART ACCESS TO LEVERAGE DATA SCIENCE AND POWERED, VIRTUAL ENHANCE ASSOCIATE DIGITAL PLATFORMS TO ASSISTANT PRODUCTIVITY AND SMART LEASING DRIVE RENEWAL OFFERS AND THAT ANSWERS HOME OPTIONS THAT RELATED BUSINESS QUESTIONS, PROCESSES RESIDENTS VALUE SCHEDULES TOURS, FOLLOWS UP POSTTOUR. BROADEN REVENUE STREAMS ENHANCE REVENUE FROM RESIDENTS AND SOURCE REVENUE FROM NONRESIDENTS – E.G., PARKING, AMENITIES, RENTERS’ INSURANCE, BUNDLED INTERNET, OTHER SERVICES ESTIMATED INCREMENTAL NOI ENHANCEMENT 25 - 35 MILLION Source: Internal company reports. 27

Portfolio Management & Operating Strategy INNOVATION EFFORTS HAVE LED TO A NEARLY 20% REDUCTION IN FRONTLINE OFFICE STAFFING SINCE 2017 ONSITE OFFICE POSITIONS(1) PER UNIT INDEXED TO 100 IN DECEMBER 2017 120 100 80 2017 2018 Source: Internal company reports. (1) Data includes non-manager onsite office positions; excludes Expansion Markets. 28 2019 2020 THROUGH Q3 2021

Portfolio Management & Operating Strategy MANAGING CAPEX EXPOSURE THROUGH CAPITAL RECYCLING DISPOSITIONS CAPITAL EXPENDITURE PER UNIT THROUGH YEAR-END 2020 1,500 ACQUISITIONS 2,270 AVERAGE AGE 25 YEARS 1,760 AVALON REDMOND PLACE REDMOND, WA 2,000 AVALON BRONXVILLE BRONXVILLE, NY 2,405 3,000 AVALON ARUNDEL CROSSING LINTHICUM, MD AVALON TOSCANA MARGATE, FL AVERAGE AGE 5 YEARS Source: Internal company reports; Green Street Advisors. 29 2020 AVB 10 YEAR AVG MULTIFAMILY SECTOR WEIGHTED AVERAGE

CAPITAL MANAGEMENT 30 Avalon Brea Place Brea, CA

Capital Management INTEGRATED CAPITAL MANAGEMENT GUIDING PRINCIPLES Match-Fund New Commitments Manage Liquidity and Borrowing Capacity Optimize Sourcing of Capital 31

Capital Management CURRENT DEVELOPMENT UNDERWAY IS 80% MATCH-FUNDED AVB DEVELOPMENT ACTIVITY & PROJECTED REMAINING CAPITAL NEEDS(1) AS OF SEPTEMBER 30, 2021 3 REMAINING TO FUND, 0.6B BILLIONS 2 CASH & CASH EQUIVALENTS, 0.3B DEVELOPMENT ACTIVITY, 2.6B 1 SPENT-TO-DATE, 1.5B PROJECTED TOTAL CAPITAL COST Source: Internal company reports. Figures may not sum due to rounding. (1) Data includes non-stabilized Development completions and excludes unconsolidated Development Communities. 32 SOURCES Q3 2021 CASH FROM OPERATIONS AVAILABLE FOR INVESTMENT, ANNUALIZED, 0.1B

Capital Management HEALTHY LIQUIDITY PROVIDES ENHANCED FINANCIAL FLEXIBILITY AVB DEVELOPMENT ACTIVITY REMAINING TO FUND & LIQUIDITY(1) AS OF SEPTEMBER 30, 2021 BILLIONS 2 1 LINE OF CREDIT, 2 1.8B EXCESS LIQUIDITY, 1.2B AVB DEVELOPMENT ACTIVITY, REMAINING TO FUND, 0.6B 1 COMMITTED USES Source: Internal company reports. Figures may not sum due to rounding. (1) See previous slide for the calculation of AVB development activity, remaining to fund. 33 LIQUIDITY EXCESS LIQUIDITY

