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.

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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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Showing Results 1-14, 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 2 Beds unit found at Meridian Court Senior Affordable Apartments priced from $1,350. Traditions at Federal Way Senior Living has the second lowest priced unit, which is a 2 Beds apartment currently listed from $1,399. Here are the most affordable Steel Lake apartments for rent in Federal Way, WA:

Apartment ListingModel NameBed/BathPriced From
Meridian Court Senior Affordable ApartmentsB12BR,1BA$1,350
Traditions at Federal Way Senior Living2 Bedroom, 1 Bathroom2BR,1BA$1,399
Tree PointeOne Bedroom1BR,1BA$1,550
Uptown SquareArmstrong1BR,1BA$1,588
WatermarkKitsap1BR,1BA$1,589

Best Value Apartments for Rent in Steel Lake, WA

As of January 03, 2026 the best value apartment in the Steel Lake area is the $2.17 price per square foot Two Bed Model at Redondo Ridge in the in the Redondo neighborhood starting from $2,195. 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Redondo RidgeTwo Bed2BR,1.5BA$2.17
Uptown SquareArmstrong1BR,1BA$1.76
Portofino ApartmentsModel 22BR,2BA$2.21
Tree PointeOne Bedroom1BR,1BA$2.07
Steel Lake Plaza258 1x1T RENO1BR,1BA$2.27
WatermarkKitsap1BR,1BA$2.20
Brookhaven Apartments1 Bedroom 1 Bath1BR,1BA$2.53
Meridian Court Senior Affordable ApartmentsB22BR,1BA$2.49
Brier WoodsOne Bed One Bath1BR,1BA$2.67
Traditions at Federal Way Senior LivingStudioStudio ,1BA$3.42

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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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 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 $1,410, while the average apartment in Steel Lake costs $2,668.

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 28 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 $1,690 which is $978 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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How to Make Your Apartment Holiday-Ready: Renter-Friendly Tips

Written by: Justin Habersaat

Getting your apartment ready for the holidays can be exciting but sometimes challenging in a smaller space. Here are some modern tips to keep things festive, safe, and inviting this season.

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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!