Average Rent in Olympia, WA↓ Rents falling 0.7% YoY🔺 5th priciest in WA

Olympia, WA has rental prices ranging from $1,586/month to $3,141/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,656/month — 18% above the national average of $1,400/month. With a median household income of $93,985/year, spending $1,656/month on a 1-bedroom represents 21% of gross income — within the recommended 30% threshold.

How Olympia Compares

With an average 2-bedroom rent of $1,946/month, Olympia ranks #5 most expensive of the 36 cities tracked in Washington — pricier than 97% of all US cities in our data.

The Olympia Rental Market

The Olympia, WA area has a population of about 296,640 and 32% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Olympia, WA have fallen by $14/month (0.7%) over the past year, from $1,960 to $1,946. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Olympia, WA without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $66,240. The local median household income of $93,985 exceeds that threshold by $27,745, making Olympia relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Olympia, WA is $526,205, giving a price-to-rent ratio of 22.5. With a break-even horizon of approximately 23 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Olympia's neighborhoods. Among the highest-value areas are Downtown ($399,388 median home value), Bigelow Highlands ($429,436 median home value), Upper Eastside ($438,667 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Olympia, WA Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Olympia?

Break-even analysis and mortgage estimates based on local market data.

Living in Olympia

Cost of living, job market, crime rates, and moving cost estimates.