Capital Management CONSERVATIVE LEVERAGE PROFILE CAPITALIZATION DEBT COMPOSITION AS OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2021 SECURED, 11% UNSECURED, 89% TOTAL DEBT, 20% TOTAL EQUITY, 80% TAX EXEMPT - VARIABLE RATE, 6% CONVENTIONAL - FIXED RATE, 5% OTHER, 3%(1) UNSECURED FIXED RATE, 86% Source: Internal company reports. (1) Other includes unsecured variable rate debt. 34

Capital Management MINIMAL NEAR-TERM DEBT MATURITIES DEBT MATURITIES & AMORTIZATION BILLIONS AS OF SEPTEMBER 30, 2021 1.0 4% 0.5 2% - 2021 2022 2023 2024 DEBT MATURITIES & AMORTIZATION Source: Internal company reports. 35 2025 2026 2027 2028 2029 % OF TOTAL ENTERPRISE VALUE (RIGHT AXIS) 2030

ENVIRONMENTAL SOCIAL & GOVERNANCE 36 Avalon Old Bridge Old Bridge, NJ

Environmental, Social, and Governance OUR CORPORATE RESPONSIBILITY PROGRAM FOCUSES ON COMMUNITY, GOVERNANCE, OUR ASSOCIATES AND RESIDENTS, AND THE ENVIRONMENT Source: Internal company reports. 37

Environmental, Social, and Governance ENVIRONMENTAL CORPORATE RESPONSIBILITY GOALS GREENHOUSE GAS EMISSIONS (“GHG”) SCIENCE-BASED TARGETS WATER WASTE 53% 47% 2025 20% REDUCTION IN SCOPE 1 & 2 GHG EMISSIONS PER SQUARE FOOT BY 2030 (2.16 kg CO2e/sq. ft.) FROM 2017 BASELINE REDUCTION IN SCOPE 3 GHG EMISSIONS PER SQUARE FOOT BY 2030 (2.93 kg CO2e/sq. ft.) FROM 2017 BASELINE GOAL CURRENTLY BEING RESEARCHED AND WILL BE INTRODUCED IN THE 2021 CORPORATE RESPONSIBILITY REPORT TO BE RELEASED IN 2022 REDUCTION IN LANDFILL-BOUND WASTE INTENSITY BY 2023 (1,631 LBS / APT) FROM 2017 BASELINE OUR LONG-TERM GOALS ARE ALIGNED WITH CERTAIN SUSTAINABLE DEVELOPMENT GOALS ADOPTED BY THE UNITED NATIONS Source: Internal company reports. There can be no assurance that the goals will be achieved by the target dates, and goals may be changed at any time. 38

Environmental, Social, and Governance SOCIAL AND GOVERNANCE CORPORATE RESPONSIBILITY GOALS INCLUSION & DIVERSITY ACHIEVE GENDER PARITY INCREASE WOMEN IN LEADERSHIP TO ACHIEVE GENDER PARITY BY 2025 FROM 2020 BASELINE COMMUNITY INCREASE UNDERREPRESENTED MINORITIES INCREASE UNDERREPRESENTED MINORITIES IN LEADERSHIP TO 20% BY 2025 AND 25% BY 2030 FROM 2020 BASELINE 2.75M INCREASE ANNUAL COMMUNITY INVESTMENT TO 2.75M TOTAL CASH AND IN-KIND BY 2025 OUR LONG-TERM GOALS ARE ALIGNED WITH CERTAIN SUSTAINABLE DEVELOPMENT GOALS ADOPTED BY THE UNITED NATIONS RESIDENTS & ASSOCIATES RESIDENTS 33 ACHIEVE NET PROMOTER SCORE OF 33 BY 2025 ASSOCIATES 90TH ACHIEVE 90TH PERCENTILE OR BETTER ON ASSOCIATE ENGAGEMENT AND SATISFACTION BY 2025 Source: Internal company reports. There can be no assurance that the goals will be achieved by the target dates, and goals may be changed at any time. 39

