FMR is below market; voucher rent may lag private rents.
0.80
1 BR
1 BR
0.87ratio
FMR$1,660
Market$1,900
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.87
2 BR
2 BR
0.86ratio
FMR$1,950
Market$2,260
vs market-$310
FMR is below market; voucher rent may lag private rents.
0.86
3 BR
3 BR
1.01ratio
FMR$2,550
Market$2,520
vs market+$30
FMR is near market; voucher and private rents are aligned.
1.01
4 BR
4 BR
1.09ratio
FMR$3,150
Market$2,900
vs market+$250
FMR is near market; voucher and private rents are aligned.
1.09
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 98540 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 98540 (East Olympia, WA) is $1,950 a month. That is down 0.5% from $1,960 in FY 2026. East 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, 98540 is tied for the 6th-highest two-bedroom rent (county range $1,770–$2,280). The median county two-bedroom FMR in Washington is $1,467, so ZIP 98540 is 33% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 98540
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,540
$1,590
+3.2%
$1,431–$1,749
1BR
$1,680
$1,660
−1.2%
$1,494–$1,826
2BR
$1,960
$1,950
−0.5%
$1,755–$2,145
3BR
$2,610
$2,550
−2.3%
$2,295–$2,805
4BR
$3,290
$3,150
−4.3%
$2,835–$3,465
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 98540
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,590
$1,660
$1,950
$2,550
$3,150
FY 2026
$1,540
$1,680
$1,960
$2,610
$3,290
FY 2025
$1,390
$1,580
$1,840
$2,520
$3,090
FY 2024
$1,340
$1,550
$1,800
$2,530
$3,050
FY 2023
$1,130
$1,250
$1,460
$2,070
$2,490
Two-bedroom rent in nearby Thurston County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 98540?
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 $1,950 it would be $1,755 to $2,145. 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 98540 in?
ZIP 98540 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 98540 for FY 2027?
The two-bedroom FMR fell 0.5%, from $1,960 in FY 2026 to $1,950 in FY 2027. Since FY 2023 it has risen 33.6%.
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