Cheap Apartments for Rent in Lakewood, WA from $500 (131 Rentals)

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

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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Wisteria Walk
Rent Specials
$1,395
Total Monthly Price

Total Monthly Price

Base Rent
$1,395
Total Monthly Price
$1,395
1 to 2 Bedroom Apartments Available Jun 30

Wisteria Walk

3615 112th St SWLakewood, WA 98499
Cost Per Sq.Ft.
  • Verified
  • Customer Reviewed
  • Low Income

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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14510 Washington Ave SW
1 Bedroom Apartments

14510 Washington Ave SW

14510 Washington Ave SWLakewood, WA 98498
  • Utilities Included
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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
  • Utilities Included
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Grand Cedars
Studio to 2 Bedroom Apartments

Grand Cedars

5226-5230 Chicago AveLakewood, 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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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
  • Utilities Included

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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Village Square
1 to 2 Bedroom Apartments

Village Square

10810 Lakeview Ave SWLakewood, WA 98499
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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

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Cascade Apartments
1 to 2 Bedroom Apartments

Cascade Apartments

4425 Pacific St 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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American Lake Townhomes
1 to 2 Bedroom Apartments

American Lake Townhomes

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

SOUTHGATE

3918 108th St SWLakewood, WA 98499
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McChord Tudor Haus
2 Bedroom Apartments

McChord Tudor Haus

5506-5510 Chicago Ave SWLakewood, WA 98499
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Union Square
1 Bedroom Apartments

Union Square

14405 Union Ave SWLakewood, WA 98498

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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: 04/28/2026

Current apartment rentals in the Lakewood, WA area range in price from $995 to $3,431 with an overall median price of $2,289. The three Lakewood neighborhoods with the lowest median rent pricing are South Lakes at $995, Tillicum at $995, and Northeast Lakewood at $995. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Lakewood Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
South Lakes$1,845$99523
Tillicum$1,845$99522
Northeast Lakewood$2,022$99594
Central Lakes$2,095$1,22513
Clover Park$2,317$1,09516
Lakeview$2,317$1,09527
Lakeview Tacoma$2,317$1,09525
Oakbrook$2,317$1,095173
Pacific$2,317$1,09518
Lake City$2,460$1,10052

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. White Rock Apartments in the South Tacoma 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
White Rock ApartmentsStudio - RenovatedStudio,1BA$995
Safe Harbor ApartmentsStudioStudio,1BA$995
The TheodoreStudio (A)Studio,1BA$995
Cascade Ridge ApartmentsStudioStudio,1BA$1,060
Thea ApartmentsStudio (M)Studio,1BA$1,070
The Woodmark1 Bedroom / 1 Bathroom (C)1BR,1BA$1,090
Washington Oaks1X11BR,1BA$1,097
The Crossings Apartments11BR,1BA$1,099
Steilacoom WoodsStudioStudio,1BA$1,100

Best Value Apartments for Rent in Lakewood, WA

As of April 29, 2026 the best value apartment in the Lakewood area is the $1.75 price per square foot 3 Bed 2 Bath A Model at Merrill Creek in the in the Lake City neighborhood starting from $2,096. The second greatest value Lakewood apartment is the 2 Bed 1.5 Bath Model at Aladdin Townhomes starting at $1,650 with a $1.40 price per square foot in the South End 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.
Merrill Creek3 Bed 2 Bath A3BR,2BA$1.75
Aladdin Townhomes2 Bed 1.5 Bath2BR,1.5BA$1.40
Briarstone3/2 1150 sf3BR,2BA$1.75
Lakeshore ApartmentsSpacious two bedroom units AVAILABLE NOW!2BR,2BA$1.54
Blue Bird Apartments2BD/1.75BA - 1,080 SQ FT2BR,2BA$1.57
Mullen Cove Apartments2BD/1BA - 1,070 SQ FT2BR,1BA$1.49
Sunset View2x1 Renovated2BR,1BA$1.65
Alta Apartments.1x11BR,1BA$1.42
Hillside Glen Apartments2 Bedroom 1 Bath2BR,1BA$1.72
The Woodmark1 Bedroom / 1 Bathroom (C)1BR,1BA$1.45

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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 $1,100.

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 $2,289.

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 43 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 $617 which is $1,672 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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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.

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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.

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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.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.