Environmental, Social, and Governance ENVIRONMENTAL SUSTAINABILITY HIGHLIGHTS GREEN BUILDING GREEN LABELS CLIMATE RISK 60 36 75 274 BUILDINGS HAVE ACHIEVED GREEN BUILDING CERTIFICATIONS COMMUNITIES ARE CURRENTLY PURSUING CERTIFICATION COMMUNITIES WITH BUILT IN EFFICIENCIES TO HELP RESIDENTS USE LESS ENERGY AND WATER PROPERTIES ASSESSED FOR 11 SHORT / LONG TERM RISKS LED RETROFITS SOLAR POWER BATTERY STORAGE SMART BUILDING / DEMAND RESPONSE 171 51 1 275K COMPLETED RETROFITS 3.6M ANNUAL SAVINGS PROJECTS COMPLETED & IN PROGRESS 2.4M ANNUAL SAVINGS COMMUNITY UTILIZING BATTERY STORAGE 5-YEAR PLAN FOR COMMUNITIES IN DEVELOPMENT SAVED ANNUALLY OVER 40 PROPERTIES / 13.5M SQ FT Source: AvalonBay 2020 Corporate Responsibility Report 40

Environmental, Social, and Governance PERFORMANCE ACKNOWLEDGEMENTS INDUSTRY LEADERSHIP 41 ENVIRONMENTAL SOCIAL GOVERNANCE

OUR PORTFOLIO 42 Avalon 555 President Baltimore, MD

Our Portfolio NEW ENGLAND PORTFOLIO BOSTON 47 COMMUNITIES 11,477 APARTMENT HOMES AVERAGE PORTFOLIO AGE 17 YEARS 14% OF NOI PRODUCT TYPE HIGH-RISE, 29% MID-RISE, 28% GARDEN, 43% LOCATION MIX URBAN, 32% SUBURBAN, 54% SUBURBAN TOD, 14% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 43 FAIRFIELD

Our Portfolio METRO NY/NJ PORTFOLIO NEW YORK NEW JERSEY 57 COMMUNITIES 16,921 APARTMENT HOMES AVERAGE PORTFOLIO AGE 11 YEARS 21% OF NOI PRODUCT TYPE HIGH-RISE, 35% MID-RISE, 34% GARDEN, 31% LOCATION MIX URBAN, 42% SUBURBAN, 40% SUBURBAN TOD, 18% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 44 LONG ISLAND

Our Portfolio MID-ATLANTIC PORTFOLIO 47 COMMUNITIES 16,361 APARTMENT HOMES AVERAGE PORTFOLIO AGE 24 YEARS 16% OF NOI MARYLAND NORTHERN VIRGINIA WASHINGTON D.C. PRODUCT TYPE HIGH-RISE, 35% MID-RISE, 35% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 45 GARDEN, 30% LOCATION MIX URBAN, 43% SUBURBAN, 39% SUBURBAN TOD, 18%

Our Portfolio RALEIGH-DURHAM CHARLOTTE PORTFOLIO CHARLOTTE 2 COMMUNITIES 429 APARTMENT HOMES AVERAGE PORTFOLIO AGE 5 YEARS 1% OF NOI PRODUCT TYPE MID-RISE, 100% LOCATION MIX SUBURBAN TOD, 100% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 46

Our Portfolio SOUTHEAST FLORIDA PORTFOLIO 6 COMMUNITIES 1,818 APARTMENT HOMES AVERAGE PORTFOLIO AGE 3 YEARS 2% OF NOI PRODUCT TYPE HIGH-RISE, 31% MID-RISE, 45% GARDEN, 24% LOCATION MIX SUBURBAN, 46% SUBURBAN TOD, 54% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 47 SOUTHEAST FLORIDA

Our Portfolio DALLAS AUSTIN PORTFOLIO 1 COMMUNITY 425 APARTMENT HOMES AVERAGE PORTFOLIO AGE 6 YEARS 1% OF NOI PRODUCT TYPE GARDEN, 100% LOCATION MIX SUBURBAN, 100% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 48 DALLAS - FT WORTH

Our Portfolio DENVER PORTFOLIO 6 COMMUNITIES 1,644 APARTMENT HOMES AVERAGE PORTFOLIO AGE 4 YEARS 1% OF NOI PRODUCT TYPE MID-RISE, 37% GARDEN, 63% LOCATION MIX URBAN, SUBURBAN, 83% DENVER As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 49

