Cheap Apartments for Rent in the Steel Lake Neighborhood of Federal Way, WA from $900 (35 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Steel Lake area of Federal Way.

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Avana Star Lake
$1,333 - $2,230
Total Monthly Price

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$1,333 - $2,230
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1 to 3 Bedroom Apartments Available Now

Avana Star Lake

2211 S STAR LAKE RdFederal Way, WA 98003
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View at the Lake
1 to 2 Bedroom Apartments

View at the Lake

30602 Pacific Hwy SFederal Way, WA 98003
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Brier Woods
1 to 3 Bedroom Apartments

Brier Woods

31224 Pete von Reichbauer Way SouthFederal Way, WA 98003

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Showing Results 1-35, Page 1 of 1

Steel Lake, Federal Way, WA Local Guide

Cheapest Available Steel Lake Apartments for Rent

 

The cheapest available apartment rental in the Steel Lake area of Federal Way, WA is a 1 Bed unit found at Meridian Court Senior Affordable Apartments priced from $1,199. Traditions at Federal Way Senior Living has the second lowest priced unit, which is a Studio apartment currently listed from $1,250. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:

Apartment ListingModel NameBed/BathPriced From
Meridian Court Senior Affordable ApartmentsA061BR,1BA$1,199
Traditions at Federal Way Senior LivingStudioStudio,1BA$1,250
La Madera ApartmentsStudio at 60% Utilities CoveredStudio,1BA$1,299
Crestview West ApartmentsStudio 1 Bath S2Studio,1BA$1,311
Avana Star LakeA11BR,1BA$1,333
THE BLVD1 Bed 1 Bath1BR,1BA$1,415
Tree PointeOne Bedroom1BR,1BA$1,425
Ridge & ShoresA11BR,1BA$1,545
Sunset Three Twenty1 Bed - 1 Bath (Renovated)1BR,1BA$1,602
The Village at NewportThe Collage1BR,1BA$1,612

Best Value Apartments for Rent in Steel Lake, WA

As of April 09, 2026 the best value apartment in the Steel Lake area is the $1.50 price per square foot 3x3.5 Model at Kandila Townhomes in the in the Jovita neighborhood starting from $2,800. The second greatest value Steel Lake apartment is the 28803 46th Pl S Model at 28803 46th Pl S, Unit 1 starting at $2,800 with a $1.65 price per square foot in the Woodmont neighborhood. Here is today’s list of the best values for Steel Lake apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Kandila Townhomes3x3.53BR,3.5BA$1.50
28803 46th Pl S, Unit 128803 46th Pl S3BR,1BA$1.65
Fountain Lake TownhomesFountainside3BR,2.5BA$1.98
Glen Park At West CampusB32BR,2BA$1.76
Providence Landing2 Bed 2 Bath2BR,2BA$1.78
Campus View2L2BR,1BA$1.75
Mariposa2 Bed, 1.5 Bath A (60% Income Restricted)2BR,1.5BA$1.89
Uptown SquareArmstrong1BR,1BA$1.80
Greystone Meadows2x12BR,1BA$2.00
Tree PointeOne Bedroom1BR,1BA$1.90

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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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Best Local Schools in
Steel Lake, Federal Way, WA

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Lifestyle Ratings

This website is happy to bring you our detailed rental search system called 'Lifestyle ratings', composed of neighborhoods, metropolitan areas, and rental properties across Washington, including Federal Way. Our Lifestyle Ratings help you zero-in on the perfect place to call home. This takes in many factors including filtering automatically for easy access to the parks, luxury housing options, family-friendly amenities, raising pets, transit options, and how walkable or bikeable each community and area is. These search options are in the site filters at the top of this page.

Frequently Asked Questions about Cheap Steel Lake Apartments

What is a cheap apartment in Steel Lake?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Steel Lake is under $1,612.

What is the price of a cheap apartment in Steel Lake?

The cheapest apartment in Steel Lake is Meridian Court Senior Affordable Apartments which is listed at $1,199, while the average apartment in Steel Lake costs $2,375.

What types of apartments are the cheapest in Steel Lake?

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 81 regular apartments in Steel Lake that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Steel Lake?

Cheap apartments in Steel Lake have an average cost of $1,117 which is $1,258 cheaper than the average rent for all rentals in Steel Lake.

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

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.