Cheap Apartments for Rent in Panama, IL from $500 (29 Rentals)

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

property at 205 North St

205 North St

RaymondIL62560
Showing Results 1-29, Page 1 of 1

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. The Social Edwardsville in the Fruit Maple Carpenter neighborhood has the second lowest priced unit, which is a 4 Beds apartment currently listed from $759. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Rocwood Apartments1BR Units1BR,1BA$650
The Social EdwardsvilleThe Cougar Unfurnished4BR,4BA$759
The Raymond ApartmentsTwo bedroom2BR,1BA$850
Metro Apartments at Wood RiverFREE March Rent - Spring Move-In Special - Move...1BR,1BA$850
Metro Apartments At BethaltoFREE March Rent - Spring Move-In Special - Move...1BR,1BA$850
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$900
Cedar Point ApartmentsOne Bedroom Garden1BR,1BA$900
Metro Apartments at Granite CityFREE March Rent - Spring Move-In Special - Move...1BR,1BA$900
Parkview2x12BR,1BA$920
Broadway Place2 Beds, 1 bath2BR,1BA$975

Best Value Apartments for Rent in Panama, IL and Nearby

As of March 13, 2025 the best value apartment in the Panama area is the $0.83 price per square foot 3 Bedroom Model at McKay Manor in the starting from $1,050. The second greatest value Panama apartment is the B1 Model at Parc at 720 starting at $900 with a $0.72 price per square foot in the Fruit Maple Carpenter 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.
McKay Manor3 Bedroom3BR,2BA$0.83
Parc at 720B12BR,2BA$0.72
Storyboard on Park EntrancePark Entrance B22BR,2BA$1.19
Storyboard on LancashireLancashire B12BR,1BA$1.04
Parkview2x12BR,1BA$0.97
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$1.04
The Raymond ApartmentsTwo bedroom2BR,1BA$1.00
The Social EdwardsvilleThe Eddie with Spirit Patio2BR,2BA$1.12
Metro Apartments at Wood RiverFREE March Rent - Spring Move-In Special - Move...1BR,1BA$1.21
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 Whispering Heights listed at $1,199.

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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What to Know About Fees and Fines When Renting

Written by: Trey Huguley

When it comes to renting a new apartment or home there can be a number of fees that you will want to keep in mind going into the process.

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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.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.