Cheap Apartments for Rent in Lakewood, WA from $500 (106 Rentals)

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Search the lowest-cost Apartments available for rent right now in Lakewood.

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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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14510 Washington Ave SW
1 Bedroom Apartments

14510 Washington Ave SW

14510 Washington Ave SWLakewood, WA 98498
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Lincoln Court Apartments
1 to 2 Bedroom Apartments

Lincoln Court Apartments

12908-12918 Lincoln Ave SWLakewood, WA 98499
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LaDobe Apartments
1 to 2 Bedroom Apartments

LaDobe Apartments

4711-4801 121st St SWLakewood, WA 98499
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Maple Court Apartments
1 to 2 Bedroom Apartments

Maple Court Apartments

4809 122nd St SWLakewood, WA 98499
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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Lakewood Tudor Haus
1 to 2 Bedroom Apartments

Lakewood Tudor Haus

5310 McChord Dr SWLakewood, WA 98499
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Garden Square
1 Bedroom Apartments

Garden Square

8616 Hipkins Rd SWLakewood, WA 98498
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Hawaiian Village North
Studio to 3 Bedroom Apartments

Hawaiian Village North

40 Thunderbird Pky SWLakewood, WA 98498
Corporate Housing
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Village Square
1 to 2 Bedroom Apartments

Village Square

10810 Lakeview Ave SWLakewood, WA 98499
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Freiday Apartments
1 to 3 Bedroom Apartments

Freiday Apartments

10915 Freiday St SWLakewood, WA 98499
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Laurel Court
1 to 2 Bedroom Apartments

Laurel Court

4702 108th St SWLakewood, WA 98499
  • Utilities Included

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.

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Washington Oaks
1 to 2 Bedroom Apartments

Washington Oaks

15308 Washington Ave SWLakewood, WA 98498
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Twin Oaks
1 Bedroom Apartments

Twin Oaks

4801 115th Street Ct SWLakewood, WA 98499
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10607 47th Ave SW
1 to 2 Bedroom Apartments

10607 47th Ave SW

10607 47th Ave SWLakewood, WA 98499
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Cascade Apartments
1 to 2 Bedroom Apartments

Cascade Apartments

4425 Pacific St SWLakewood, WA 98499
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Pine Ridge Apartments
1 to 2 Bedroom Apartments

Pine Ridge Apartments

5612 Boston Ave SWLakewood, WA 98499
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American Lake Townhomes
1 to 2 Bedroom Apartments

American Lake Townhomes

12506 98th Avenue Ct SWLakewood, WA 98498
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SOUTHGATE
1 to 2 Bedroom Apartments

SOUTHGATE

3918 108th St SWLakewood, WA 98499

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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Lakewood, WA Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Lakewood, WA

Pricing Updated: 07/30/2026

Current apartment rentals in the Lakewood, WA area range in price from $900 to $3,995 with an overall median price of $2,419. The three Lakewood neighborhoods with the lowest median rent pricing are Central Lakes at $1,225, Northeast Lakewood at $995, and Clover Park at $900. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lakewood Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Central Lakes$2,045$1,22522
Northeast Lakewood$2,050$99587
Clover Park$2,448$90055
Lakeview$2,448$90069
Lakeview Tacoma$2,448$90068
Pacific$2,448$90073
Custer$2,463$1,11446
Monte Vista$2,463$1,11450
Interlaken$2,468$1,11454
Lake City$2,468$1,11488

Cheapest Available Lakewood Apartments for Rent

 

The cheapest available apartment rental in Lakewood, WA is a 1 Bed unit found at Western Terrace in the North Fort Lewis neighborhood priced from $995. Cascade Ridge Apartments in the South End neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $995. Here is today’s list of the most affordable Lakewood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Western TerraceOne Bedroom One Bath1BR,1BA$995
Cascade Ridge ApartmentsStudioStudio,1BA$995
The TheodoreStudio (A)Studio,1BA$995
Pinegar ManorPinegar Manor1BR,1BA$1,050
Safe Harbor ApartmentsStudioStudio,1BA$1,090
The Woodmark1 Bedroom / 1 Bathroom (B)1BR,1BA$1,090
Washington Oaks1X11BR,1BA$1,097
Lakewood Meadows Senior Affordable ApartmentsA11BR,1BA$1,099
Whispering FirsOne Bedroom One Bath1BR,1BA$1,099

Best Value Apartments for Rent in Lakewood, WA

As of July 30, 2026 the best value apartment in the Lakewood area is the $1.40 price per square foot 2 Bed 1.5 Bath Model at Aladdin Townhomes in the in the South End neighborhood starting from $1,650. The second greatest value Lakewood apartment is the Spacious two bedroom units AVAILABLE NOW! Model at Lakeshore Apartments starting at $1,695 with a $1.54 price per square foot in the Midland neighborhood. Here is today’s list of the best values for Lakewood apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Aladdin Townhomes2 Bed 1.5 Bath2BR,1.5BA$1.40
Lakeshore ApartmentsSpacious two bedroom units AVAILABLE NOW!2BR,2BA$1.54
Mullen Cove Apartments2BD/1BA - 1,070 SQ FT2BR,1BA$1.49
Alta Apartments.1x11BR,1BA$1.52
Briarstone2/1 950sf2BR,1BA$1.58
Olympic Sunset2X1 B2BR,1BA$1.62
Greenwood II Apartments2BR/1.0BA2BR,1BA$1.48
Bridgewood Estates Apartments2BR/1.0BA2BR,1BA$1.44
The Woodmark1 Bedroom / 1 Bathroom (B)1BR,1BA$1.45
Pinegar ManorPinegar Manor1BR,1BA$1.50

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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Quick 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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Lakewood Overview

The aptly named Lakewood is comprised of a budding population of just over 50,000 souls, complete with plenty of natural beauty. A close drive from Tacoma and a number of other Washington cities, this 'little big town' has heart and charm to spare.

Why live in Lakewood, WA?

Home to both the Clover Park Techincal School as well as Pierce College, Lakewood is an ideal spot to live for anyone pursuing higher education. The Western State Hospital remains a steady source of local employement as well, and the area's bounty of lakes and hiking trails makes a Lakewood rental pitch-perfect for those who enjoy the great outdoors. 

Lakewood, WA
Population: 60,538

Ranked #622

in US Census Population by City

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Best Local Schools in
Lakewood, WA

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Lakewood, WA Rentals by Map

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See the most popular apartments and homes in Lakewood, WA

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Frequently Asked Questions about Cheap Lakewood Apartments

What is a cheap apartment in Lakewood?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Lakewood is under $1,099.

What is the price of a cheap apartment in Lakewood?

The cheapest apartment in Lakewood is Western Terrace which is listed at $995, while the average apartment in Lakewood costs $2,419.

What types of apartments are the cheapest in Lakewood?

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 97 regular apartments in Lakewood 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 Lakewood?

Cheap apartments in Lakewood have an average cost of $678 which is $1,741 cheaper than the average rent for all rentals in Lakewood.

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

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.

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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.

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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.