27 Chessen Ave
Wood RiverIL62095
Cheap Homes for Rent in Panama, IL from $500 (15 Rentals)
Search the lowest-cost Homes available for rent right now in Panama.
308 King St
HillsboroIL62049
205 N Shamrock St
East AltonIL62024
237 N Wood River Ave
Wood RiverIL62095
1208 W Johnson St
VandaliaIL62471
523 S Central Ave
RoxanaIL62084
205 North St
RaymondIL62560
806 Center St
East AltonIL62024
110 N 14th St
Wood RiverIL62095
206 W Thomas St
RoxanaIL62084
329 Park Ln
Wood RiverIL62095
525 Mill St
BethaltoIL62010
105 South St
CoffeenIL62017
1310 Virginia Ave
Wood RiverIL62095
766 Wall St
LivingstonIL62058
Showing Results 1-15, Page 1 of 1
Panama, IL Local Guide
National, State and City flags on display by Max Pixel is licensed under Internal
How much does it cost to rent a home in Panama?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Panama 2 Bedroom Homes for Rent | $966 | $600 | $1,400 |
| Panama 3 Bedroom Homes for Rent | $1,274 | $850 | $1,998 |
| Panama 4 Bedroom Homes for Rent | $2,495 | $2,495 | $2,495 |
| Panama 5 Bedroom Homes for Rent | $1,675 | $1,675 | $1,675 |
Browse Top Homes for Rent in Panama
Explore Panama
Panama, IL Local Guide
- Nearby Cities
- ZIP codes
- Local Counties
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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Rocwood Apartments | 1BR Units | 1BR,1BA | $650 |
| Cedar Point Apartments | Efficiency | Studio,1BA | $750 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $759 |
| The Raymond Apartments | Two bedroom | 2BR,1BA | $850 |
| Metro Apartments at Wood River | FREE March Rent - Spring Move-In Special - Move... | 1BR,1BA | $850 |
Best Value Apartments for Rent in Panama, IL and Nearby
As of March 25, 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 Park Entrance B1 Model at Storyboard on Park Entrance starting at $1,379 with a $1.15 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 Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Parc at 720 | B1 | 2BR,2BA | $0.72 |
| Storyboard on Park Entrance | Park Entrance B1 | 2BR,2BA | $1.15 |
| Storyboard on Lancashire | Lancashire B1 | 2BR,1BA | $1.04 |
| Parkview | 2x1 | 2BR,1BA | $0.97 |
| Surrey Court Apartments | 2 Beds, 1 bath | 2BR,1BA | $1.04 |
| The Raymond Apartments | Two bedroom | 2BR,1BA | $1.00 |
| The Social Edwardsville | The Eddie with Spirit Patio | 2BR,2BA | $1.12 |
| Metro Apartments at Granite City | FREE March Rent - Spring Move-In Special - Move... | 1BR,1BA | $1.29 |
| Metro Apartments At Bethalto | FREE March Rent - Spring Move-In Special - Move... | 1BR,1BA | $1.21 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $1.05 |
Quick Rent Budget Calculator
How much rent can you afford?
The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.
Let everyone know!
Do you know the Panama area?
If you’re an expert on all things Panama, tell us what you love (and don't) by rating it and writing a review.
Write a Review
Frequently Asked Questions about Panama
What type of rentals are currently available in Panama?
There are currently 37 Apartments for Rent in Panama, IL with pricing that ranges from $520 to $3,565. There are also 29 Single Family Homes for rent, Condos, and Townhome rentals currently available in Panama ranging from $575 to $2,495.
What is the current price range for Rental Homes in Panama?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Panama ranges from $575 to $2,495 with an average monthly rent of $1,413.
How much are larger Three and Four Bedroom Rentals in Panama?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Panama range from $800 to $3,270, while Three Bedroom Homes, Condos, and Townhomes for rent range from $850 to $1,998. Four Bedroom Single-Family rentals are also available starting from $2,495 and Four Bedroom Apartments start at $700.
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.
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.
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.
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.
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.