Cheap Apartments for Rent in the South Lakes Neighborhood of Lakewood, WA from $700 (31 Rentals)

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Search the lowest-cost Apartments available for rent right now in the South Lakes area of 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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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
  • Utilities Included

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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Washington Oaks
1 to 2 Bedroom Apartments

Washington Oaks

15308 Washington Ave SWLakewood, WA 98498
  • Utilities Included
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American Lake Townhomes
1 to 2 Bedroom Apartments

American Lake Townhomes

12506 98th Avenue Ct SWLakewood, WA 98498
  • Utilities Included
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Pine Ridge Apartments
1 to 2 Bedroom Apartments

Pine Ridge Apartments

5612 Boston Ave SWLakewood, WA 98499
  • Utilities Included

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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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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property at 5503 112th St SW

$1,200 - $1,700

1 To 2 Bedroom Rentals

Available Now

5503 112th St SW

TacomaWA98499
Showing Results 1-31, 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. RSchleigh 7317 - DunDee 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
RSchleigh 7317 - DunDee1BR/1.0BA1BR,1BA$1,095
Canterbrook VillageOne Bedrooms1BR,1BA$1,195

Best Value Apartments for Rent in South Lakes, WA

As of August 20, 2026 the best value apartment in the South Lakes area is the $1.37 price per square foot 1BR/1.0BA Model at RSchleigh 7317 - DunDee in the in the North Fort Lewis neighborhood starting from $1,095. The second greatest value South Lakes apartment is the One Bedrooms Model at Canterbrook Village starting at $1,195 with a $2.30 price per square foot in the North Fort Lewis 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.
RSchleigh 7317 - DunDee1BR/1.0BA1BR,1BA$1.37
Canterbrook VillageOne Bedrooms1BR,1BA$2.30
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

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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 #13

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

Pet Friendliness Lifestyle Score

4.0
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 $1,295 at Canterbrook Village.

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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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.

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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.