** Brokerage BMO Capital Markets downgrades apartment REIT AvalonBay AVB.N to "market perform" from "outperform"; PT unchanged at $220
** Shares of AVB fall 4.5% to $196.81
** Brokerage says AVB is expected to face higher development costs and weaker demand due to job cuts in the home market
** Brokerage believes DOGE-related job cuts that affect people in Washington D.C. would lead to weaker demand during peak leasing season as co gets most of its net rental income from D.C. Metro / Baltimore region
** AVB's $3.5 billion development pipeline faces rising headwinds as lumber tariffs will likely drive up construction costs and deportation pledge may increase labor costs, says brokerage
** Ten out of 24 brokerages rate the stock "buy" or higher, 14 rate "hold" and their median PT is $238 as per data compiled by LSEG
** Including session's moves, AVB stock down 9.7% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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