Investor-friendly real estate agents in Olympia, WA
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Olympia is Washington's capital, about 60 miles southwest of Seattle at the south end of Puget Sound. The metro is Thurston County, about 304,000 people, with state government as its anchor employer. Typical home values are about $521,000 and typical rent about $2,040, roughly 0.39% a month. That's better than Seattle or Tacoma but still well under the 1% rule, so a median-priced rental with a mortgage won't cash flow. Jobs have grown steadily, and Olympia adds its own tenant rules on top of a tenant-friendly state law. Our vetted agent partner here is a broker and investor who specializes in value-add deals and helps out-of-state buyers.
Properties that need work or are under-rented, from a broker who lists value-add as his expertise and has invested himself since 2014.
Buying without flying in: our partner has helped out-of-state clients buy here without visiting the property.
Coverage beyond Olympia, from Lacey and Tumwater to Shelton, Centralia, Chehalis, Elma and McCleary. Ask your agent how prices and rents there compare with Olympia.
Is Olympia worth investing in? The long-term trends
People, jobs, rents and prices for the Olympia metro, straight from the Census Bureau, the Bureau of Labor Statistics and Zillow. Hover or tap a chart for exact values.
View data table
| Period | Value |
|---|---|
| 2010 | 253,053 |
| 2011 | 256,650 |
| 2012 | 258,994 |
| 2013 | 262,525 |
| 2014 | 265,790 |
| 2015 | 269,063 |
| 2016 | 274,884 |
| 2017 | 281,481 |
| 2018 | 287,067 |
| 2019 | 291,225 |
| 2020 | 296,013 |
| 2021 | 298,313 |
| 2022 | 298,556 |
| 2023 | 299,197 |
| 2024 | 302,132 |
| 2025 | 304,261 |
View data table
| Period | Value |
|---|---|
| 2011 | +1,864 |
| 2012 | +218 |
| 2013 | +1,741 |
| 2014 | +1,276 |
| 2015 | +1,442 |
| 2016 | +4,235 |
| 2017 | +5,173 |
| 2018 | +4,472 |
| 2019 | +3,093 |
| 2020 | +3,739 |
| 2021 | +1,466 |
| 2022 | +149 |
| 2023 | -2 |
| 2024 | +2,070 |
| 2025 | +1,575 |
View data table
| Period | Value |
|---|---|
| 2010 | 99,000 |
| 2011 | 98,700 |
| 2012 | 99,700 |
| 2013 | 102,500 |
| 2014 | 105,500 |
| 2015 | 108,500 |
| 2016 | 112,300 |
| 2017 | 116,400 |
| 2018 | 120,000 |
| 2019 | 121,400 |
| 2020 | 115,800 |
| 2021 | 119,700 |
| 2022 | 125,900 |
| 2023 | 129,400 |
| 2024 | 131,600 |
| 2025 | 132,900 |
View data table
| Period | Value |
|---|---|
| Dec 2015 | $1,077/mo |
| Dec 2016 | $1,149/mo |
| Dec 2017 | $1,238/mo |
| Dec 2018 | $1,318/mo |
| Dec 2019 | $1,394/mo |
| Dec 2020 | $1,517/mo |
| Dec 2021 | $1,743/mo |
| Dec 2022 | $1,789/mo |
| Dec 2023 | $1,861/mo |
| Dec 2024 | $1,905/mo |
| Dec 2025 | $1,987/mo |
| Sep 2026 | $2,043/mo |
View data table
| Period | Value |
|---|---|
| Dec 2010 | $233,981 |
| Dec 2011 | $209,350 |
| Dec 2012 | $215,281 |
| Dec 2013 | $225,500 |
| Dec 2014 | $234,471 |
| Dec 2015 | $251,224 |
| Dec 2016 | $272,725 |
| Dec 2017 | $296,988 |
| Dec 2018 | $324,332 |
| Dec 2019 | $347,261 |
| Dec 2020 | $402,794 |
| Dec 2021 | $477,655 |
| Dec 2022 | $500,689 |
| Dec 2023 | $506,224 |
| Dec 2024 | $524,841 |
| Dec 2025 | $526,344 |
| Sep 2026 | $521,365 |
View data table
| Period | Value |
|---|---|
| Dec 2015 | 19.4× |
| Dec 2016 | 19.8× |
| Dec 2017 | 20.0× |
| Dec 2018 | 20.5× |
| Dec 2019 | 20.8× |
| Dec 2020 | 22.1× |
| Dec 2021 | 22.8× |
| Dec 2022 | 23.3× |
| Dec 2023 | 22.7× |
| Dec 2024 | 23.0× |
| Dec 2025 | 22.1× |
| Sep 2026 | 21.3× |
Data retrieved October 16, 2026. Figures cover the Olympia metro area.
The numbers and rules that matter in Olympia
Zillow Home Value Index, Olympia metro, Sep 2026 (+0.1% YoY).
Zillow Observed Rent Index, all home types, Sep 2026 (+2.5% YoY). Single-family 3-beds rent higher.
Typical rent ÷ typical home value. Well under the 1% rule; plan on cash flow from buying right, not from rents.
Over the past year: home values +0.1%, rents +2.5%.
Value-add: buy the house that needs work
In a market where median rents don't cover a median mortgage, the margin has to come from the purchase. Properties that are dated, under-rented or poorly managed sell at a discount, and fixing them is how investors here build equity and get rents closer to market.
Washington's middle-housing and ADU laws add another lever. As a city of between 25,000 and 75,000 people, Olympia must allow at least two units per lot on lots zoned predominantly residential, and four within a quarter-mile walk of a major transit stop or with an affordable unit (HB 1110, RCW 36.70A.635). HB 1337 (RCW 36.70A.681) requires two ADUs per lot with no owner-occupancy rule.
