Thurs. Afternoon Rental Option – Shaw

1616 8th Street Northwest

This rental is located at 1616 8th Street, Northwest. The listing says:

“Fabulous Location seconds to O street Market, New Compass Coffee, Shaw Metro. W/D in unit, outside private patio.”

You can see more photos here.

This 3 bed/2 bath is going for $4,000/Mo.

11 Comment

  • I’m always surprised that a rental market really continues to exist at these sort of prices. I mean, other than a very small niche of people on short-term job assignments or in brief and transitory life changes, I can’t imagine that it’s anything but a financial blunder for most people to drop $48,000 per year of after-tax money on rent.

    • I’m guessing these folks are aiming for a split rent group house. Haven’t seen the pics, but this may be a decent deal at 1,300/br. But I agree, DC’s rental market is absurdly expensive.

      • I agree with your logic–but from the photos, it appears that the third bedroom is only nursery-sized. (Though maybe two roommates would pay $1,500/ea, and the person in the nursery would pay only $1,000?)

        • The crib in the photo makes me think they’re aiming for a family. Maybe a group house situation could put a fourth person in the basement too, although there’s no door? I dunno. As for the scenario of a person/couple making enough money to pay $48,000 a year in after-tax rent but unable to qualify for a loan, and at a stage in their career with that sort of earnings but no savings? Obviously not impossible but you’re describing a tiny, tiny part of the population.

    • People can make the rent payments (and even the monthly mortgage payments), but can’t get a down payment or a loan application that meets today’s standards. This severely limits who can purchase a property in DC.

  • I live around the block from here our total rent for four people is $1,000 LESS per month than this. This is insanely over priced.

    • The thought of living with 3 other adults makes me cringe….I’m having a hard enough time having interns renting for the summer. Can’t imagine anything longterm.

  • I also live around the corner in an almost identical house and agree that its a little high. But there are people who rent something like this – a professional couple or a young family. Not everyone buys immediately after moving to the city or getting a new job – there are plenty of people who want to rent for a year and decide where to buy after that. This is an insanely convenient location if you work downtown.

  • i honestly don’t think this is that far off….really nice slightly too expensive for me but i share 1 br 750 sq ft in columbia heights with no sun (thats the only bad part) but it has two balconies in the alley. I would love to have this spot if i made a little more money and had a 3rd roommate.

  • The location is great and the place looks pretty nice, but i do think its a little steep – esp given the small third bedroom. May be if there was a parking spot at the back this rent would have made more sense.

  • I totally get that there is a rental market at these prices. Though I agree this one is overpriced, and can’t see paying even a small fraction of that rent for a place with carpeting! (Just say no to carpeting in rentals, I say.)

    It doesn’t make sense to buy unless you intend to stay put for awhile. As many people who find themselves unable to sell without writing a hefty check find out. You don’t always come out even. Transaction costs to buy and sell are not cheap. Prices don’t necessarily go up. They often go down, as they did on condos in the parts of NW I’m familiar with when the crash hit, and they stayed down for years.

    Though employed in my 20’s, I rented. I had too many student loans to amass any downpayment (this was awhile ago, when you needed a downpayment.) I also knew I’d eventually go back to grad school, and didn’t want to limit myself to NYC for that geographically, so I never though about buying. After grad school, way more loans to pay. Made more money, eventually bought. Later got a job in DC, so sold. Rent in DC, because I’m not sure I’ll stay here, and don’t want and to limit myself geographically, or because of the real estate market. There are plenty of people paying a lot of rent who choose, wisely, not to buy for more reasons than you could possible think of.

    People told me DC is a very transient place, and I find that it is. For a lot of reasons, a lot of people aren’t working here for the long term, and it doesn’t make sense for a lot of them to buy.

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