ZIP Code · WA

ZIP 98502

Part of Olympia, WA

Pop. 35,398·Thurston County·128th most expensive ZIP in Washington

Median rent (all units)

$1,953/mo

Year-over-Year

+4.2%

Month-over-Month

+0.8%

vs US Median

+$21

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 98502 · $1,953

More expensive than 59% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,500

1 BR

$1,640

2 BR

$1,910

3 BR

$2,550

4 BR+

$3,200

Research median

$1,910/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 98502 usually run 1% below trend in December and 0.8% above it in August, about $35 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 98502 is at its highest level since Zillow's records here began in March 2021.

Past year vs. the rest of Washington

Rent in ZIP 98502 changed +4.2% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Recent direction

Rent rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($92,207) is $2,305 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,910); a 3-bedroom is $2,550.

Rank in Olympia

2nd cheapest of 4 ZIP codes in Olympia.

From Zillow's monthly rent index (ZORI) for ZIP 98502. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$23,436/yr

At $1,953/mo median

Location

CityOlympia

StateWA

CountyThurston County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.2% YoY, +0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 98502 (Olympia, WA) is majority owner-occupied, has a large retiree population, has a median income above the national average, 52% of residents hold a bachelor's degree or higher.

Population

35,398

Median income

$92,207

Median age

40.6

Renters

42.6%

Age distribution

20.1%

22.4%

25.2%

20.5%

Under 1820.1%

18–3422.4%

35–5425.2%

55–6411.8%

65+20.5%

Gender

49.2%

50.8%

Male49.2%

Female50.8%

Race & ethnicity

73%

White73%

Black3.1%

Hispanic10.9%

Asian6.2%

Other6.7%

Education (25+)

16.2%

28%

52%

No HS diploma3.8%

HS diploma16.2%

Some college28%

Bachelor's+52%

Housing tenure

57.4%

42.6%

Owner57.4%

Renter42.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 98502 in Olympia, WA has changed in 5 years

Rent

$1,495 → $1,953

up 30.6%

Income

$78,647 → $92,207

up 17.2%

Population

35,954 → 35,398

down 1.5%

Renter share

43% → 42.6%

-0.4 pts

Bachelor's+

48% → 52%

+4.0 pts

Median age

37.7 → 40.6

+2.9 yrs

Rent in ZIP 98502 in Olympia, WA has increased 30.6% since 2021, going from about $1,495 per month to roughly $1,953 today. Household income in the area moved from $78,647 to $92,207 across the same window, up 17.2% versus 2021. Rent outpaced income growth by roughly 13.4 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 35,954 to 35,398 between 2021 and 2024, a 1.5% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 48% to 52%. Reading these numbers side by side helps frame whether current listings in ZIP 98502 in Olympia, WA look reasonable against where the market sat half a decade ago.

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About renting in ZIP 98502

Last updated: October 17, 2026

ZIP code 98502 covers Olympia, WA. The median rent here is $1,953/mo as of October 2026. A 1-bedroom rents for a median of $1,640/mo. A 2-bedroom rents for a median of $1,910/mo.

At 25% of local median household income ($92,207/yr), ZIP 98502 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98502?

To keep rent at or below 30% of gross income, you would need to earn at least $78,000/year (about $38/hour full-time) to afford the median rent of $1,953/mo in ZIP 98502. The local median household income is $92,207/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98502?

Rent in ZIP 98502 has risen 4.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in March 2021.

When is the cheapest time to rent in ZIP 98502?

Asking rents in ZIP 98502 are usually lowest in December, about 1% below their yearly trend, and highest in August, about 0.8% above it. At today's median that is a gap of roughly $35 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 98502 compare to other ZIPs in Washington?

ZIP 98502 is in the middle among Washington ZIP codes for rent, ranking #128 of 207 at $1,953/mo. Over the year to September 2026, rent in ZIP 98502 changed +4.2%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.