Cheap Apartments for Rent in Panama City, FL from $500 (33 Rentals)

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Cheap Apartments in Panama City.

property at 5707 Lake Dr

5707 Lake Dr

Panama CityFL32404
property at 3025 State Ave

3025 State Ave

Panama CityFL32405
property at 6321 Lenawee St

6321 Lenawee St

Panama CityFL32404
property at 3914 E 11th St

3914 E 11th St

Panama CityFL32404

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

property at 5138 Lance St

5138 Lance St

Panama CityFL32404
property at 351 College Ave

351 College Ave

Panama CityFL32401
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5802 Sr-22
1 Bedroom Apartments

5802 Sr-22

5802 Sr-22Panama City, FL 32404
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5707 Lake Dr
1 to 2 Bedroom Apartments

5707 Lake Dr

5707 Lake DrPanama City, FL 32404
  • Utilities Included
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3519 E 1st Ct
1 to 4 Bedroom Apartments

3519 E 1st Ct

3519 E 1st CtPanama City, FL 32401

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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The Arbors @ 15th
1 to 3 Bedroom Apartments

The Arbors @ 15th

265 W 15th StPanama City, FL 32401
  • Utilities Included
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Panama Commons
2 to 4 Bedroom Apartments

Panama Commons

1001 Sherman AvePanama City, FL 32401
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Bayside Villas
2 Bedroom Apartments

Bayside Villas

1406 S Berthe AvePanama City, FL 32404

Panama City, FL Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Panama City, FL

Pricing Updated: 05/03/2025

Current apartment rentals in the Panama City, FL area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Panama City Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Pretty Bayou$1,799$1,100101
SweetBay$1,950$905113
Downtown Panama City$1,995$90560
St Andrews$2,100$8256

Cheapest Available Panama City Apartments for Rent

 

The cheapest available apartment rental in Panama City, FL is a 1 Bed unit found at Northgate Terrace I in the Downtown Panama City neighborhood priced from $1,015. Cottages by the Bay has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,050. Here is today’s list of the most affordable Panama City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Northgate Terrace IThe Hampton1BR,1BA$1,015
Cottages by the Bay1 Bed/1 Bath1BR,1BA$1,050
Bayside VillasB12BR,1BA$1,099
Turtle LakeA11BR,1BA$1,147
Spyglass Apartments1 bedroom1BR,1BA$1,195
Tyndall Pointe Luxury Townhomes1 Bed 1 Bath Unit1BR,1BA$1,195
Westshore PalmsA11BR,1BA$1,199
The Place at Grand LagoonA11BR,1BA$1,228
Westwood VillageA11BR,1BA$1,230
The Reserve at Northshore1 Bedroom B1BR,1BA$1,275

Best Value Apartments for Rent in Panama City, FL

As of May 03, 2025 the best value apartment in the Panama City area is the $1.34 price per square foot Palm B Model at Parkview at Lynn Haven in the in the SweetBay neighborhood starting from $2,000. The second greatest value Panama City apartment is the Mint Model at Covey Homes Grand Lagoon starting at $1,999 with a $1.41 price per square foot . Here is today’s list of the best values for Panama City apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Parkview at Lynn HavenPalm B3BR,2.5BA$1.34
Covey Homes Grand LagoonMint3BR,2.5BA$1.41
North Bay LandingsTownhome3BR,2BA$1.39
Arbor Trace Apartment HomesTupelo1BR,1BA$1.31
Waterstone at JenksThe Sapphire1BR,1BA$1.42
Eagles Landing Luxury Apartment HomesThe Hummingbird1BR,1BA$1.47
3906 E 11th St, Unit #B3906 E 11th St2BR,1BA$1.52
Bayside VillasB22BR,2BA$1.52
Tyndall Pointe Luxury Townhomes1 Bed 1 Bath Unit1BR,1BA$1.49
Westshore PalmsA11BR,1BA$1.51

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Panama City Overview

Located snugly between the hubs of Tallahassee and Pensacola, apartments in Panama City are a great way to get to know Florida. Originally going by the clunky name Floriopolis, Panama City has since blossomed into a world-class destination worthy of its new moniker.

Why live in Panama City, FL?

From the gorgeous beaches to the exciting nightlife, Panama City is an idyllic slice of the Sunshine State. With a reasonable cost of living and an on-the-move economic growth rate, this Florida hot spot has been increasing in popularity in recent years with good measure. With a large number of industries including ship building and military calling the area home, Panama City apartments make an easy commute for those in the market for a new career and budding families.

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Panama City, FL Rentals by Map

View MapPanama City, FL Apartments MapView MapPanama City, FL Rental Homes Map

Getting Around Panama City, FL

Walk Score®

40 / 100

Car-Dependent

Most errands require a car

Bike Score®

46 / 100

Somewhat Bikeable

Minimal bike infrastructure

Transit Score®

12 / 100

Minimal Transit

It may be possible to get on a bus

Panama City, FL Area Reviews

    Estrella

    February 25, 2025

    Yo quiero tengo interés me decían q es más barato q Miami no creo alguien me puede escribir

    Frequently Asked Questions about Cheap Panama City Apartments

    How much is rent for a Cheap One Bedroom Panama City Apartment?

    The lowest price for a Cheap One Bedroom Panama City Apartment is $1,015 at Northgate Terrace I.

    What is the lowest price for a Cheap Two Bedroom Panama City Apartment for rent?

    Today's best deal for a Cheap Two Bedroom Apartment in Panama City is starting from $1,099 at Bayside Villas.

    What is the most affordable Panama City Three Bedroom Apartment?

    The best deal on a cheap Panama City Three Bedroom Apartment rental is at The Place at Grand Lagoon and starts from $1,517.

    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.

    decorative image for Navigating the Rental Market: Tips for First-Time Renters article

    Navigating the Rental Market: Tips for First-Time Renters

    Written by: Sandy Baker

    Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

    decorative image for Rise of Digital Nomads: Remote Work Tips for Apartment Renters article

    Rise of Digital Nomads: Remote Work Tips for Apartment Renters

    Written by: Brandie Parton

    As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.

    decorative image for Know Your Rights - How Discrimination Laws Impact Landlords and Tenants article

    Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

    Written by: Christine Leonard, Esq.

    Everyone needs a place to live and to call home. For decades, the federal government has established protections to ensure that individuals and families can find housing free from discriminatory barriers.

    decorative image for Renting Smart: Lease Basics Every Renter Needs article

    Renting Smart: Lease Basics Every Renter Needs

    Written by: Christine Leonard, Esq.

    Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.