Cheap Apartments for Rent in Panama, NY from $500 (23 Rentals)

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

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Panama, NY Local Guide

Cheapest Available Panama Apartments for Rent and Nearby

 

The cheapest available apartment rental in Panama, NY is a 1 Bed unit found at Willow Commons Apartments in the East Suburban Erie neighborhood priced from $538. University Gate in the East Suburban Erie neighborhood has the second lowest priced unit, which is a 4 Beds apartment currently listed from $620. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Willow Commons ApartmentsOne Bedroom1BR,1BA$538
University Gate4 Bed Upgraded4BR,2BA$620
Fairmount Hills Apartments1 Bedroom, 1 Bathroom1BR,1BA$675
Drake Village Apartments2 Bedroom2BR,1BA$680
Wellman Building1 Bed, 1 bath1BR,1BA$700

Best Value Apartments for Rent in Panama, NY and Nearby

As of March 06, 2025 the best value apartment in the Panama area is the $0.88 price per square foot 3 Bedroom Large Model at Brookwood Village in the in the South East Hills neighborhood starting from $1,495. The second greatest value Panama apartment is the Manchester Model at CopperLeaf Erie starting at $1,655 with a $1.27 price per square foot . 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.
Brookwood Village3 Bedroom Large3BR,2BA$0.88
CopperLeaf ErieManchester2BR,2BA$1.27
Granite Ridge ApartmentsThree Bedroom Townhome - A3BR,1.5BA$0.94
Park Place Collegiate Housing3BR/1BA by bedroom3BR,1BA$0.66
University Gate3 Bed upgraded3BR,2BA$0.62
Willow Commons ApartmentsOne Bedroom1BR,1BA$0.60
The Meadows2 bedroom2BR,1BA$1.18
Lighthouse Apartments1 bedroom1BR,1BA$1.15
Northview Heights ApartmentsOne Bedroom1BR,1BA$1.31
Fairmount Hills Apartments1 Bedroom, 1 Bathroom1BR,1BA$1.04

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Getting Around Panama, NY

Walk Score®

8 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

20 / 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 Modern Tool Square listed at $800.

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

The lowest price for a Cheap One Bedroom Panama Apartment is $538 at Willow Commons 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 $670 at University Gate.

What is the most affordable Panama Three Bedroom Apartment?

The best deal on a cheap Panama Three Bedroom Apartment rental is at University Gate and starts from $630.

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.