Last updated
Average Rent in Federal Way 98003 & Rent Trends
Rent prices and market trends across 5 apartment communities in Federal Way 98003, Federal Way, WA. Updated daily.
Market Average
$1,360/mo
▲ +2.3% from last month
Lowest Available
$1,230/mo
cheapest unit on market
Communities
5
tracked daily
Units Listed
78
available now
Price Cuts This Week in Federal Way 98003
3 listed units across 2 buildings offering 1 bed units in Federal Way 98003 dropped their asking rent in the past 7 days, an average cut of $114/mo. These are the largest cuts, tracked unit by unit with daily price checks.
| Apartment | Unit | Last Week | Now | Cut |
|---|---|---|---|---|
| Bayview Apartment Homes | Unit 3 | $1,560 | $1,409 | $151 |
| Ridge & Shores | Unit 5, C1 | $2,591 | $2,441 | $150 |
| Ridge & Shores | Unit 4, B3 | $1,869 | $1,828 | $41 |
Federal Way 98003 vs Federal Way, WA Average
Federal Way 98003 is cheaper the Federal Way, WA average by $270/mo (17%). The citywide average is $1,630/mo across all neighborhoods.
Is Rent Going Up or Down in Federal Way 98003?
As of July 2026, the average rent in Federal Way 98003 is $1,360 per month across 5 apartment communities and 78 available units. Rents have increased $40 (2.3%) over the past month.
The most affordable option is Riverstone Apartments starting at $1,230/mo. By unit type, a 1-bedroom averages $1,360/mo.
Prices range from $1,230 to $1,773 per month. The most common price point is the $1,200 range, where 57 units are currently listed.
Federal Way 98003 Rent Price History
View as table
| Month | Avg Rent | Change | Properties |
|---|---|---|---|
| July 2026 | $1,789 | - | 5 |
Rent Price Distribution
Rent by Bedroom Type in Federal Way 98003
Rent Prices by Apartment in Federal Way 98003
| Property | Starting at | Average | Units | Rating |
|---|---|---|---|---|
| Riverstone Apartments | $1,230/mo | $1,329/mo | 69 | 3.9 |
| Bayview Apartment Homes | $1,409/mo | $1,516/mo | 4 | 3.7 |
| The Commons | $1,584/mo | $1,584/mo | 1 | 4.5 |
| Ridge & Shores | $1,596/mo | $1,685/mo | 2 | 3.9 |
| Uptown Square Apartments | $1,673/mo | $1,678/mo | 2 | 3.3 |
Frequently Asked Questions About Rent in Federal Way 98003
What is the average rent in Federal Way 98003?
Is rent going up or down in Federal Way 98003?
What is the cheapest apartment in Federal Way 98003?
How much is a 1-bedroom apartment in Federal Way 98003?
How many apartments are available in Federal Way 98003?
What salary do I need to live comfortably in Federal Way 98003?
Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.
Minimum to afford average rent
$54,000/year
Based on the 30 percent rule, using our tracked average rent of $1,360/mo.
Comfortable income
$65,000/year
Based on the 25 percent rule, leaving more room for savings, transport, and groceries.
To afford the cheapest tracked apartment ($1,230/mo), you need to earn at least $49,000/year.
Median household income in Federal Way 98003 is $82,144 , about 26% above the comfortable-living threshold.
Cost of living in Federal Way 98003
Overall prices in Federal Way 98003 runs above the national average by about 13% (BEA Regional Price Parity index 112.7, where 100 equals the U.S. average). The breakdown below estimates monthly costs for a single adult, using national consumer-spending baselines from the Bureau of Labor Statistics scaled by Federal Way 98003's regional price parities.
| Category | Monthly estimate |
|---|---|
| Rent (market average) | $1,360 |
| Utilities | $652 |
| Groceries | $584 |
| Transportation | $1,553 |
| Healthcare | $758 |
| Other goods and services | $1,212 |
| Estimated total | $6,119/mo |
Population
99,232
Median household income
$82,144
Census median rent
$1,738/mo
Rent as % of income
33.7%
Median age
37.6
Mean commute
32 min
Methodology
Rent data
Sourced directly from each tracked apartment community and refreshed every 24 hours. Every listed unit price on this page is real and listed today.
Cost of living
Estimates combine national consumer-spending baselines from the U.S. Bureau of Labor Statistics (Consumer Expenditure Survey) with the U.S. Bureau of Economic Analysis Regional Price Parities (MARPP dataset). Both are peer-reviewed federal data releases published annually.
Salary to live comfortably
Applies the standard 25 to 30 percent rent-to-income rule on top of the listed rent. This is the same affordability guideline used by most landlords and credit-scoring models.
Demographic figures
Median household income, population, median age, commute time, Census median rent, and rent as percentage of income come from the U.S. Census Bureau's American Community Survey 5-year estimates, the most recent complete release.
Cost of living and demographic figures were last published in 2023.
Google Search Trends for Federal Way 98003 Apartments
Search interest for apartments in this area over the past 12 months.
Search Interest Over Time
Explore Federal Way 98003 Apartments
Browse all 5 communities with daily-updated pricing and availability.