Please try with systemd-networkd from latest git. (It's enough to just compile and copy the systemd-networkd binary). There have been many improvements since 212 release.

Using recent systemd-networkd solved the problem on my machine.

Build it on ArchLinux by using the AUR systemd-git package (added arch=armv7h).
systemd-git-212.438.ga077b66-1-armv7h.pkg.tar.xz

Replaced files:
/usr/lib/systemd/systemd-networkd
/usr/lib/systemd/systemd-networkd-wait-online

I did not check whether it works without replace systemd-networkd-wait-online.

The rest of systemd is 212.

Could you post your systemd-git-212.438.ga077b66-1-armv7h.pkg.tar.xz package some place? I give up compiling it on my rpi. The systemd deps are also a tad scary.

systemd-git-212.438.ga077b66-1-armv7h.pkg.tar.xz
https://drive.google.com/file/d/0Bx99QXY8p6gvbDFJZHVkODh5U0U/edit?usp=sharing

Oh, this isn't going to work for my rpi. Doh.
:: package systemd-git-212.438.ga077b66-1-armv7h does not have a valid architecture

IMHO you need armv6l for your RPi.

Closing, since current git supposedly works fine.

I'm having the same issue using systemd-214 (archlinuxarm package: systemd 214-2.1).

No DHCP issue when using dhcpcd.

Could anyone who can reproduce this do
SYSTEMD_LOG_LEVEL=debug /lib/systemd/systemd-networkd
so we can see the debug output.

A package dump of the DHCP packets would also be awesome :)

Created attachment 102063 [details]
systemd-networkd.log

I logged the output (till I interrupted).

The expire time is a little bit low, right?

Created attachment 102132 [details]
dhcp_systemd-networkd.pcap

Created attachment 102133 [details]
dhcp_systemd-networkd.log

Created attachment 102134 [details]
dhcp_dhcpcd.pcap

Created attachment 102135 [details]
dhcp_dhcpcd.log

Ask and ye shall receive...

I uploaded pcaps and logs from the DHCP conversation via systemd-networkd and dhcpcd for comparison.

I did:

tcpdump -i eth0 -w dhcp_systemd-networkd.pcap udp port 67
SYSTEMD_LOG_LEVEL=debug /lib/systemd/systemd-networkd

tcpdump -i eth0 -w dhcp_dhcpcd.pcap udp port 67
dhcpcd -d eth0

systemd 215 still has this bug :(

This seems to have been fixed by upgrading to archlinuxarm's systemd-215-4.1 package.

Looks like the problem may have been caused by a compiler option downstream (-O2: bug, -O0: no bug).

Discussion:
https://bugs.freedesktop.org/show_bug.cgi?id=80582#c24
https://github.com/archlinuxarm/PKGBUILDs/issues/900

Marking as resolved.

Ah, that explains why the problem did not occur if I compiled it myself (comment #2).

If an error (at runtime) is raised with -O2 and not with -O0 this could still be a bug in the code (e.g. access an element behind the last element of an array, ...) that is only hidden by different memory layouts.
Do you know at which statement the bug is raised?
Shouldn't -O2 be something that does not enable error prune compiler flags?