Cheap Apartments for Rent in Panama City, FL from $400 (95 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

property at 422 Magnolia Ave

$975 - $1,100

1 To 3 Bedroom Rentals

Available Now

422 Magnolia Ave

Panama CityFL32401

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

Read Article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Read Article
property at 1525 Oak Ave

$1,200

1 Bedroom Rentals

Available Now

1525 Oak Ave

Panama CityFL32405
property at 6913 Cherry St

$1,225

Total Monthly Price

Total Monthly Price

Base Rent
$1,225
Total Monthly Price
$1,225

2 Bedroom, 1.5 Bath Townhome for Rent

Available Now

6913 Cherry St, Unit N

6913 Cherry St
Panama CityFL32404

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

Read Article
property at 5117 E 10th St

$1,200 - $1,250

2 Bedroom Rentals

Available Now

5117 E 10th St

Panama CityFL32404

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

Read Article
close
View Me
Spring Gate
Studio to 2 Bedroom Apartments

Spring Gate

1500 Springate DrPanama City, FL 32404
  • Utilities Included
close
View Me
5802 Sr-22
1 Bedroom Apartments

5802 Sr-22

5802 Sr-22Panama City, FL 32404
close
View Me
Palm Vista
Studio to 3 Bedroom Apartments

Palm Vista

322 Burkett DrPanama City, FL 32404
  • Utilities Included
close
View Me
The Arbors @ 15th
1 to 3 Bedroom Apartments

The Arbors @ 15th

265 W 15th StPanama City, FL 32401
  • Utilities Included
close
View Me
Parkway Apartments
1 to 2 Bedroom Apartments

Parkway Apartments

5707 Lake DrPanama City, FL 32404
  • Utilities Included

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

Read Article
Showing Results 1-50, Page 1 of 2

Panama City, FL Local Guide

Photo of Justin Habersaat - Editing Staff
Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Panama City, FL

Pricing Updated: 07/03/2026

Current apartment rentals in the Panama City, FL area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Panama City Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
St Andrews$1,526$1,0379
Pretty Bayou$1,896$1,03762
SweetBay$1,900$895113
Downtown Panama City$2,200$93541

Cheapest Available Panama City Apartments for Rent

 

The cheapest available apartment rental in Panama City, FL is a Studio unit found at Cottages by the Bay priced from $899. Cedar Trace Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $900. Here is today’s list of the most affordable Panama City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Cottages by the BayStudioStudio,1BA$899
Cedar Trace Apartments1 bedroom1BR,1BA$900
Northgate Terrace IThe Kenley IIStudio,1BA$935
Pinnacle at Hammock Place1x11BR,1BA$949
Tyndall Pointe Townhomes1 Bed 1 Bath Unit1BR,1BA$995
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1,037
Westwood VillageThe Anise1BR,1BA$1,040
Pinnacle at Hammock Square2x22BR,2BA$1,125
Turtle LakeThe Seabreeze1BR,1BA$1,135
Exchange at North BayA-11BR,1BA$1,195

Best Value Apartments for Rent in Panama City, FL

As of July 03, 2026 the best value apartment in the Panama City area is the $1.15 price per square foot Great Blue Heron Model at The Enclave in the in the SweetBay neighborhood starting from $1,700. The second greatest value Panama City apartment is the Silver Bell Model at Arbor Trace Apartment Homes starting at $1,559 with a $1.14 price per square foot in the SweetBay neighborhood. Here is today’s list of the best values for Panama City apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The EnclaveGreat Blue Heron3BR,2BA$1.15
Arbor Trace Apartment HomesSilver Bell2BR,2BA$1.14
Ava Kay TownhomesTOWNHOME 13BR,2BA$1.31
Pointe Grand Panama City2 Bedroom, 2 Bathroom2BR,2BA$1.19
Pinnacle at Hammock Square2x22BR,2BA$1.07
Hughes Townhouse Rentals2 Beds, 1.5 Baths2BR,1.5BA$1.29
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1.19
Tyndall Pointe Townhomes1 Bed 1 Bath Unit1BR,1BA$1.24
Pinnacle at Hammock Place1x11BR,1BA$1.29
Cedar Trace Apartments1 bedroom1BR,1BA$1.30

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

Read Article
Decorative image

Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

Read Article
Decorative image

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

Panama City Overview

Located snugly between the hubs of Tallahassee and Pensacola, apartments in Panama City are a great way to get to know Florida. Originally going by the clunky name Floriopolis, Panama City has since blossomed into a world-class destination worthy of its new moniker.

Why live in Panama City, FL?

From the gorgeous beaches to the exciting nightlife, Panama City is an idyllic slice of the Sunshine State. With a reasonable cost of living and an on-the-move economic growth rate, this Florida hot spot has been increasing in popularity in recent years with good measure. With a large number of industries including ship building and military calling the area home, Panama City apartments make an easy commute for those in the market for a new career and budding families.

Best Local Schools in
Panama City, FL

School data provided by Great Schools

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

Explore Panama City, FL Rentals by Map

Decorative image of map

See the most popular apartments and homes in Panama City, FL

View Map
Panama City, FL Apartments Map
View Map
Panama City, FL Rental Homes Map

Panama City, FL Area Reviews

    Estrella

    February 25, 2025

    Yo quiero tengo interés me decían q es más barato q Miami no creo alguien me puede escribir

    Frequently Asked Questions about Cheap Panama City Apartments

    What is a cheap apartment in Panama City?

    A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Panama City is under $1,195.

    What is the price of a cheap apartment in Panama City?

    The cheapest apartment in Panama City is Cedar Trace Apartments which is listed at $900, while the average apartment in Panama City costs $1,880.

    What types of apartments are the cheapest in Panama City?

    Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 9 regular apartments in Panama City that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

    How do the prices of cheap apartments compare to the average apartment in Panama City?

    Cheap apartments in Panama City have an average cost of $313 which is $1,567 cheaper than the average rent for all rentals in Panama City.

    Expert Rental Resources

    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.

    Articles, How-To's, and Tips

    decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

    Renters Insurance 101: What It Is, What It Covers, and Why You Need It

    Written by: Robin Stewart

    Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

    decorative image for Apartment Occupancy Rates: Renter Attraction vs Renter Retention article

    Apartment Occupancy Rates: Renter Attraction vs Renter Retention

    Written by: Robin Stewart

    There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

    decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

    How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

    Written by: Robin Stewart

    Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

    decorative image for Pet-Friendly Renting: Everything You Need to Know Before You Move article

    Pet-Friendly Renting: Everything You Need to Know Before You Move

    Written by: Christine Leonard, Esq.

    For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.