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Average Rent in Federal Way 98023 & Rent Trends

What is the average rent in Federal Way 98023?

The average listed apartment rent in Federal Way 98023 is $2,025 per month, as of November 13, 2026. This sample includes 72 priced apartments in 4 buildings. These are tracked asking prices, not signed leases.

We use published total monthly rent when known and base rent otherwise. Unknown fees remain unknown. Included building observations run from November 8, 2026 through November 13, 2026. Buildings without a qualifying price do not count in this sample. The guide directory can include more buildings.

Rent prices and market trends across 4 apartment communities in Federal Way 98023, Federal Way, WA. Prices update after successful source checks.

Area All Areas
Federal Way 98003 98023
Beds All Bedrooms 1 Bed 2 Bed 3 Bed

Showing any bedrooms in Federal Way 98023.

Market Average

$2,025/mo

Lowest Available

$1,537/mo

cheapest unit on market

Communities

4

tracked daily

Units Listed

72

available now

Federal Way 98023 vs Federal Way, WA Average

Federal Way 98023 is more expensive than the Federal Way, WA average by $122/mo (6%). The citywide average is $1,903/mo across all neighborhoods.

Is Rent Going Up or Down in Federal Way 98023?

As of November 2026, the average rent in Federal Way 98023 is $2,025 per month across 4 apartment communities and 72 available units.

The most affordable option is Building 5, Leasing Center - Pavilion Apartment Homes starting at $1,537/mo. By unit type, a 1-bedroom averages $1,567/mo, a 2-bedroom averages $2,015/mo, a 3-bedroom averages $2,243/mo.

Prices range from $1,537 to $2,808 per month. The most common price point is the $1,800 range, where 21 units are currently listed.

Average Rent by Bedroom

Rent Price Distribution

Rent by Bedroom Type in Federal Way 98023

1 Bed
$1,567
from $1,537 · 8 units
2 Bed
$2,015
from $1,652 · 40 units
3 Bed
$2,243
from $1,933 · 19 units

Rent Prices by Apartment in Federal Way 98023

Property Starting at Average Units Rating
Building 5, Leasing Center - Pavilion Apartment Homes $1,537/mo $1,902/mo 29 5
Ridge & Shores $1,545/mo $1,860/mo 20 3.9
Cove Apartment Homes $1,684/mo $2,007/mo 5 4.5
Arcadia Townhomes $2,218/mo $2,412/mo 18 2.7

Frequently Asked Questions About Rent in Federal Way 98023

How many bedrooms are you looking for?

How many bedrooms are you looking for?

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Any bedrooms

What is the average rent in Federal Way 98023?
The average listed apartment rent in Federal Way 98023 is $2,025 per month, as of November 13, 2026. This sample includes 72 priced apartments in 4 buildings. These are tracked asking prices, not signed leases.

What rent range can I find in Federal Way 98023?
The apartment listings we track in Federal Way 98023 range from $1,537 to $2,808 per month, as of November 13, 2026. These are the lowest and highest listed prices. They are not a typical price for every apartment. The building, floor plan, and lease terms can affect the price.

Are rents going up or down in Federal Way 98023?
There is not enough comparable history to report a reliable 30-day rent change for apartment listings in Federal Way 98023. Missing dates or a change in the buildings we track can prevent a comparison. Missing history does not mean rents stayed flat.

How much is a 1-bedroom apartment in Federal Way 98023?
1-bedroom apartments average $1,567 per month across 8 priced listings in Federal Way 98023. Listed rents range from $1,537 to $1,720 per month, as of November 13, 2026. Compare apartments with similar floor plans and lease terms.

How much is a 2-bedroom apartment in Federal Way 98023?
2-bedroom apartments average $2,015 per month across 40 priced listings in Federal Way 98023. Listed rents range from $1,652 to $2,568 per month, as of November 13, 2026. Compare apartments with similar floor plans and lease terms.

How much is a 3-bedroom apartment in Federal Way 98023?
3-bedroom apartments average $2,243 per month across 19 priced listings in Federal Way 98023. Listed rents range from $1,933 to $2,808 per month, as of November 13, 2026. Compare apartments with similar floor plans and lease terms.

How do 1-bedroom and 2-bedroom rents compare in Federal Way 98023?
The 1-bedroom average is $1,567 per month across 8 listings. The 2-bedroom average is $2,015 across 40 listings, $448 (28.6%) higher. This is a comparison of listing groups, not the cost to upgrade a specific apartment.

