Carrington Park rents above its submarket and holds occupancy at the submarket level. It keeps more of its residents, and it is still pushing rents on new leases while the rest of the submarket has stopped. The premium is almost all in the larger units, and the submarket around it is getting weaker.

Rent by bedroom (in-place, averages)

• 2BR and 3BR units carry the premium. 1BRs rent at about the submarket level in dollars. They run 11% higher per square foot, which means they are small units priced at the market rate, not premium product 3.
• 3BR asking rents look stretched. They are $1,948, which is 12% above what current 3BR residents pay and 19% above submarket 3BR asking rents 3. 2BR asking rents are only 1% above what current residents pay, so there's little built-in upside left there.
• The property's in-place figures come from 76 leases out of 330 units (the data covers about 33% of the property). Rated confidence is "GOOD", and the 97% confidence range on the average rent is about ±$57 4. The 1BR gap is too small to tell apart from that noise.

Occupancy and retention

• Occupancy is at the submarket level: 94.6% vs. 94.7% 5. Both have slipped over the last six months. The property has 33 units on the market, and units that leased in the last 30 days sat a median 64 days, against 61 for the submarket 6.
• Retention is clearly better: 71.2% vs. 61.2%, about 10 points higher, based on 95 unit turnovers in the trailing 12 months 7.
• New leases are still gaining: new leases at the property are signing $86 (+6.75%) above the previous resident's rent. The submarket average is +0.2% 8. The property's sample size for this figure isn't reported, and only 12 leases were signed in the past 30 days, so treat it as a sign of direction, not an exact number.

Submarket trend over 12 months

• In-place rents rose about 4%. The average went from $1,327 to $1,382 between August 2025 and August 2026, and the median rose 3.4% 9. A separate precomputed 12-month field shows only +2.0% on the median 10, so the true figure is probably 2–4%. The number of units tracked also grew from about 3,050 to 4,255, so part of the increase may just reflect a different mix of units.
• Growth on new leases has almost stopped. New leases added about 1.1% on average over the 12 months. The first half averaged +2.3%, the second half +0.5%, and several months were at or below zero 9. Asking rents are down 1.5% over three months, and occupancy fell from 97.9% to 94.2% 11. Recent in-place growth mostly reflects renewals of older leases, and the new-lease data points to slower growth ahead.

Where it sits: Carrington Park (330 units, built 1998, renovated 2017) is a top-tier garden property in a submarket that is getting softer 12.

• Strength: it earns a premium on 2BR and 3BR units while keeping more residents than the submarket.
• Risk: it has no occupancy cushion over the submarket. Pricing is getting ahead of demand on 3BRs, and the 33 units on the market are leasing slowly.
• Implication: the current premium is supportable. Further growth will likely have to come from renewals, not from new leases.

I couldn't measure the property's own 12-month rent change because its tracking history is shorter than 12 months. Its reading of 100% occupancy a year ago likely just marks when tracking started, so I didn't use it 4.