29326 32nd Pl S
AuburnWA98001
Cheap Homes for Rent in Steel Lake Neighborhood of Federal Way, WA from $700 (3 Rentals)
Search the lowest-cost Homes 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.
31003 14th Ave S, Unit F3, Unit F3
31003 14th Ave S
Federal WayWA98003
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.
29307 32nd Pl S
AuburnWA98001
Showing Results 1-3, Page 1 of 1
Steel Lake, Federal Way, WA Local Guide
How much does it cost to rent a home in Steel Lake?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Steel Lake 2 Bedroom Homes for Rent | $2,100 | $2,100 | $2,100 |
| Steel Lake 3 Bedroom Homes for Rent | $2,647 | $2,600 | $2,695 |
| Steel Lake 4 Bedroom Homes for Rent | $3,795 | $3,795 | $3,795 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Homes for Rent in this Neighborhood
There are currently 3 rentals with your search options within a 1 mile radius of the Steel Lake Neighborhood of Federal Way, WA.
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Steel Lake, Federal Way, WA Local Guide
- Nearby Federal Way neighborhoods
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Best Value Apartments for Rent in Steel Lake, WA
As of May 25, 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Modern 3 bedroom Townhomes with Garage | 3x3.5 | 3BR,3.5BA | $1.50 |
| Providence Landing | 3 Bed 2 Bath | 3BR,2BA | $1.79 |
| Lake Apartments | 2 BR/ 1 BA | 2BR,1BA | $1.08 |
| Uptown Square | Armstrong | 1BR,1BA | $1.82 |
| Tree Pointe | One Bedroom | 1BR,1BA | $1.90 |
| Steel Lake Plaza | 258 1x1T RENO | 1BR,1BA | $2.48 |
| Watermark | Kitsap | 1BR,1BA | $2.26 |
| Meridian Court Senior Affordable Apartments | A07 | 1BR,1BA | $2.62 |
| Traditions at Federal Way Senior Living | Studio - Spruce | Studio ,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.
Read Article
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.
Read ArticleQuick 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
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
Frequently Asked Questions about Steel Lake
What type of rentals are currently available in Steel Lake?
There are currently 44 Apartments for Rent in Steel Lake, WA with pricing that ranges from $1,075 to $2,661. There are also 6 Single Family Homes for rent, Condos, and Townhome rentals currently available in Steel Lake ranging from $725 to $3,795.
What is the current price range for Rental Homes in Steel Lake?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Steel Lake ranges from $725 to $3,795 with an average monthly rent of $2,401.
How much are larger Three and Four Bedroom Rentals in Steel Lake?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Steel Lake range from $2,310 to $2,389, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,600 to $2,695. Four Bedroom Single-Family rentals are also available starting from $3,795 and Four Bedroom Apartments start at $2,461.
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
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.
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.
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.
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.