Which tracked building has the lowest starting rent in Federal Way 98023?
Building 5, Leasing Center - Pavilion Apartment Homes has the lowest starting rent among the buildings in the comparison table, at $1,537 per month. We track 29 priced listings matching your bedroom choice in that building, as of November 13, 2026. The starting price applies to its lowest-priced matching apartment. Check that apartment's latest price and availability.

Which rent range has the most listings in Federal Way 98023?
The $1,800 to $2,000 monthly range has the most matching listings: 21 units, or 29.2% of the priced apartments we track in Federal Way 98023. This count does not tell us how fast the apartments rent.

How many apartment listings do you track in Federal Way 98023?
We track 72 priced units at 4 apartment buildings, as of November 13, 2026. This is not the total number of apartments in those buildings. A listing can change or become unavailable. Open the apartment details to check its latest status.

How much rent history is available for Federal Way 98023?
We do not yet have enough accepted price records to draw a history chart for apartment listings in Federal Way 98023. Current asking prices can appear before rent history is ready. We do not fill missing history with zero or with prices for a different bedroom count.

Why can the headline rent differ from the trend chart in Federal Way 98023?
The average at the top of the page gives each matching apartment equal weight. The chart first averages recorded prices within each building, then compares buildings. It removes the highest and lowest groups when at least ten buildings contribute and omits days with fewer than five buildings. Different dates, building counts, and listing mixes can produce different figures. The monthly table averages the recorded daily figures.

Does my bedroom choice change the prices and answers?
Yes. Your chosen area and bedroom count filter the asking rents, listing counts, rent ranges, and answers on this page. The active community exclusions are Student housing and 55+ / senior community and Corporate housing and Military / active duty housing and Veteran housing. When you choose a bedroom count, the history chart uses recorded prices for matching apartments with a known identity. If those records are missing, we leave the chart empty rather than use prices for other bedroom types. Open an individual apartment to check its own price history.

Do these rents include utilities, parking, and other fees?
We use the published total monthly rent when it is available and the base rent otherwise. Unknown fees are not zero. Utilities, parking, pet charges, deposits, and one-time costs can add to the amount you pay. Check the selected unit and lease terms for a complete quote.

How should I compare free-rent offers with listed rent?
A free-rent offer can reduce the effective cost over a lease without changing the listed monthly rent. Compare the same lease length and move-in date, then include required charges and the offer conditions. The market averages do not assume an unconfirmed discount.

Does this page represent every rental in the market?
These figures describe the priced apartment listings we track, not every rental home or every occupied apartment. Coverage and the mix of bedrooms, buildings, and locations can change. A lower market average does not prove that the same apartment received a price cut.

How fresh are the Federal Way 98023 rent figures?
We schedule rent updates each day, but buildings can have different price-check dates. The latest accepted price check for these listings was November 13, 2026. The month label does not mean we checked every price today. Open the building or apartment details for its latest price and availability.

What salary do I need to live comfortably in Federal Way 98023?

Built on the 25 to 30 percent rent-to-income guideline used by most landlords and credit-scoring models.

Minimum to afford average rent

$81,000/year

Based on the 30 percent rule, using our tracked average rent of $2,025/mo.

Comfortable income

$97,000/year

Based on the 25 percent rule, leaving more room for savings, transport, and groceries.

To afford the cheapest tracked apartment ($1,537/mo), you need to earn at least $61,000/year.

Median household income in Federal Way 98023 is $82,144 , about 15% below the comfortable-living threshold.

Explore Federal Way 98023 Apartments

Browse all 4 communities with daily-updated pricing and availability.

Browse All Apartments Find Your Match

Cost of living in Federal Way 98023

Overall prices in Federal Way 98023 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 98023's regional price parities.

Category Monthly estimate
Rent (market average) $2,025
Utilities $652
Groceries $584
Transportation $1,553
Healthcare $758
Other goods and services $1,212
Estimated total $6,784/mo

Population

99,232

Median household income

$82,144

Census median rent

$1,738/mo

Census rent burden

33.7%

Median age

37.6

Mean commute

32 min

Methodology

Rent data

We use listed asking rents and schedule daily data updates. Individual buildings can have different verification dates. Check the building or unit page for its latest price and availability.

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

We estimate annual income by dividing annual rent by 30 percent for the affordability figure and 25 percent for the comfortable-income figure. These estimates are a guide, not a guarantee of rental approval.

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.
Washington Rent Trends
Compare rent across all Washington cities
Explore Federal Way, WA on Map
See neighborhoods and rent data interactively
US-wide rent comparison
See how Federal Way, WA rents stack up against the national median

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