Cheap Apartments for Rent in the Steel Lake Neighborhood of Federal Way, WA from $900 (14 Rentals)

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

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 Overlook
2 to 3 Bedroom Apartments

The Overlook

29645 18th Ave SFederal Way, WA 98003
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1728 S 305th Pl
1 to 2 Bedroom Apartments

1728 S 305th Pl

1728 S 305th PlFederal Way, WA 98003

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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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 $1,075. Lake Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,295. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:

Apartment ListingModel NameBed/BathPriced From
Traditions at Federal Way Senior LivingStudio - SpruceStudio,1BA$1,075
Lake Apartments2 BR/ 1 BA2BR,1BA$1,295
Meridian Court Senior Affordable ApartmentsB12BR,1BA$1,382
Tree PointeOne Bedroom1BR,1BA$1,425
WatermarkKitsap1BR,1BA$1,630

Best Value Apartments for Rent in Steel Lake, WA

As of May 27, 2026 the best value apartment in the Steel Lake area is the $1.50 price per square foot 3x3.5 Model at Modern 3 bedroom Townhomes with Garage in the in the Jovita neighborhood starting from $2,800. The second greatest value Steel Lake apartment is the 3 Bed 2 Bath Model at Providence Landing starting at $2,310 with a $1.79 price per square foot in the Jovita 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.
Modern 3 bedroom Townhomes with Garage3x3.53BR,3.5BA$1.50
Providence Landing3 Bed 2 Bath3BR,2BA$1.79
Lake Apartments2 BR/ 1 BA2BR,1BA$1.08
Uptown SquareArmstrong1BR,1BA$1.82
Tree PointeOne Bedroom1BR,1BA$1.90
Steel Lake Plaza258 1x1T RENO1BR,1BA$2.48
WatermarkKitsap1BR,1BA$2.26
Meridian Court Senior Affordable ApartmentsA071BR,1BA$2.62
Traditions at Federal Way Senior LivingStudio - SpruceStudio ,1BA$2.30

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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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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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 $2,800.

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 $1,382, while the average apartment in Steel Lake costs $2,661.

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 25 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 $1,578 which is $1,083 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 Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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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.