Cheap Apartments for Rent in Panama City, FL from $400 (123 Rentals)

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

property at 2701 E 8th Ct

$895

2 Bedroom Rentals

Available Now

2701 E 8th Ct

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.

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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.

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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.

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property at 1525 Oak Ave

$1,200 - $2,200

1 To 3 Bedroom Rentals

Available Now

1525 Oak Ave

Panama CityFL32405

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.

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The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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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: 05/18/2026

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$1,430$1,0156
Pretty Bayou$1,796$1,01561
SweetBay$1,836$895124
Downtown Panama City$2,260$85036

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
Pinnacle at Hammock Place1x11BR,1BA$946
Tyndall Pointe Townhomes1 Bed 1 Bath Unit1BR,1BA$995
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1,015
Turtle LakeThe Seabreeze1BR,1BA$1,135
10X Panama City BeachA11BR,1BA$1,165
Exchange at the Beach1 Bedroom 120%1BR,1BA$1,253
Exchange at North BayA-11BR,1BA$1,260
Bay Front Apartments1 Bed, 1 Bath1BR,1BA$1,275

Best Value Apartments for Rent in Panama City, FL

As of May 19, 2026 the best value apartment in the Panama City area is the $1.31 price per square foot Palm B Model at Parkview at Lynn Haven in the in the SweetBay neighborhood starting from $1,950. 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.
Parkview at Lynn HavenPalm B3BR,2.5BA$1.31
Arbor Trace Apartment HomesSilver Bell2BR,2BA$1.14
Waterstone at JenksThe Onyx3BR,2BA$1.32
Ava Kay TownhomesTOWNHOME 13BR,2BA$1.31
The Reserve at Northshore2 Bed 2 Bath (D)2BR,2BA$1.19
Westwood VillageThe Hibiscus2BR,1.5BA$1.28
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1.16
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.

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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.

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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.

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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

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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 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 $1,830.

    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 13 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 $322 which is $1,508 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 A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

    A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

    Written by: Lauren Harrington

    I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

    decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

    Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

    Written by: Lauren Harrington

    This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

    decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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

    Written by: Lauren Harrington

    This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

    decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

    Maximizing Your Refund: Essential Tax Tips for Renters

    Written by: Christine Leonard, Esq.

    Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.