The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Olympia, WA 98507's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 98507 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $1,206 to a high of $1,474, with an average of $1,340.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,395, a maximum of $1,705, and an average of $1,550.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,620, peaking at a maximum of $1,980, and averaging at $1,800.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $2,277, a maximum of $2,783, and an average of $2,530.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,745 to a maximum of $3,355, with an average of $3,050.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Olympia, WA 98507 Low Rent (90%) $1,206 $1,395 $1,620 $2,277 $2,745
Average Rent $1,340 $1,550 $1,800 $2,530 $3,050
High Rent(110%) $1,474 $1,705 $1,980 $2,783 $3,355
2023 Olympia, WA 98507 Low Rent (90%) $1,017 $1,125 $1,314 $1,863 $2,241
Average Rent $1,130 $1,250 $1,460 $2,070 $2,490
High Rent (110%) $1,243 $1,375 $1,606 $2,277 $2,739
2022 Olympia, WA 98507 Low Rent (90%) $927 $963 $1,143 $1,620 $1,953
Average Rent $1,030 $1,070 $1,270 $1,800 $2,170
High Rent(110%) $1,133 $1,177 $1,397 $1,980 $2,387
2021 Olympia, WA 98507 Low Rent (90%) $918 $927 $1,116 $1,593 $1,935
Average Rent $1,020 $1,030 $1,240 $1,770 $2,150
High Rent (110%) $1,122 $1,133 $1,364 $1,947 $2,365
2020 Olympia, WA 98507 Low Rent (90%) $855 $864 $1,053 $1,521 $1,845
Average Rent $950 $960 $1,170 $1,690 $2,050
High Rent(110%) $1,045 $1,056 $1,287 $1,859 $2,255
2019 Olympia, WA 98507 Low Rent (90%) $810 $846 $1,035 $1,494 $1,818
Average Rent $900 $940 $1,150 $1,660 $2,020
High Rent (110%) $990 $1,034 $1,265 $1,826 $2,222


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