FMR is near market; voucher and private rents are aligned.
1.05
1 BR
1 BR
0.97ratio
FMR$1,600
Market$1,650
vs market-$50
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR
0.87ratio
FMR$1,880
Market$2,160
vs market-$280
FMR is below market; voucher rent may lag private rents.
0.87
3 BR
3 BR
1.00ratio
FMR$2,460
Market$2,460
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
4 BR
4 BR
1.06ratio
FMR$3,030
Market$2,870
vs market+$160
FMR is near market; voucher and private rents are aligned.
1.06
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 98505 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98505 (Olympia, WA) is $1,880 a month. That is down 1.6% from $1,910 in FY 2026. Olympia is in the Olympia-Lacey-Tumwater, WA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,946. Among 21 ZIP codes in Thurston County, 98505 is tied for the 12th-highest two-bedroom rent (county range $1,770–$2,280). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98505 is 28% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 98505
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,500
$1,530
+2.0%
$1,377–$1,683
1BR
$1,640
$1,600
−2.4%
$1,440–$1,760
2BR
$1,910
$1,880
−1.6%
$1,692–$2,068
3BR
$2,550
$2,460
−3.5%
$2,214–$2,706
4BR
$3,200
$3,030
−5.3%
$2,727–$3,333
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 98505
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,530
$1,600
$1,880
$2,460
$3,030
FY 2026
$1,500
$1,640
$1,910
$2,550
$3,200
FY 2025
$1,350
$1,540
$1,790
$2,450
$3,000
FY 2024
$1,340
$1,550
$1,800
$2,530
$3,050
FY 2023area FMR
$1,127
$1,245
$1,456
$2,069
$2,480
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Thurston County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 98505?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,946, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,751 to $2,141 a month; under the ZIP-level Small Area FMR of $1,880 it would be $1,692 to $2,068. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 98505 in?
ZIP 98505 is in the Olympia-Lacey-Tumwater, WA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,946.
How much did fair market rent change in ZIP 98505 for FY 2027?
The two-bedroom FMR fell 1.6%, from $1,910 in FY 2026 to $1,880 in FY 2027. Since FY 2024 it has risen 4.4%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set