Cheap Apartments for Rent in Lakewood, WA from $500 (65 Rentals)

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

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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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Emerald Village
1 Bedroom Apartments

Emerald Village

5610 Boston Ave SWLakewood, WA 98499
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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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Grand Cedars
Studio Apartments

Grand Cedars

5226-5230 Chicago AveLakewood, WA 98499
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12506 98th Avenue Ct SW
1 to 2 Bedroom Apartments

12506 98th Avenue Ct SW

12506 98th Avenue Ct SWLakewood, WA 98498
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Washington Oaks
1 Bedroom Apartments

Washington Oaks

15308 Washington Ave SWLakewood, WA 98498
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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
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Laurel Court
1 to 2 Bedroom Apartments

Laurel Court

4702 108th St SWLakewood, WA 98499
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Village Square
1 to 2 Bedroom Apartments

Village Square

10810 Lakeview Ave SWLakewood, WA 98499
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Pacific Walk
Studio Apartments

Pacific Walk

8333 32nd Ave SLakewood, WA 98499
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LAK-10506
1 Bedroom Apartments

LAK-10506

10506 Bridgeport Way SWLakewood, WA 98499
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10607 47th Ave SW
1 Bedroom Apartments

10607 47th Ave SW

10607 47th Ave 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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Lincoln Landing
Rent Specials
from $1,1751 Bedroom Apartments Available Now

Lincoln Landing

12809 Lincoln Ave SWTacoma, WA 98499
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Showing Results 1-50, Page 1 of 2

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: 03/24/2025

Current apartment rentals in the Lakewood, WA area range in price from $995 to $5,026 with an overall median price of $2,223. The three Lakewood neighborhoods with the lowest median rent pricing are Pacific at $1,090, Northeast Lakewood at $1,050, and Central Lakes 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
Pacific$2,074$1,0901287
Northeast Lakewood$2,182$1,0501215
Central Lakes$2,199$995867
Custer$2,199$1,0991172
Interlaken$2,199$1,0001333
Monte Vista$2,199$1,0901696
South Lakes$2,199$995507
Tillicum$2,200$995306
Clinton Park$2,224$1,0991089
Clover Park$2,224$1,0991062

Cheapest Available Lakewood Apartments for Rent

 

The cheapest available apartment rental in Lakewood, WA is a 1 Bed unit found at Ash Creek Apartments in the P.L.U. neighborhood priced from $850. Washington Oaks in the North Fort Lewis neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $997. Here is today’s list of the most affordable Lakewood apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Ash Creek Apartments1 Bed 1 Bath1BR,1BA$850
Washington Oaks1X11BR,1BA$997
Bridgewood Estates Apartments1BR/1.0BA1BR,1BA$1,025
Indigo ApartmentsStudio (S1)Studio,1BA$1,075
The Crossings Apartments11BR,1BA$1,080
The TheodoreStudio (ADA)Studio,1BA$1,095
Pacific WalkOpen One BedroomStudio,1BA$1,095
Twin Oaks1BR/1.0BA1BR,1BA$1,100
Greenwood II Apartments1BR/1.0BA1BR,1BA$1,145
LAK-105061bd-1ba GF1BR,1BA$1,150

Best Value Apartments for Rent in Lakewood, WA

As of March 24, 2025 the best value apartment in the Lakewood area is the $1.14 price per square foot 15422 Rose Rd SW Model at 15422 Rose Rd SW, Unit WaterFront American Lake in the in the North Fort Lewis neighborhood starting from $2,300. The second greatest value Lakewood apartment is the 3BR/1.0BA Model at Freiday Apartments starting at $1,525 with a $1.53 price per square foot in the Lakeview 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.
15422 Rose Rd SW, Unit WaterFront American Lake15422 Rose Rd SW3BR,2BA$1.14
Freiday Apartments3BR/1.0BA3BR,1BA$1.53
Alta Apartments.1x11BR,1BA$1.52
Valley Vista2 BED 1 BATH2BR,1BA$1.58
Hillside Glen Apartments2 Bedroom 1 Bath2BR,1BA$1.64
LAK-105061bd-1ba1BR,1BA$1.26
Sandman Apartments1BD/1BA - 936 SQ FT1BR,1BA$1.38
Landing on Chicago2 Bed 1 Bath2BR,1BA$1.60
Washington Oaks1X11BR,1BA$1.66
Ash Creek Apartments1 Bed 1 Bath1BR,1BA$1.55

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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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. 

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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Getting Around Lakewood, WA

Walk Score®

57 / 100

Somewhat Walkable

Some errands can be accomplished on foot

Bike Score®

51 / 100

Bikeable

Some bike infrastructure

Transit Score®

1 / 100

Minimal Transit

It may be possible to get on a bus

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

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 $1,150.

What is the price of a cheap apartment in Lakewood?

The cheapest apartment in Lakewood is Ash Creek Apartments which is listed at $850, while the average apartment in Lakewood costs $2,223.

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 1,949 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 $278 which is $1,945 cheaper than the average rent for all rentals in Lakewood.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.