What we've seen at least the last year or two, our development starts the average unit size has started to move the other direction. Compensation/Benefits.

Sean?Alright.

Thanks for your time and I appreciate the answers.Next question will come from Wes Golladay with RBC Capital Markets.Hi guys.

These include, work from home flexibility that is shifting somewhere in demand from higher cost and urban infill markets. As we all try to this understand and gauge how the current environment will play out in our business in the months and quarters ahead.Alright, now let's turn to the results for the quarter, starting in on the Slide 4. It's been said but these are indeed unprecedented times.And these events aren't just having an unprecedented impact on an economic activity, but also I think determine wealth distribution across industries in the broader population. As most temporary corporate sites have been canceled, while higher education is adopting remote running models and limiting on-campus activities for the fall.These factors will likely weigh our performance until the public health crisis has abated.

Our unencumbered NOI percentage has increased to 94% from 77%, and our credit ratings improved to A3 A- from a B AA1 to 2B+. probably the softest spots are San Francisco and throughout L.A., particularly in some of the entertainment oriented economies around L.A., so think about Hollywood, West Hollywood, Burbank, San Fernando Valley, etc. AvalonBay is proud to be named one of Glassdoor's Best Places to Work in 2019. And home ownership rate is on the rise. We are in the middle of the largest global healthcare crisis in a century. I -- maybe just add a little bit to Kevin, I agree, I think two things working here.

Just turning to the last slide and offering a few summary comments. As memory serves, in the '08-'09 timeframe, you did have a sizable write-off related to your development pipeline and if I am wrong, I apologize, going on memory. Thank you. So we are starting to see it there and in some markets, we've seen, mid single-digit by updating on that work, which isn't all that meaningful, but given where we've been coming from where we've just been seeing construction costs growing much faster than inflation for the last four or five years, it is a significant change.On the new construction, it's probably still too early in almost all markets because everything's under way and there's a lot under way, that is going to have to get finished first. That's -- it's definitely helpful to answer and it's not that it's related to the people that are coming in for a specific kind of program like a training program or some other kind of corporate program because 2% to 3% of the market. Learn And then as it relates to, kind of, where things are today, if you look at it in the context of July, effective rent change is down about 3.5%, a little bit better than June and lease rent change is down about 3% and in both cases renewals do remain positive, right now, sort of, in the 50 to 70 basis point range, slightly lower than what we experienced in Q2, but still positive in July at this point.Okay.

I mean, given the price points in Avalon's markets, maybe you're a little more insulated from that effect then, than the average apartment landlord out there.

[Operator Instructions] Our first question will come from Nick Joseph with Citi.Thanks, I appreciate the color on the rationale behind pausing new starts, just curious how long you think the delay will be until you actually started new projects, again what signals are you looking at before actually making that decision to proceed?Hey, Nick. For those companies and workers leveraged to the virtual economy, they're actually doing quite well and some are even thriving. Got responses?Yeah, no, that's great. So, there is submarket stuff like that. Thank you so much and apologies for the bad sound quality. So, we weren't --I mean, homebuilders were taking impairments in the billions, we took. Community Coordinator (Current Employee…