Cheap Apartments for Rent in the Steel Lake Neighborhood of Federal Way, WA from $900 (21 Rentals)

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

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

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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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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 Studio unit found at Traditions at Federal Way Senior Living priced from $999. THE BLVD has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,210. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:

Apartment ListingModel NameBed/BathPriced From
Traditions at Federal Way Senior LivingStudioStudio,1BA$999
THE BLVD1 Bed 1 Bath1BR,1BA$1,210
Avana Star LakeA11BR,1BA$1,233
Meridian Court Senior Affordable ApartmentsA031BR,1BA$1,250
Cove EastOak2BR,1BA$1,285

Best Value Apartments for Rent in Steel Lake, WA

As of January 14, 2026 the best value apartment in the Steel Lake area is the $1.92 price per square foot 2525 S 288th St Model at 2525 S 288th St, Unit 3 in the in the Woodmont neighborhood starting from $2,695. The second greatest value Steel Lake apartment is the London Model at Kitts Corner starting at $2,397 with a $1.75 price per square foot in the West Campus 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.
2525 S 288th St, Unit 32525 S 288th St3BR,2.5BA$1.92
Kitts CornerLondon4BR,2BA$1.75
Fountain Lake TownhomesFountainside3BR,2.5BA$2.01
Glen Park At West CampusC13BR,2.5BA$1.97
Pacific Heights254 2X2 M2BR,2BA$1.62
Mariposa2 Bed, 1.5 Bath (60% Income Restricted)2BR,1.5BA$1.96
Uptown SquareArmstrong1BR,1BA$1.76
Cove EastOak2BR,1BA$1.61
Campus View1L1BR,1BA$2.07
Tree PointeOne Bedroom1BR,1BA$2.07

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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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

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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 $1,437.

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

The cheapest apartment in Steel Lake is Traditions at Federal Way Senior Living which is listed at $1,050, while the average apartment in Steel Lake costs $2,669.

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 77 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 $1,216 which is $1,453 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

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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.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!