Cheap Apartments for Rent in the Steel Lake Neighborhood of Federal Way, WA from $920 (14 Rentals)

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

Seattle's Best Affordable Neighborhoods

Learn about Seattle, WA and the best places to live with original content written by our Local Expert Sharon Stallings

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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

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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 1 Bed unit found at Meridian Court Senior Affordable Apartments priced from $1,099. Traditions at Federal Way Senior Living has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,299. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:

Apartment ListingModel NameBed/BathPriced From
Meridian Court Senior Affordable ApartmentsA031BR,1BA$1,099
Traditions at Federal Way Senior Living1 Bedroom, 1 Bathroom1BR,1BA$1,299
Laurelwood Gardens2 bed 1 Bath Townhouse2BR,1BA$1,320
Lake Apartments2 BR/ 1 BA2BR,1BA$1,450
Tree PointeOne Bedroom1BR,1BA$1,500

Best Value Apartments for Rent in Steel Lake, WA

As of August 26, 2026 the best value apartment in the Steel Lake area is the $1.79 price per square foot 3 Bed 2 Bath Model at Providence Landing in the in the Jovita neighborhood starting from $2,310. The second greatest value Steel Lake apartment is the 2 BR/ 1 BA Model at Lake Apartments starting at $1,450 with a $1.21 price per square foot in the Redondo 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.
Providence Landing3 Bed 2 Bath3BR,2BA$1.79
Lake Apartments2 BR/ 1 BA2BR,1BA$1.21
Laurelwood Gardens2 bed 1 Bath Townhouse2BR,1BA$1.57
Tree PointeOne Bedroom1BR,1BA$2.00
Steel Lake Plaza258 1X1M RENO1BR,1BA$2.48
WatermarkKitsap1BR,1BA$2.37
Brookhaven Apartments1 Bedroom 1 Bath1BR,1BA$2.20
Traditions at Federal Way Senior LivingStudio - SpruceStudio ,1BA$2.97
Meridian Court Senior Affordable ApartmentsA011BR,1BA$3.43

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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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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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 $1,900.

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 $1,793.

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 22 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 $1,401 which is $392 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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Rent According to Income: A Look at Income-Restricted Rentals

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