DSCR loans in Olympia, WA

Olympia rents, values and tenants

Citywide, Olympia renters pay a median $1,599 in gross rent (rent plus utilities), about 9% below the Washington median of $1,760, and owner-occupied homes have a median value of $486,200, about 14% below the Washington median of $564,600. Dividing a year of median rent by the median home value gives a gross rent-to-value ratio of 3.9%, a thin gross ratio, which tells you purchase prices are high relative to rent. It mixes apartments and houses, so treat it as a compass and not as the number for any one property.

Renters occupy 50.2% of Olympia's occupied homes, well above the Washington median of 36%, so tenant demand is deep and investors compete mainly on condition and location. Median household income of $81,302 (about 17% below the Washington median of $98,141) sets the ceiling for rent growth, and 60% of renters already spend 30 percent or more of income on rent.

Housing stock and vacancy in Olympia

Apartments and small buildings carry real weight in Olympia, about 40% of units, with duplexes through fourplexes at 8%. The median structure went up in 1982, so request ages for the roof, HVAC and water heater on any rental you consider.

About 5% of Olympia's housing units are vacant, and the rental vacancy rate (units for rent against rented plus for-rent units) works out to 4.2%.

What the data means for Olympia buyers

With only 3.9% gross yield, Olympia buyers often rely on appreciation as part of the plan, and a lender will want the ratio to clear without it. Median build year 1982 puts the typical Olympia rental in its second set of major systems. Renter-heavy markets like Olympia favor investors with a clear tenant profile, whether workers, students or families.

What costs can do to a Olympia ratio

Homeowners in Olympia paid a median $4,396 in real estate taxes, close to the Washington median of $4,556, an effective rate near 0.90% of home value against 0.81% statewide. At the median rent that tax bill takes roughly 23% of a year's rent before insurance, dues or interest.

FEMA's National Risk Index (version 1.20, December 2025) rates Thurston County as relatively high overall for natural hazard risk, with landslides (relatively high), earthquakes (relatively high) and volcanic activity (relatively moderate) among its leading hazards.

In Thurston County, as anywhere, the premium is part of PITIA, which means a quote with the roof, age and flood zone of the actual Olympia address belongs in your file early.

Running the numbers in Olympia

Try the math at the medians. With rent at $1,599 and taxes near $366 a month, a 1.00 DSCR leaves $1,233 for everything else in the payment, a 1.20 ratio leaves $966, and a 1.25 ratio leaves $913. Any real property will differ, but the exercise shows how little room insurance and dues can take.

Legal checks before a Olympia purchase

We have not confirmed a city-specific rental registration or nightly-stay permit program for Olympia, so check with the city and with Thurston County before you buy, and look at any HOA or condominium rules that can be stricter than the city's. State tax treatment of short stays, as it applies to Olympia. Washington treats rentals of under 30 consecutive days as taxable transient lodging, so an owner who advertises overnight stays registers with the Department of Revenue and collects retail sales tax and any local lodging taxes, even when a marketplace also collects.

After move-out, the Olympia owner has 30 days to return the deposit or account for deductions.

Neighbors of Olympia by the numbers

Of the cities listed, Federal Way is the most expensive ($552,800 median value) and Lakewood the least ($461,200); Olympia sits at $486,200.

Employers and institutions near Olympia rentals

The self-employed share of the workforce is 8.5%, and those owners tend to be exactly the buyers DSCR financing was built for. Other workforce markers: government workers are about 33% of employment, 52% of adults hold a bachelor's degree or higher and 9% of commuters travel 45 minutes or more.

Employers named in Wikipedia's Olympia entry for 2024 include State Government, including education, Local Government, including education, Providence St. Peter Hospital, Albertsons and Lucky Eagle Casino and Hotel, which is where many tenants earn the income that pays rent. Colleges tied to Olympia include South Puget Sound Community College and The Evergreen State College, and campus-adjacent streets often rent to students and staff on a school-year rhythm. Wikipedia's entry for Olympia notes interstate access via I-5 and air service through Olympia Regional Airport, a practical point for tenants and owners alike.

Putting a Olympia file together

Before you offer on a Olympia property, test the ratio in the calculator, then apply now or request a DSCR quote.

More Washington markets

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• DSCR loans in Auburn, WA
• Every market we cover

Sources and data notes

• U.S. Census Bureau data for Olympia
• Federal hazard index, WA
• Olympia overview (Wikipedia)
• Olympia landlords: see RCW 59.18.260, 59.18.270, 59.18.280, 59.18.285, 59.18.610
• Washington DOR, personal home rentals (Washington)
• Washington tax source: Online marketplaces and property managers

Numbers for Olympia come from the Census Bureau's 2020 to 2024 ACS and are survey estimates. The Washington legal summaries are from the RedFlagLease dataset, licensed CC BY 4.0, with statute links. Verified October 2026. Ordinances and statutes change, so confirm before acting.

Quick file checklist

Before you commit on a Olympia deal, confirm the rent with the lease or a market estimate, price the insurance for the exact address, and check how the taxes may change after the sale, so the ratio you run matches the one the lender calculates.

DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.