31003 14th Ave S
Federal WayWA98003
Cheap Homes for Rent in the Steel Lake Neighborhood of Federal Way, WA from $1,550 (2 Rentals)
Search the lowest-cost Homes 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
1003 S 308th St
Federal WayWA98003
Rent According to Income: A Look at Income-Restricted Rentals
Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.
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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 | $1,895 | $1,895 | $1,895 |
| Steel Lake 3 Bedroom Homes for Rent | $2,748 | $2,495 | $3,100 |
| Steel Lake 4 Bedroom Homes for Rent | $3,250 | $3,250 | $3,250 |
| Steel Lake 5 Bedroom Homes for Rent | $4,195 | $4,195 | $4,195 |
Browse Homes for Rent in this Neighborhood
There are currently 2 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
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Best Value Apartments for Rent in Steel Lake, WA
As of August 24, 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Providence Landing | 3 Bed 2 Bath | 3BR,2BA | $1.79 |
| Lake Apartments | 2 BR/ 1 BA | 2BR,1BA | $1.21 |
| Laurelwood Gardens | 2 bed 1 Bath Townhouse | 2BR,1BA | $1.57 |
| Tree Pointe | One Bedroom | 1BR,1BA | $2.00 |
| Steel Lake Plaza | 258 1X1M RENO | 1BR,1BA | $2.48 |
| Watermark | Kitsap | 1BR,1BA | $2.37 |
| Brookhaven Apartments | 1 Bedroom 1 Bath | 1BR,1BA | $2.20 |
| Traditions at Federal Way Senior Living | Studio - Spruce | Studio ,1BA | $2.97 |
| Meridian Court Senior Affordable Apartments | A01 | 1BR,1BA | $3.43 |
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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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 $1,199 to $2,627. There are also 7 Single Family Homes for rent, Condos, and Townhome rentals currently available in Steel Lake ranging from $1,550 to $4,195.
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 $1,550 to $4,195 with an average monthly rent of $2,727.
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 $2,195 to $2,359, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,495 to $3,100. Four Bedroom Single-Family rentals are also available starting from $3,250 and Four Bedroom Apartments start at $2,427.
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
Rent According to Income: A Look at Income-Restricted Rentals
Written by: Robin Stewart
The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.
Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags
Written by: Robin Stewart
Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.
First Apartment Regrets: Real Renters Share What They'd Do Differently
Written by: Robin Stewart
Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.
Renters Insurance 101: What It Is, What It Covers, and Why You Need It
Written by: Robin Stewart
Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.