ZIP Code · WA

ZIP 98512

Part of Olympia, WA

Pop. 31,864·Thurston County·116th most expensive ZIP in Washington

Median rent (all units)

$1,983/mo

Year-over-Year

+4.1%

Month-over-Month

+0.7%

vs US Median

+$51

Reported rents

Rising (Monthly)

Be the first to discuss 98512 rents ↓

Most AffordableMost Expensive

ZIP 98512 · $1,983

More expensive than 61% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,560

1 BR

$1,710

2 BR

$1,990

3 BR

$2,650

4 BR+

$3,340

Research median

$1,990/mo

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

Rent trends

12-month history

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 98512 usually run 1.4% below trend in January and 1.6% above it in July, about $59 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 98512 is at its highest level since Zillow's records here began in May 2021.

Past year vs. the rest of Washington

Rent in ZIP 98512 changed +4.1% over the year to September 2026. Across the 193 Washington ZIP codes Zillow tracks, the typical change was +2.5%.

Recent direction

Rent has risen 5 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($101,530) is $2,538 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,990); a 3-bedroom is $2,650.

Rank in Olympia

3rd cheapest of 4 ZIP codes in Olympia.

From Zillow's monthly rent index (ZORI) for ZIP 98512. 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

$23,796/yr

At $1,983/mo median

Location

CityOlympia

StateWA

CountyThurston County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.1% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 98512 (Olympia, WA) is majority owner-occupied, has a median income above the national average, 36.7% of residents hold a bachelor's degree or higher.

Population

31,864

Median income

$101,530

Median age

40.6

Renters

27.6%

Age distribution

18.9%

23.2%

26.6%

13.2%

18.1%

Under 1818.9%

18–3423.2%

35–5426.6%

55–6413.2%

65+18.1%

Gender

48%

52%

Male48%

Female52%

Race & ethnicity

71.3%

White71.3%

Black3.4%

Hispanic11.3%

Asian4.9%

Other9%

Education (25+)

22.8%

35.9%

36.7%

No HS diploma4.6%

HS diploma22.8%

Some college35.9%

Bachelor's+36.7%

Housing tenure

72.4%

27.6%

Owner72.4%

Renter27.6%

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

2022 vs 2026

How ZIP 98512 in Olympia, WA has changed in 5 years

Rent

$1,789 → $1,983

up 10.8%

Income

$78,161 → $101,530

up 29.9%

Population

30,251 → 31,864

up 5.3%

Renter share

32.3% → 27.6%

-4.7 pts

Bachelor's+

35.3% → 36.7%

+1.4 pts

Median age

39.8 → 40.6

+0.8 yrs

Five years ago, renters in ZIP 98512 in Olympia, WA paid around $1,789 a month. That figure now sits near $1,983, up 10.8% from the 2022 baseline. Census figures show median household income at $101,530 today, compared with $78,161 five years earlier. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 98512 in Olympia, WA adding about 1,613 residents over the five-year window, up 5.3% on net. The renter share has eased from 32.3% to 27.6%, with owner-occupied housing accounting for the remainder. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

Discussions about ZIP 98512

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 98512

About renting in ZIP 98512

Last updated: October 17, 2026

ZIP code 98512 covers Olympia, WA. The median rent here is $1,983/mo as of October 2026. A 1-bedroom rents for a median of $1,710/mo. A 2-bedroom rents for a median of $1,990/mo.

At 23% of local median household income ($101,530/yr), ZIP 98512 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 98512?

To keep rent at or below 30% of gross income, you would need to earn at least $79,000/year (about $38/hour full-time) to afford the median rent of $1,983/mo in ZIP 98512. The local median household income is $101,530/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 98512?

Rent in ZIP 98512 has risen 4.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in May 2021.

When is the cheapest time to rent in ZIP 98512?

Asking rents in ZIP 98512 are usually lowest in January, about 1.4% below their yearly trend, and highest in July, about 1.6% above it. At today's median that is a gap of roughly $59 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 98512 compare to other ZIPs in Washington?

ZIP 98512 is in the middle among Washington ZIP codes for rent, ranking #116 of 207 at $1,983/mo. Over the year to September 2026, rent in ZIP 98512 changed +4.1%, against a typical +2.5% across the 193 Washington ZIP codes Zillow tracks.