What’s a Fair Price for My Rental Property? – 500 block of 8th St, NE

If you’re looking to rent a place out and are curious what PoPville thinks is a realistic price send an email with ‘what’s a fair price’ in the title to princeofpetworth(at)gmail(dot)com. We can also do this for people selling their homes if interested.

This rental is located on the 500 block of 8th St, NE:

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The reader writes:

This penthouse condo is located in the historic Masonic Temple Condominiums near the up and coming H Street restaurant/Atlas district and within a 10-minute walk of the US Capitol Building and only minutes driving to the Pentagon and surrounding area. With 20-foot ceilings and huge picture windows overlooking Washington DC, this city condo located in a building with only 16 other tenants is a gem. The master bedroom has 9-foot high windows and plenty of space for a king-size bed and side tables, while the second bedroom is a loft and makes a spectacular office and guest room. The ultra modern kitchen boasts concrete counter-tops, lots of cabinet space and high-end appliances. The living room is complete with a wood-burning fireplace and entertainment system, including a mounted 42” television and an in-wall surround speaker system. Please note the condo is on the third floor and accessible only by stair.

· Master bedroom
· Loft bedroom/den
· 2 full bathrooms
· Kitchen w/ refrigerator, freezer, stove, microwave, dishwasher, in-sink garbage disposal
· Working wood fireplace
· Huge picture windows w/ beautiful views
· 42” mounted TV with in-wall surround speaker system
· High-end lighting system w/ dimmers in every room
· Street parking
· Bike storage in secured garage
· New hardwood floors
· rent includes water, gas and condo fees

You can see a virtual tour here.

History has shown that I’m horrible at guessing prices but I’m thinking $2400? What do you guys think?

38 Comment

  • So it sounds like the 2BR doesn’t have a door and it so wouldn’t really work for a roommate set-up? If that’s true, it limits the rent you can get. You’re definitely in the under $2,000 range. Maybe $1,800? What’s the laundry situation? That’s another important variable. If in-unit, your rent could be higher than if laundry in the basement.

  • i only see one bedroom but i didn’t look through it that carefully. are they renting it furnished? i am dubious of aking size bed in there. still i think they can get more than $2400 for it. and they’re expecting it if they’re going to go through a listing service like that.

    • Yeah, I think that room with the orange bedspread is the master (looks really small though) and the room with the computer is the den.

  • I think $3600 for a true 2 bedroom with in unit laundry on the hill in a house.

    I’d say upper 2’s.

    • me

      You. Are. CRAZY.

      • Sorry, that’s what my friend’s place is renting for 3 blocks away.

        • Clearly somebody is getting seriously ripped off, then.

          It’s not hard to picture the type, though: New to town, probably arrived in a hurry from someplace like NYC or SF where it’s not unusual to pay a ton for an apartment, needed a place like yesterday and wanted to live in a “hip, colorful” part of town.

          • Out of towner and going to law school.

            It’s not ripped off if you’re willing to pay it.

            You can always ‘scrounge’ deals when you’ve lived somewhere for a long time. That’s the discount price of ‘local knowledge’.

    • But isn’t this Near North East or something (atlas) and not the hill?

  • Looks new inside, but it’s really a 1BR with a den/loft. The 2nd BR has a door but isn’t enclosed so it wouldn’t work for sharers.

    Echoing the previous poster, I’m also dubious of being able to get a king size bed in the main BR. Having an in-unit washer/dryer would be a big plus but the building most likely has shared laundry since it is not mentioned. Woudl be helpful to renters if you told them what their approximate electricity costs would be and if they have to take over your cable/broadband package.

    Even with all that said, you might be able to tempt a professional who drives to work or doesn’t mind taking the bus down MD Ave into paying $2500-2750. You should definitely clear $2300 though.

    • That’s a safe, easy half mile walk to Union Station. Wouldn’t be a turn off for Red Line commuters. 90 series buses straight to Eastern Market for Orange/Blue. With all of the stuff on H just a few blocks away – this is a good location.

  • Yeah, I’d go a little above what PoP said. Maybe $2600-2700? The loft/windows/views look really great, but the bedroom is small.

    Gets to one of my big pet peeves — I get why realtors/developers don’t regularly make floorplans/square footage available, but I really wish that kind of thing was required. Makes it much harder to judge these places.

  • First, nothing turns me off more than someone flagrantly misadvertising something like (10 minute walk to capitol).

    Google has you at 1.3 miles, which is a brisk ~22-25 minute walk. I used to live right off Stanton Park and the Capitol was more than 10 minutes from there. Don’t lie about such obvious things.

    Second, it isn’t a true two bedroom. A loft/office/den area is not a true bedroom and hence can’t be priced accordingly.

    Third, don’t ever say “rent includes condo fee”. That, like your distance stretching just screams “desperate”. The tenant could care less because they aren’t going to pay it anyway. It isn’t their responsibility, it is yours so saying it is included is redundant.

    It’s a nice place, tall ceilings etc, I’d say $1800, $2000 max.

