Understated rhymes with:
overstated, overstated, amputated, debilitated, decapitated, facilitated, gravitated, hesitated, imitated, incapacitated, levitated, mutated, orientated, overstated, precipitated, premeditated, rehabilitated, resuscitated, rotated
Understated sounds like:
unaddressed, unauthorized, undercoat, undercooked, undercut, underside, undersized, understate, understood, understudy, underused, underweight, underweighted, undressed, uninterested