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$1,099 - $1,6851 to 2 Bedroom Apartments Available Now
Meridian Court Senior Affordable Apartments
31420 23rd Ave SFederal Way, WA 98003
Cheap Apartments for Rent in the Steel Lake Neighborhood of Federal Way, WA from $900 (5 Rentals)
Search the lowest-cost Apartments available for rent right now in the Steel Lake area of Federal Way.
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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
When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.
29326 32nd Pl S
AuburnWA98001
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Steel Lake, Federal Way, WA Local Guide
Dedication of Downtown Flag and Veterans Way by Darel Roa Photography is licensed under CC BY-SA 3.0
How much does it cost to rent an apartment in Steel Lake?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Steel Lake Studio Apartments | $1,601 | $1,601 | $1,601 |
| Steel Lake 1 Bedroom Apartments | $1,571 | $1,099 | $1,799 |
| Steel Lake 2 Bedroom Apartments | $1,901 | $1,685 | $2,500 |
| Steel Lake 3 Bedroom Apartments | $2,330 | $2,171 | $3,100 |
| Steel Lake 4 Bedroom Apartments | $2,310 | $2,102 | $2,452 |
Browse Apartments in this Neighborhood
There are currently 5 rentals with your search options within a 1 mile radius of the Steel Lake Neighborhood of Federal Way, WA.
See all Apartments in Federal WayExplore Federal Way
Steel Lake, Federal Way, WA Local Guide
- Nearby Federal Way neighborhoods
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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 $1,099. View at the Lake has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,380. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Meridian Court Senior Affordable Apartments | A06 | 1BR,1BA | $1,099 |
| View at the Lake | 1x1 | 1BR,1BA | $1,380 |
| Traditions at Federal Way Senior Living | 1x1 | 1BR,1BA | $1,410 |
Best Value Apartments for Rent in Steel Lake, WA
As of November 09, 2025 the best value apartment in the Steel Lake area is the $1.82 price per square foot Fenwick Model at Watermark in the in the Jovita neighborhood starting from $2,200. The second greatest value Steel Lake apartment is the Armstrong Model at Uptown Square starting at $1,588 with a $1.76 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Watermark | Fenwick | 3BR,2BA | $1.82 |
| Uptown Square | Armstrong | 1BR,1BA | $1.76 |
| Portofino Apartments | Model 2 | 2BR,2BA | $2.21 |
| Tree Pointe | One Bedroom | 1BR,1BA | $2.07 |
| Steel Lake Plaza | 258 1x1T RENO | 1BR,1BA | $2.48 |
| View at the Lake | 1x1 | 1BR,1BA | $1.97 |
| Brookhaven Apartments | 1 Bedroom 1 Bath | 1BR,1BA | $2.53 |
| Meridian Court Senior Affordable Apartments | B1 | 2BR,1BA | $2.60 |
| Traditions at Federal Way Senior Living | Studio | Studio ,1BA | $3.42 |
Apartment Common Area Rules: What Renters Need to Know
From the lounge to the laundry room, understand your rights and responsibilities in shared apartment spaces. Get tips on pet rules, noise, and security.
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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.
Read ArticleThe Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.
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Pet Friendly LifestyleSteel Lake, Federal Way, WA
Ranked #12
Among cities in Washington for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
2.5Pet Friendly
Best Local Schools in Steel Lake, Federal Way, WA
Federal Way Senior High School
Federal Way School District
Public School - Grades 9-12 (1640)
3 out of 10
School data provided by Great Schools
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 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 $1,099, while the average apartment in Steel Lake costs $2,252.
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 27 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 $1,444 which is $808 cheaper than the average rent for all rentals in Steel Lake.
Expert Rental Resources
Helpful Apartment Articles, How-To's and Tips
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.
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.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
The Rental Move-In Inspection Checklist: A Guide for Renters
Written by: Trey Huguley
The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.
Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between
Written by: Christine Leonard, Esq.
For many people, obstacles can arise during the rental application process for a variety of issues.