1 Cheap Apartments for rent in Olympia, WA

Last updated January 13 at 11:47am UTC
9944 62nd Ave SE
Olympia
Olympia, WA
Updated January 13 at 11:47am UTC
Studio
$700
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January 2018 Olympia Rent Report

Welcome to the January 2018 Olympia Rent Report. Olympia rents declined over the past month. In this report, we'll evaluate trends in the Olympia rental market, including comparisons to cities throughout the state and nation.

View full Olympia Rent Report
Rent Report
Olympia

January 2018 Olympia Rent Report

Welcome to the January 2018 Olympia Rent Report. Olympia rents declined over the past month. In this report, we'll evaluate trends in the Olympia rental market, including comparisons to cities throughout the state and nation.

Olympia rents declined moderately over the past month

Olympia rents have declined 0.4% over the past month, but are up sharply by 7.7% in comparison to the same time last year. Currently, median rents in Olympia stand at $980 for a one-bedroom apartment and $1,210 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in September. Olympia's year-over-year rent growth leads the state average of 3.7%, as well as the national average of 2.8%.

Rents rising across cities in Washington

Throughout the past year, rent increases have been occurring not just in the city of Olympia, but across the entire state. Of the largest 10 cities that we have data for in Washington, all of them have seen prices rise. The state as a whole logged rent growth of 3.7% over the past year. Here's a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Bellevue is the most expensive of all Washington's major cities, with a median two-bedroom rent of $2,260; of the 10 largest Washington cities that we have data for, all have seen rents rise year-over-year, with Vancouver experiencing the fastest growth (+7.3%).
  • Kent, Federal Way, and Tacoma have all experienced year-over-year growth above the state average (6.4%, 6.3%, and 5.4%, respectively).

Olympia rents more affordable than many large cities nationwide

As rents have increased sharply in Olympia, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Olympia is still more affordable than most large cities across the country.

  • Olympia's median two-bedroom rent of $1,210 is slightly above the national average of $1,160. Nationwide, rents have grown by 2.8% over the past year compared to the 7.7% rise in Olympia.
  • While Olympia's rents rose sharply over the past year, the city of DC saw a decrease of 0.3%.
  • Renters will find more reasonable prices in Olympia than most large cities. For example, San Francisco has a median 2BR rent of $3,010, which is nearly two-and-a-half times the price in Olympia.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

Read more about our methodology here.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.