Lacey, WA
Lacey, WA landlord and rental property insurance
Local rental data and insurance guidance for Lacey property owners. A quote is not a binder.
Lacey is home to roughly 58,644 people in Thurston County, and about 44% of its 23,430 occupied homes are rented rather than owner-occupied, above the Washington rate of 36%. That mix shapes who is buying landlord coverage here and what underwriters expect to see.
Lacey rental housing by the numbers
| Measure | Lacey | Washington |
|---|---|---|
| Renter-occupied homes | 44% (10,323) | 36% |
| Median owner-occupied home value | $457,100 | $564,600 |
| Median gross rent | $1,870/mo | $1,760/mo |
| Median year structure built | 1996 | 1985 |
| Homes in 2–4 unit buildings | 8% | 6% |
| Single-family homes (detached or attached) | 67% | 66% |
Data: Census ACS 5-year estimates for 2020–2024 via Census Reporter, and Census Vintage 2024 population estimates.
Setting coverage on a Lacey rental
The median owner-occupied home in Lacey is valued at about $457,100, lower than the Washington median of $564,600. Market value includes land, so it is only a starting point: your dwelling limit should reflect what it would cost to rebuild the structure.
For context, the NAIC reported that Washington dwelling-fire policies insuring $450,000 to $499,999 averaged $865 a year in 2023, against a statewide dwelling-fire average of $886. Those are owner-occupied dwelling-form figures, not landlord quotes.
Protecting rental income in Lacey
The Census median gross rent for Lacey, $1,870 per month, is a reasonable starting point for fair rental value. At that rate, 12 months is about $22,440 per unit.
Building age and underwriting in Lacey
Lacey's median home dates to about 1996. Systems are often on their first or second replacement, so roof age and water heater age carry a lot of weight in pricing.
Types of rental property in Lacey
Lacey's housing is mixed: about 67% single-family, 8% in 2–4 unit buildings, and 21% in buildings of five or more units. Dwelling forms fit up to four units; larger buildings need commercial apartment coverage.
Comparing Lacey to neighboring cities
For comparison, Olympia comes in at 50% rented and $486,200 median value, with median rent of $1,599. Seattle has a renter share of 56% with homes valued around $938,600 at the median. For comparison, Spokane comes in at 41% rented and $363,500 median value, with median rent of $1,215. By renter share, Lacey is number 16 on our list of 30 Washington cities. Roughly 21% of homes in Lacey are in buildings of five or more units, the point where most owners move to commercial apartment policies.
Storm and hazard considerations in Lacey
In Lacey, think about freezing pipes during cold snaps first, then winter windstorms and heavy rain west of the Cascades. Both appear frequently in Washington property claims and can change which policy form and deductible make sense.
Hazard themes reflect FEMA’s National Risk Index and NOAA’s Storm Events Database; check the index for your specific county.
Requesting coverage for a Lacey rental
- Construction year plus the age of the roof
- How it is occupied today, including any vacancy or short-term use
- Any system updates, with years
- Prior carrier, expiration date, and five-year loss history
- Mortgage company details, if financed
- How much liability and lost rent you want covered
- Street address in Lacey and number of units
Request a Lacey landlord quote
Questions from Lacey rental owners
What share of Lacey homes are rentals?
About 44% of occupied homes in Lacey, roughly 10,323 households, are renter-occupied according to the 2020–2024 American Community Survey.
Do Lacey landlords have to carry insurance?
No Washington law mandates it for Lacey owners, though lenders, HOAs, and property managers commonly require it.
How much does landlord insurance cost in Lacey?
It depends on the building, coverage, and deductible. For background, the NAIC reported a 2023 Washington dwelling-fire average of $886; see our Washington page for the full table.
Other Washington cities
Landlord insurance in Washington · Cost by state
Last updated October 15, 2026. Sources and method: how we research.