Trouve
34816 1st Ave South,
Federal Way, WA 98003
Studio - 2 Beds | $2,315 - 3,210
Rental Market Trends in Federal Way, WA
What is the average rent in Federal Way, WA?
$1,561/month
Average Rent
683 Sq Ft
Average Apartment Size
+2.1%
Increase in the Last Year
As of November 2024, the average rent in Federal Way, WA is $1,561 per month. For comparison, the national average rent price in the US is currently $1,559/month, which means Federal Way rent prices are 0% higher than the national average. When you rent an apartment in Federal Way, you can expect to pay about $1,202 per month for a studio, $1,561 for a one-bedroom apartment, and around $1,888 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,337 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Federal Way, WA?
In the past year, rent has increased by 2.1%, which averages out to $34 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated November 2024
Legend
2023
2024
Rent Ranges in Federal Way, WA
Last Updated November 2024
$1,501 - $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
8%
$700 - $1,000/month
18%
$1,001 - $1,500/month
56%
$1,501 - $2,000/month
18%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Federal Way?
Based on current rent prices, Lakeland South is the most affordable neighborhood in Federal Way.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Federal Way?
Based on current rent prices, Lakeland South is the most expensive neighborhood in Federal Way.
Neighborhood
Average Rent
Average Sq Ft
Which Federal Way neighborhoods have the most rentals available?
The neighborhood in Federal Way with the most apartments available is Lakeland South .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Federal Way, WA?
Because the average rent in Federal Way is $1,561, you’ll want to make about $5,203 per month or $62,436 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Federal Way, WA compare to other nearby cities and neighborhoods?
Use the tool below to compare Federal Way, WA to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$440/month
$440/month
One Bedroom
$1,572/month
$1,572/month
Two Bedroom
$2,166/month
$2,166/month
Three Bedroom
$2,279/month
$2,279/month
Nearby City Rent Trends
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Property Management Companies in Federal Way, WA
Targa Real Estate Services
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48
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3,475
Units
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18
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7 Communities in Federal Way
Olympic Management Company
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67
Communities
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5,104
Units
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25
Cities
5 Communities in Federal Way
Greystar
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3,182
Communities
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880,153
Units
-
826
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3 Communities in Federal Way
AMC
-
647
Communities
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128,214
Units
-
245
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3 Communities in Federal Way
FPI Management
-
608
Communities
-
105,248
Units
-
219
Cities
3 Communities in Federal Way
GRE
-
44
Communities
-
7,587
Units
-
14
Cities
3 Communities in Federal Way
Avenue5 Residential
-
521
Communities
-
116,176
Units
-
197
Cities
2 Communities in Federal Way
Prime Administration, LLC
-
40
Communities
-
17,603
Units
-
29
Cities
2 Communities in Federal Way
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.