Cheap Apartments for Rent in Panama, IL from $300 (35 Rentals)

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Search the lowest-cost Apartments available for rent right now in Panama.

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McKay Manor
3 Bedroom Apartments

McKay Manor

1 McKay Manor DrBreese, IL 62230
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Panama, IL Local Guide

Cheapest Available Panama Apartments for Rent and Nearby

 

The cheapest available apartment rental in Panama, IL is a 1 Bed unit found at Rocwood Apartments priced from $650. Cedar Point Apartments in the Metro East neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $750. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Rocwood Apartments1BR Units1BR,1BA$650
Cedar Point ApartmentsEfficiencyStudio,1BA$750
The Social EdwardsvilleThe Cougar Unfurnished4BR,4BA$759
Metro Apartments at Granite CityYour Next Home + $100 Off Monthly Rent + 1 Mont...1BR,1BA$900
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$900
ReNew at AltonFinley1BR,1BA$910
Metro Apartments at Wood RiverSave up to $500 off Move In Costs with your EXC...1BR,1BA$950
Metro Apartments At BethaltoSave up to $500 off Move In Costs with your EXC...1BR,1BA$950
Broadway Place2 Beds, 1 bath2BR,1BA$975
Parkview2x12BR,1BA$975

Best Value Apartments for Rent in Panama, IL and Nearby

As of April 24, 2025 the best value apartment in the Panama area is the $0.72 price per square foot B1 Model at Parc at 720 in the in the Fruit Maple Carpenter neighborhood starting from $900. The second greatest value Panama apartment is the Carol Ann B2 Model at Storyboard on Carol Ann starting at $1,550 with a $1.29 price per square foot in the OFallon neighborhood. Here is today’s list of the best values for Panama apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Parc at 720B12BR,2BA$0.72
Storyboard on Carol AnnCarol Ann B22BR,2BA$1.29
Brookside ManorTwo Bedroom2BR,1.5BA$1.18
Storyboard on LancashireLancashire B12BR,1BA$1.04
Parkview2x12BR,1BA$1.03
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$1.04
The Social EdwardsvilleThe Eddie with Spirit Patio2BR,2BA$1.12
Broadway Place2 Beds, 1 bath2BR,1BA$1.34
Metro Apartments at Granite CityYour Next Home + $100 Off Monthly Rent + 1 Mont...1BR,1BA$1.29
Rocwood Apartments1BR Units1BR,1BA$1.05

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Getting Around Panama, IL

Walk Score®

4 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

22 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Panama Apartments

What is the Cheapest Studio apartment in Panama?

Currently the most affordable Cheap Studio Apartment in Panama is at Cedar Point Apartments listed at $750.

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

The lowest price for a Cheap One Bedroom Panama Apartment is $650 at Rocwood Apartments.

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

Today's best deal for a Cheap Two Bedroom Apartment in Panama is starting from $850 at Rocwood Apartments.

What is the most affordable Panama Three Bedroom Apartment?

The best deal on a cheap Panama Three Bedroom Apartment rental is at Rocwood Apartments and starts from $1,000.

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.

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Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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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.

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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.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.