Our Portfolio PACIFIC NORTHWEST PORTFOLIO 22 COMMUNITIES 6,322 APARTMENT HOMES AVERAGE PORTFOLIO AGE 13 YEARS 5% OF NOI PRODUCT TYPE HIGH-RISE, 12% MID-RISE, 61% GARDEN, 27% LOCATION MIX URBAN, 19% SUBURBAN, 52% SUBURBAN TOD, 29% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 50 SEATTLE

Our Portfolio NORTHERN CALIFORNIA PORTFOLIO 43 COMMUNITIES 13,132 APARTMENT HOMES AVERAGE PORTFOLIO AGE 24 YEARS 18% OF NOI PRODUCT TYPE HIGH-RISE, 17% MID-RISE, 36% GARDEN, 46% LOCATION MIX URBAN, 38% SUBURBAN TOD, 32% SUBURBAN, 30% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 51 NORTHERN CALIFORNIA

Our Portfolio SOUTHERN CALIFORNIA PORTFOLIO 62 COMMUNITIES 18,887 APARTMENT HOMES AVERAGE PORTFOLIO AGE 27 YEARS 23% OF NOI LOS ANGELES ORANGE COUNTY PRODUCT TYPE GARDEN, 49% SAN DIEGO MID-RISE, 51% As of September 30, 2021. The Company defines urban submarkets as those with more than 3,500 households per square mile. 52 LOCATION MIX URBAN, 24% SUBURBAN TOD, 9% SUBURBAN, 67%

FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by our use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "project," "plan," "may," "shall," "will," "pursue" and other similar expressions in this presentation, that predict or indicate future events and trends and that do not report historical matters. These statements include, among other things, statements regarding our intent, belief or expectations with respect to: 53 the impact of the COVID-19 pandemic on our business, results of operations and financial condition; our potential development, redevelopment, acquisition or disposition of communities; the timing and cost of completion of apartment communities under construction, reconstruction, development or redevelopment; the timing of lease-up, occupancy and stabilization of apartment communities; the timing and net sales proceeds of condominium sales; the pursuit of land on which we are considering future development; the anticipated operating performance of our communities; cost, yield, revenue, NOI and earnings estimates; the impact of landlord-tenant laws and rent regulations; our expansion into new markets; our declaration or payment of dividends; our joint venture and discretionary fund activities; our policies regarding investments, indebtedness, acquisitions, dispositions, financings and other matters; our qualification as a REIT under the Code; the real estate markets in Metro New York/New Jersey, Northern and Southern California, Denver, Colorado, Southeast Florida, Dallas and Austin, Texas and Charlotte and Raleigh-Durham, North Carolina, and markets in selected states in the Mid-Atlantic, New England and Pacific Northwest regions of the United States and in general; the availability of debt and equity financing; interest rates; general economic conditions including the potential impacts from current economic conditions and the COVID-19 pandemic; trends affecting our financial condition or results of operations; and the impact of outstanding legal proceedings.

FORWARD-LOOKING STATEMENTS CONTINUED We cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current expectations of the approximate outcomes of the matters discussed. We do not undertake a duty to update these forward-looking statements, and therefore they may not represent our estimates and assumptions after the date of this presentation. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. These risks, uncertainties and other factors may cause our actual results, performance or achievements to differ materially from the anticipated future results, performance or achievements expressed or implied by these forwardlooking statements. Risks and uncertainties that might cause such differences include those related to the COVID-19 pandemic, including, among other factors, (i) the effect on the multifamily industry and the general economy of measures taken by businesses and the government to prevent the spread of the novel coronavirus and relieve economic distress of consumers, such as governmental limitations on the ability of multifamily owners to evict residents who are delinquent in the payment of their rent and (ii) the preferences of consumers and businesses for living and working arrangements both during and after the pandemic. In addition, the effects of the pandemic are likely to heighten the following risks, which we routinely face in our business. Some of the factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by these forwardlooking statements include, but are not limited to, the following: we may fail to secure development opportunities due to an inability to reach agreements with third-parties to obtain land at attractive prices or to obtain desired zoning and other local approvals; we may abandon or defer development opportunities for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; construction costs of a community may exceed our original estimates; we may not complete construction and lease-up of communities under development or redevelopment on schedule, resulting in increased interest

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