Olympia Washington Residential Rent and Rental Statistics
The median monthly gross residential rent in Olympia, WA (the Olympia metro area) was $1,255 in 2019 according to the Census ACS survey.1 Average gross rent in Olympia was $1,299 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Olympia median and average rent data will be released in September of 2021.
Data is also available below for Olympia rental vacancy rates, Olympia rent as a percent of median income and the fraction of renters in Olympia.
Real Gross Rent in Olympia Washington (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Washington Median Gross Rent | $1,359 | +1.42% | +14.39% |
| Olympia, WA Median Gross Rent | $1,255 | +0.88% | +5.46% |
Olympia, WA Real Gross Rent Trends
At $1,255, real median gross rent in Olympia was at its highest level in 2019 since the series began in 2005. At $1,299, real average gross rent in Olympia was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Olympia: Olympia WA Median, Olympia WA Average, Washington Median, US Median
Real Gross Rent History for Olympia
| Date | US Median |
Washington Median |
Olympia, WA Median |
Olympia, WA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,359 | $1,255 | $1,299 |
| 2018 | $1,077 | $1,340 | $1,244 | $1,265 |
| 2017 | $1,043 | $1,254 | $1,240 | $1,285 |
| 2016 | $1,027 | $1,188 | $1,190 | $1,215 |
| 2015 | $1,017 | $1,146 | $1,107 | $1,104 |
| 2014 | $986 | $1,090 | $1,170 | $1,182 |
| 2013 | $953 | $1,041 | $1,087 | $1,078 |
| 2012 | $940 | $1,015 | $1,051 | $1,053 |
| 2011 | $941 | $1,004 | $1,044 | $1,100 |
| 2010 | $955 | $1,015 | $1,044 | $1,095 |
| 2009 | $960 | $1,038 | $1,066 | $1,092 |
| 2007 | $927 | $959 | $1,007 | $1,059 |
| 2005 | $910 | $926 | $948 | $981 |
Olympia Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Olympia Washington was 4.76% according to Census ACS data.
Rental Vacancy Rate in Olympia Washington
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Washington | 4.31% | +0.37% | +1.08% |
| Olympia, WA | 4.76% | +0.58% | +0.08% |
Trends in Olympia, WA Rental Vacancy Rate
The rental vacancy rate in Olympia peaked in 2009 at 7.68%. Since then it has fallen by 2.92% to 4.76%. Data records for this series originated in 2005.
Rental Vacancy Rate: Olympia WA, Washington, US
Historical Rental Vacancy Rate data for Olympia
| Date | US | Washington | Olympia, WA |
|---|---|---|---|
| 2019 | 5.97% | 4.31% | 4.76% |
| 2018 | 6.15% | 3.94% | 4.18% |
| 2017 | 6.18% | 3.68% | — |
| 2016 | 5.89% | 3.23% | 4.68% |
| 2015 | 5.85% | 3.27% | 3.53% |
| 2014 | 6.32% | 4.23% | 5.88% |
| 2013 | 6.49% | 4.65% | 6.45% |
| 2012 | 6.77% | 5.30% | 5.45% |
| 2011 | 7.40% | 5.59% | 5.93% |
| 2010 | 8.17% | 5.80% | 3.98% |
| 2009 | 8.43% | 5.98% | 7.68% |
| 2007 | 7.87% | 4.83% | 1.72% |
| 2005 | 7.74% | 5.74% | 4.59% |
Rent as a Fraction of Income
Using median household income data for Olympia, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Olympia, median monthly gross rent as a fraction of median household income was 19.18% in 2019 according to the ACS.
Olympia Washington Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Washington | 20.73% | -0.59% | +0.43% |
| Olympia, WA | 19.18% | -0.99% | -1.54% |
Trends in Olympia, WA Rent as a Fraction of Income
The fraction of median Olympia household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 21.58%. Since then it has fallen by 2.40% to 19.18%.
Fraction of Income towards Rent: Olympia WA, Washington, US
Historical Data for Annual Rent as a Fraction of Income in Olympia Washington
| Date | US | Washington | Olympia, WA |
|---|---|---|---|
| 2019 | 20.03% | 20.73% | 19.18% |
| 2018 | 20.50% | 21.32% | 20.17% |
| 2017 | 20.13% | 20.56% | 20.12% |
| 2016 | 20.43% | 20.30% | 20.72% |
| 2015 | 20.63% | 20.21% | 20.16% |
| 2014 | 20.89% | 20.18% | 21.58% |
| 2013 | 20.78% | 20.32% | 20.71% |
| 2012 | 20.65% | 19.88% | 20.36% |
| 2011 | 20.70% | 19.64% | 19.32% |
| 2010 | 20.50% | 19.59% | 18.37% |
| 2009 | 20.12% | 19.33% | 19.17% |
| 2007 | 18.66% | 17.61% | 17.80% |
| 2005 | 18.89% | 18.05% | 18.92% |
Renter Fraction in Olympia Washington
You can calculate the renter fraction in Olympia in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Olympia as a fraction of total Olympia households. In 2019 31.30% of households were renters according to Census ACS data.
Olympia Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Washington | 36.92% | -0.26% | -0.61% |
| Olympia, WA | 31.30% | -4.63% | -5.62% |
Trends in the Olympia, WA Renter Fraction
The Olympia household renter fraction peaked in in 2014 at 39.69% and is now 8.39% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Olympia WA, Washington, US
History of Olympia Renter Fraction
| Date | US | Washington | Olympia, WA |
|---|---|---|---|
| 2019 | 35.89% | 36.92% | 31.30% |
| 2018 | 36.05% | 37.18% | 35.93% |
| 2017 | 36.13% | 37.21% | 33.61% |
| 2016 | 36.88% | 37.53% | 36.92% |
| 2015 | 36.97% | 37.58% | 35.64% |
| 2014 | 36.90% | 38.25% | 39.69% |
| 2013 | 36.50% | 38.06% | 36.38% |
| 2012 | 36.09% | 37.67% | 33.89% |
| 2011 | 35.42% | 37.18% | 33.68% |
| 2010 | 34.65% | 36.90% | 34.12% |
| 2009 | 34.13% | 35.70% | 30.55% |
| 2007 | 32.80% | 33.93% | 34.93% |
| 2005 | 33.10% | 35.34% | 35.50% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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