How much is rent in Olympia? It’s not much better than Tacoma...check your ZIP code here

Shaun Goodwin, Genevieve Belmaker
·2 min read

Olympia is a city of just under 56,000 people, but rental prices are on par with nearby metro Tacoma, and among the most expensive in the state, according to figures from RentCafe.

According to the rental site Zillow, the median rent for a one-bedroom apartment or condo in Olympia is $1,543, while a two-bedroom apartment goes for $1,755.

For those renting a house, a one-bedroom costs renters an average of $1,750 per month in the Olympia area, while a two-bedroom will cost about $2,195. Three-bedroom houses and larger start at about $2,500 in Olympia. Prices have been on the rise since June 2022.

But what about the Thurston County area at large? Are rental prices in Tumwater or Lacey faring better?

Tumwater is averaging $1,690 per month for one-bedroom apartment rentals, according to RentCafe, while Zillow notes that amount is about $1,636 per month. In Lacey, RentCafe shows the average for the same at $1,717, while Zillow puts it slightly lower at $1,700.

The following interactive map uses data from RentHub to calculate the average rent cost in Olympia, Lacey and Tumwater ZIP codes.

ZIP code 98513, which encompasses parts of Lacey, the Nisqually Indian reservation and other surrounding towns, has experienced the steadiest increase in rental prices in recent years. Notably, the ZIP code has seen median rental prices for all types of housing increase from $2,365 per month in March 2021 to $2,450 as of March 2023.

It’s a mixed bag for the parts of Olympia encompassed in the 98501 ZIP code, which has seen spikes and dips in rental prices since March 2020. The median rental price for 98501, which encompasses downtown Olympia, is now $2,495 per month. As recently as January, that price was just under $2,000 per month, but it has been steadily rising since then.

As for the 98502 ZIP code, which includes Olympia and some nearby areas, median rental prices have decreased since October 2022, when they spiked above $3,000 per month. The current rate is just below $1,700 per month and declining.

The city continues to welcome new apartment buildings into the downtown area it deems affordable housing. Housing leaders are also seeking community feedback on future needs and projects, according to previous reporting from the Olympian.

Affordable housing help

As rental prices continue to increase and remain high, many Washingtonians still need help finding affordable housing. The nonprofit Housing Authority of Thurston County provides information on housing assistance, vouchers and alternative options.

There are also low-income rental options listed on Apartments.com for the Olympia area.

Other resources include: