Cheap Apartments for Rent in Panama City, FL from $400 (125 Rentals)

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

property at 1406 E 6th St

$850

Total Monthly Price

Total Monthly Price

Base Rent
$850
Total Monthly Price
$850

2 Bedroom, 1 Bath Townhome for Rent

Available Now

1406 E 6th St, Unit A

1406 E 6th St
Panama CityFL32401
property at 1930 W 24th St

$950 - $1,000

2 Bedroom Rentals

Available Now

1930 W 24th St

Panama CityFL32405

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 5138 Lance St

$1,095

2 Bedroom Rentals

Available Now

5138 Lance St

Panama CityFL32404

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.

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property at 5218 Beach Dr

$1,201

Total Monthly Price

Total Monthly Price

Base Rent
$1,201
Total Monthly Price
$1,201

1 Bedroom, 2 Bath Home for Rent

Available Aug 28

5218 Beach Dr

Panama CityFL32408

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

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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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
property at 8115 Thomas Dr

$1,260 - $1,529

Total Monthly Price

Total Monthly Price

Base Rent
$1,290
Total Monthly Price
$1,290

1 To 2 Bedroom Rentals

Available Now

8115 Thomas Dr

Panama CityFL32408

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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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: 08/17/2026

Current apartment rentals in the Panama City, FL area range in price from $895 to $3,210 with an overall median price of $1,534. Here is today’s list neighborhoods with the lowest median pricing for Panama City Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
St Andrews$1,248$9509
SweetBay$1,539$895127
Downtown Panama City$1,549$93534
Pretty Bayou$1,549$95089

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
6707 E Hwy 222BR/1.0BA2BR,1BA$950
Palm Court Apartments2 Bed 1 Bath2BR,1BA$995
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1,037
Tranquility at Saint AndrewsB32BR,2BA$1,151
Pinnacle at Hammock Square2x22BR,2BA$1,175
Pinnacle at Hammock Place2x22BR,2BA$1,180
Tyndall Pointe Townhomes1 Bed 1 Bath Unit1BR,1BA$1,195

Best Value Apartments for Rent in Panama City, FL

As of August 17, 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
Tranquility at Saint AndrewsB12BR,2BA$0.98
Pointe Grand Panama City2 Bedroom, 2 Bathroom2BR,2BA$1.19
North Bay LandingsTwo Bedroom2BR,2BA$1.29
Aztec Villa ApartmentsTwo Bedroom with Washer & Dryer2BR,2BA$1.16
Pinnacle at Hammock Square2x22BR,2BA$1.12
Pinnacle at Hammock Place2x22BR,2BA$1.13
Andrews Place Apartments1 Bed 1 Bath1BR,1BA$1.19
Palm Court Apartments2 Bed 1 Bath2BR,1BA$1.21

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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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.

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Panama City, FL

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

Explore Panama City, FL Rentals by Map

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

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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 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 $1,534.

    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 45 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 $287 which is $1,247 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 Rent According to Income: A Look at Income-Restricted Rentals article

    Rent According to Income: A Look at Income-Restricted Rentals

    Written by: Robin Stewart

    The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

    decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

    First Apartment Regrets: Real Renters Share What They'd Do Differently

    Written by: Robin Stewart

    Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

    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.