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

How Many Bedrooms?Done
Select your price rangeDone
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Cheap Apartments in Panama.

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.

Read Article

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.

Read Article
Showing Results 1-23, Page 1 of 1

Panama, NY Local Guide

Cheapest Available Panama Apartments for Rent and Nearby

 

The cheapest available apartment rental in Panama, NY is a 4 Beds unit found at University Gate in the East Suburban Erie neighborhood priced from $620. Willow Commons Apartments in the East Suburban Erie neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $645. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
University Gate4 Bed Upgraded4BR,2BA$620
Willow Commons ApartmentsTwo Bedroom2BR,1BA$645
Wellman Building1 Bed, 1 bath1BR,1BA$700
The Meadows1 bedroom1BR,1BA$750
Lighthouse Apartments1 bedroom1BR,1BA$750

Best Value Apartments for Rent in Panama, NY and Nearby

As of May 02, 2025 the best value apartment in the Panama area is the $0.94 price per square foot Three Bedroom Townhome - A Model at Granite Ridge Apartments in the starting from $1,225. The second greatest value Panama apartment is the 3BR/1BA by bedroom Model at Park Place Collegiate Housing starting at $763 with a $0.66 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.
Granite Ridge ApartmentsThree Bedroom Townhome - A3BR,1.5BA$0.94
Park Place Collegiate Housing3BR/1BA by bedroom3BR,1BA$0.66
Vineyard Village Townhome Style Apartments2 Story Townhouse2BR,1.5BA$1.35
University Gate3 Bed upgraded3BR,2BA$0.62
Willow Commons ApartmentsOne Bedroom1BR,1BA$0.72
Campus Edge at Brighamw-2bdtwnCampus Edge at Brigham2BR,2.1BA$1.43
The Meadows2 bedroom2BR,1BA$1.18
Northview Heights ApartmentsOne Bedroom1BR,1BA$1.31
Lighthouse Apartments1 bedroom1BR,1BA$1.15
Wellman Building1 Bed, 1 bath1BR,1BA$1.35

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.

decorative image of people with a giant lease agreement

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

Explore Panama, NY Rentals by Map

Decorative image of map

See the most popular apartments and homes in Panama, NY

View MapPanama, NY Apartments MapView MapPanama, NY Rental Homes Map

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

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

The lowest price for a Cheap One Bedroom Panama Apartment is $648 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 $645 at Willow Commons Apartments.

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.

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.