Cheap Apartments for Rent in the South Lakes Neighborhood of Lakewood, WA from $700 (29 Rentals)

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Search the lowest-cost Apartments available for rent right now in the South Lakes area of 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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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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Washington Oaks
1 to 2 Bedroom Apartments

Washington Oaks

15308 Washington Ave SWLakewood, WA 98498
  • Utilities Included

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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Canterbrook Village
1 to 3 Bedroom Apartments

Canterbrook Village

7212 150th St SWLakewood, WA 98439
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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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Greenwood II
Studio to 2 Bedroom Apartments

Greenwood II

5529 Boston Ave SWLakewood, WA 98499
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Washington Terrace
1 to 2 Bedroom Apartments

Washington Terrace

7920 Washington Blvd SWLakewood, WA 98498

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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Edgewood Apartments
1 to 2 Bedroom Apartments

Edgewood Apartments

12211 Edgewood Ave SWLakewood, WA 98498

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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Showing Results 1-29, Page 1 of 1

South Lakes, Lakewood, WA Local Guide

Cheapest Available South Lakes Apartments for Rent

 

The cheapest available apartment rental in the South Lakes area of Lakewood, WA is a 1 Bed unit found at Western Terrace priced from $995. Union Square has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,095. Here are the most affordable South Lakes apartments for rent in Lakewood, WA:

Apartment ListingModel NameBed/BathPriced From
Western TerraceOne Bedroom One Bath1BR,1BA$995
Union Square1 Bedroom 1 Bath1BR,1BA$1,095
Washington Oaks1X11BR,1BA$1,097
McChord Tudor HausOne Bedroom One Bath1BR,1BA$1,150
Canterbrook VillageOne Bedrooms1BR,1BA$1,195
Dimension Lakewood Apartments2BR/1.0BA2BR,1BA$1,225
Edgewood ApartmentsEdgewood 2x12BR,1BA$1,595

Best Value Apartments for Rent in South Lakes, WA

As of June 25, 2026 the best value apartment in the South Lakes area is the $2.20 price per square foot Edgewood 2x1 Model at Edgewood Apartments in the in the Lake City neighborhood starting from $1,595. The second greatest value South Lakes apartment is the 2BR/1.0BA Model at Dimension Lakewood Apartments starting at $1,225 with a $1.75 price per square foot in the Lake City neighborhood. Here is today’s list of the best values for South Lakes apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Edgewood ApartmentsEdgewood 2x12BR,1BA$2.20
Dimension Lakewood Apartments2BR/1.0BA2BR,1BA$1.75
McChord Tudor HausTwo Bedroom One Bath2BR,1BA$1.96
Washington Oaks1X11BR,1BA$1.83
Canterbrook VillageOne Bedrooms1BR,1BA$2.30
Union Square1 Bedroom 1 Bath1BR,1BA$2.21
Western TerraceOne Bedroom One Bath1BR,1BA$2.37

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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Pet Friendly Lifestyle
South Lakes, Lakewood, WA

Ranked #14

Among cities in Washington for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Cheap South Lakes Apartments

How much is rent for a Cheap One Bedroom South Lakes Apartment?

The lowest price for a Cheap One Bedroom South Lakes Apartment is $995 at Western Terrace.

What is the lowest price for a Cheap Two Bedroom South Lakes Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in South Lakes is starting from $1,225 at Dimension Lakewood Apartments.

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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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.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.