Our partner here lists value-add as his expertise and has been investing in the area since 2014. He also covers smaller towns such as Shelton, Centralia and Chehalis; ask how their prices and rents compare.
- Rehab costs in Western Washington are high and contractors book up. Get bids before you finalize your offer price.
- Washington's rent cap and Olympia's relocation rule limit how fast you can raise rent on an existing tenant after renovating. Underwrite the post-rehab rent you can actually charge, and when.
- Lacey, Tumwater and unincorporated Thurston County have their own zoning and rental rules. Confirm what a lot allows with the right jurisdiction.
Washington and Olympia landlord-tenant basics
Rentals in Olympia fall under Washington's Residential Landlord-Tenant Act (RCW 59.18), which leans toward tenants and caps rent increases statewide. The City of Olympia adds its own rules. What investors ask about most:
- Rent increase cap (HB 1217): at most 7% plus CPI or 10%, whichever is lower, in any 12 months. The cap is 9.683% for 2026 and 10% for 2027. You can't raise rent in the first 12 months of a tenancy, and state law requires 90 days' notice for any increase. Buildings under 12 years old and some 2–4 unit properties where the owner lives in one unit are exempt.
- Olympia notice: increases of more than 5% need at least 120 days' notice, and increases of 10% or more need at least 180 days.
- Olympia relocation assistance: if increases total 7% or more in 12 months, the tenant can ask for relocation assistance of two and a half times the monthly rent, and you have 31 days to pay. It doesn't apply when the landlord lives on the same property.
- Rental registry: Olympia requires landlords to register rental properties with the city every year, hold a business license, and pass a health and safety inspection every five years.
- Unpaid rent: serve a 14-day notice to pay or vacate, in the form the statute sets out, before you file an eviction. Lockouts and shutting off utilities to force a tenant out are illegal.
- Deposits: within 30 days after the tenancy ends and the tenant moves out, refund the deposit or send a full, specific written statement of why you kept any of it. Miss the deadline and you can lose the right to keep any of it.
- Entry: at least 2 days' written notice for repairs or inspections, and 1 day's notice to show the unit to buyers or renters. Emergencies are the exception.
Short-term rental rules in Olympia
Olympia splits short-term rentals (under 30 nights) into homestays, where the owner or a long-term resident lives on site, and vacation rentals, where nobody does.
- Homestays need a business license but no city STR permit.
- Vacation rentals need a business license and a city short-term rental permit, renewed every two years.
- Each property owner can have no more than two vacation rentals in the city. Homestays don't count toward that cap.
- A vacation rental needs a local contact available 24/7 who lives in Thurston County or within 15 miles of the rental. You also have to follow guest-occupancy limits and post house guidelines and license numbers.
- Short stays owe Washington sales tax and local lodging taxes, and the state's short-term rental law (RCW 64.37) adds requirements such as liability insurance. Short-term rentals are exempt from the city's long-term rental registry. Lacey, Tumwater and unincorporated Thurston County have their own rules.
Last reviewed October 16, 2026. General information, not legal or tax advice — rules and fees change, so confirm with the city, the statute, or your attorney before you rely on them. Sources: Zillow Research data (ZHVI, ZORI) — Olympia metro; U.S. Census Bureau — Metro population estimates, 2020–2025; RCW 36.70A.635 — Middle housing (HB 1110); RCW 36.70A.681 — Accessory dwelling units (HB 1337); RCW 59.18 — Residential Landlord-Tenant Act; RCW 59.12.030 — Unlawful detainer (14-day notice); RCW 59.18.150 — Landlord's right of entry; RCW 59.18.280 — Return of deposit; WA Department of Commerce — HB 1217 Landlord Resource Center; WA Department of Commerce — 9.683% rent cap for 2026; City of Olympia — Tenant protections; City of Olympia — Rental registry; Olympia Municipal Code 5.82 — Rental Housing Code; City of Olympia — Short-term rentals; City of Olympia — Short-term rental regulations summary; RCW 64.37 — Short-term rentals (state).
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Questions investors ask about Olympia
Which areas does your Olympia agent cover?
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Our vetted agent partner covers Olympia, Lacey and Tumwater, plus Shelton, Centralia, Chehalis, Elma and McCleary. He's a broker and investor who has been active here since 2014 and specializes in value-add deals. If he isn't the right fit for your deal, we'll tell you upfront.
Is Olympia a good market for cash-flowing rentals?
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Not at median prices with a mortgage. Typical rent in the Olympia metro is about 0.39% of home value per month, better than Seattle or Tacoma but far below the 1% rule. Investors who make it work buy below median, buy properties that need work, or look at smaller towns nearby.
Can I run an Airbnb in Olympia?
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Yes. Renting rooms while you live there (a homestay) needs only a business license. Renting a whole home with nobody living there (a vacation rental) also needs a city permit, a local contact, and is capped at two per owner. HOAs can still ban STRs.
Is Olympia landlord-friendly?
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No. On top of Washington's statewide rent cap, Olympia requires 120 days' notice for increases over 5% (180 days at 10% or more), relocation assistance when increases reach 7% in a year, and an annual rental registration with periodic inspections.
Can I invest in Olympia if I live out of state?
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Yes. Our Olympia partner has helped out-of-state clients buy here without visiting. Plan on a local property manager who knows the city's registry and notice rules.
What does it cost to get matched with an Olympia agent?
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Nothing. Agents Invest is free for investors. The agent pays us a referral fee only if you close a deal with them.
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