Cheap Apartments for Rent in the Downtown Neighborhood of Olympia, WA from $1,075 (31 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown area of Olympia.

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Capitol Terrace
Studio to 2 Bedroom Apartments

Capitol Terrace

1517 Capitol Way SOlympia, WA 98501
  • Utilities Included
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Timbers West
1 to 2 Bedroom Apartments

Timbers West

1714 Evergreen Park Ct SWOlympia, WA 98502
  • Utilities Included

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Elks Apartments
Studio to 2 Bedroom Apartments

Elks Apartments

609-613 Capitol Way SOlympia, WA 98501
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Westman Mill
Studio to 3 Bedroom Apartments

Westman Mill

510 State Ave NEOlympia, WA 98501
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Stateside Flats
1 to 2 Bedroom Apartments

Stateside Flats

210 Bethel St NEOlympia, WA 98506
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The Ridge Apartments
1 to 2 Bedroom Apartments

The Ridge Apartments

2008 Evergreen Park Dr SWOlympia, WA 98502
  • Utilities Included
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Campus Lofts
Studio to 3 Bedroom Apartments

Campus Lofts

510-512 12th Ave SEOlympia, WA 98501

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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The Madrone
Studio to 2 Bedroom Apartments

The Madrone

120 Water St NWOlympia, WA 98501
Showing Results 1-31, Page 1 of 1

Downtown, Olympia, WA Local Guide

Cheapest Available Downtown Apartments for Rent

 

The cheapest available apartment rental in the Downtown area of Olympia, WA is a 1 Bed unit found at Stuart Place priced from $1,076. Boardwalk Senior Affordable Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,099. Here are the most affordable Downtown apartments for rent in Olympia, WA:

Apartment ListingModel NameBed/BathPriced From
Stuart Places.4401BR,1BA$1,076
Boardwalk Senior Affordable ApartmentsA51BR,1BA$1,099
Brentwood 509 Apartments1 BR/ 1 BA1BR,1BA$1,100
Annie's Studio's0BR/1.0BAStudio,1BA$1,190
Dawcrest Apartments1BR / 1 BA1BR,1BA$1,200
Brentwood Apartmentsone bedroom1BR,1BA$1,200
Heritage Park ApartmentsStudioStudio,1BA$1,205
123-4thA5-PlazaStudio,1BA$1,225
Market FlatsStudioStudio,1BA$1,250
Westman Mill0BR/1.0BAStudio,1BA$1,300

Best Value Apartments for Rent in Downtown, WA

As of September 12, 2026 the best value apartment in the Downtown area is the $2.04 price per square foot 2X1 RENOVATED Model at Sherwood Glen in the in the Wellington West neighborhood starting from $1,799. The second greatest value Downtown apartment is the 1x1 Model at Capitol Crossing starting at $1,595 with a $2.25 price per square foot in the South Westside neighborhood. Here is today’s list of the best values for Downtown apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Sherwood Glen2X1 RENOVATED2BR,1BA$2.04
Capitol Crossing1x11BR,1BA$2.25
Dawcrest Apartments1BR / 1 BA1BR,1BA$1.71
Views on Fifth1BR/1.0BA1BR,1BA$2.92
Brentwood Apartmentsone bedroom1BR,1BA$1.94
Boardwalk Senior Affordable ApartmentsB22BR,1BA$2.68
Brentwood 509 Apartments1 BR/ 1 BA1BR,1BA$2.20
Annie's Studio's0BR/1.0BAStudio ,1BA$2.47
Stuart Places.4401BR,1BA$2.45
123-4thA5-PlazaStudio ,1BA$2.82

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Downtown, Olympia, WA

Ranked #34

Among cities in Washington for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Frequently Asked Questions about Cheap Downtown Apartments

What is a cheap apartment in Downtown?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown is under $1,300.

What is the price of a cheap apartment in Downtown?

The cheapest apartment in Downtown is Stuart Place which is listed at $1,076, while the average apartment in Downtown costs $1,570.

What types of apartments are the cheapest in Downtown?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 13 regular apartments in Downtown that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

Expert Rental Resources

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.