    • I’d say it’s a brisk ten minute walk to the Senate side – 15 or so to the House side. But I walk fast – and the Hill is so great for walking.

    • +1. Agreed on literally everything you said including the price.

    • It’s not 1.3 miles. That may be true if you walk to the west face of the Capitol, past the reflecting pool and Grant memorial. At least that’s judging from my pedometer and run from very near the condo. I hit 1.5 miles if I run to the south side of the Capitol and then on to 4th St NW, so I’m adding a lot of extra distance.

      It is 10 minutes to Union Station. And to the senate buildings. It takes me 15 minutes to get to the Capitol Visitors Center, 20 in heels.

  • The past few weekends I did a pretty extensive search of 2 bedrooms in that immediate neighborhood. If it’s a true two bedroom with a washer/ dryer it could go from $2400-$2800 (more if it were a row house or on a lower level). If its a 1 bedroom +den then it would be competitive at $2K-$2400. That’s just what my husband I were finding in our search.

  • I knew a guy who sold a top floor unit in that building a few years ago, if this is the same one it does have a fairly new laundry stack in-unit, is not a true two bedroom, has LOADS of hidden storage up in that loft, a small kitchen, is tall but not wide. Third floor walkup. Nice neighbors in the building and a great shared roof deck with a view of the fireworks and proximity to the BBQ joint if it is still there. Works as a 1 bedroom plus den for a cozy couple, street parking is a minus. Not a forever home but nice to have a fireplace.

  • By the way, those concrete counters rule

  • I’d say 2200 – 2500 would be a market rate.

  • 2 full baths? I’d say 2750. The lack of a sealed off second bedroom means this is for a pair of DINKs only, but it’s a high end rental nonetheless. Loft bed double as a office/guest bedroom. The second full bath is a BFD.

    As a furnished rental, I’d guess this is worth 3600 (after fees) or more for corporate short term housing.

    • Hmm, I def get why a 2nd bathroom matters a lot in a 2-bedroom, but I don’t see why it’s a big “value-add” in a 1BR. Are people really willing to spend a lot more to not have to share a bathroom w/ their sig. other? Or have a guest bathroom? Even in a rental?

      • This is not a 1 bedroom. It’s a 2 bedroom, with wall removed to open a bedroom to the living/cooking area. It’s a -feature- that some don’t prefer, but others do. If a couple rents this, why should the second bedroom be enclosed? You know that room’s going to become an office anyway, so why not open that room up to bring in more light and allow the pair to communicate while doing separate activities. It’s neat.

        Also, add on a bit for the sexy finishes and all-out marketing. The pictures and staging should bring in another couple hundred over comparable lazily marketed rentals. Is that fair? No, but it’s how it works.

        Only thing they left out is a dining table of some kind, which is the real flaw of this place. They need to fix that. Do they really expect people to imagine themselves eating off that tulip cocktail table?

        • Well, I wouldn’t call a room without a wall a bedroom, but that’s not really the point. I’m just saying that when I look at this apartment and how I would use it, I don’t think I’d get much out of a 2nd bathroom. I can handle sharing a bathroom with my significant other. Do other couples really value each having a bathroom to themselves? That’s the question I was asking.

          What would be much more valuable to me instead of a 2nd bathroom would be more spacious bedroom, so that there’s space for the dressers of 2 people (instead of having to go upstairs to get to your clothes). So I just think it’s a sub-optimal layout and use of space.

          • It’s on some people’s must have list. For them, it’s either finding a 2/2, which is rare, or ponying up the money for a 3/2+ townhouse. People like that will feel like they are saving money with the 2/2, because they’re not paying for space they won’t use. So the 2/2 is highly desirable for being a relative deal for a subset of renters.

            I’d rationalize it this way. This is a condo for people who think spending $1500 on a coffee table is the best idea ever. Many new master baths (seen in condos built for couples with expensive tastes) have two sinks, separate shower and bath, and a toilet. At a certain point, it makes sense to divide that same square footage into two bathrooms, which makes the condo far more versatile.

            The other option is to use the loft as the master, and put the daybed/office in the small bedroom. Supposedly, there’s lots of storage on the second level.

          • Hmm, I guess I just don’t hang out with the kind of well-heeled crowd that couldn’t imagine sharing a bathroom with their partner. For me and most of my friends there are a lot of things that matter more if looking for a “high-end” rental like:

            – parking
            – closet space
            – washer/dryer
            – elevator
            – front desk

            2nd bathrooms come into play when buying because you’re hopefully going to be living in your home for a long time and maybe expanding your family, but not so much when renting.

  • I’d pay $2,400/month for it, and not a penny more.

  • $1800-2000. This is a 1br with den/loft. Kitchen, living space and master bedroom are very small.

  • This is a one bedroom with a very nice loft-style den but it is not a two bedroom. A bedroom must have two points of egress, usually a door and a window, and this space doesn’t have that. A closet doesn’t make it a bedroom. It is open to the living room which is a nice feature. For a den. Laundry in unit would help tremendously as would parking. This isn’t the liveliest or the most convenient neighborhood. Nice finishes but the place looks small. $1800-2200.

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