Cheap Apartments for Rent in Panama City, FL from $400 (154 Rentals)

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

property at 901 Russ Lake Dr

$850

1 Bedroom, 1 Bath Home for Rent

Available Now

901 Russ Lake Dr

Panama CityFL32404
property at 7714 FL-22

$895

1 Bedroom Rentals

Available Now

7714 FL-22

Panama CityFL32404

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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property at 2701 E 8th Ct

$975

2 Bedroom Rentals

Available Now

2701 E 8th Ct

Panama CityFL32401

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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Bayside Villas
Rent Specials
$999 - $1,295
Total Monthly Price

Total Monthly Price

Base Rent
$991 - $1,287
Required Monthly Fees
$8
Total Monthly Price
$999 - $1,295
2 Bedroom Apartments Available Now

Bayside Villas

1406 S Berthe AvePanama City, FL 32404
Affordability
  • Verified
  • Customer Reviewed
  • Utilities Included
property at 830 West St

$1,025

2 Bedroom Rentals

Available Now

830 West St

Panama CityFL32404
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Westwood Village
Rent Specials
$1,040 - $1,404
Total Monthly Price

Total Monthly Price

Base Rent
$1,016 - $1,380
Required Monthly Fees
$24
Total Monthly Price
$1,040 - $1,404
1 to 2 Bedroom Apartments Available Now

Westwood Village

2203 Beck AvePanama City, FL 32405
Affordability
  • Verified
  • Utilities Included
  • Smoke Free

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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Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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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.

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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: 04/03/2026

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
Downtown Panama City$2,300$85013
Pretty Bayou$2,400$90016
St Andrews$2,600$95019
SweetBay$2,700$9006

Cheapest Available Panama City Apartments for Rent

 

The cheapest available apartment rental in Panama City, FL is a 3 Beds unit found at The Arbors @ 15th in the Downtown Panama City neighborhood priced from $775. Cottages by the Bay has the second lowest priced unit, which is a Studio apartment currently listed from $899. Here is today’s list of the most affordable Panama City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Arbors @ 15thOakland3BR,2BA$775
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
Westwood VillageThe Anise1BR,1BA$1,040
Stanford PointeOne Bedroom1BR,1BA$1,046
Bayside VillasB22BR,2BA$1,099
Bay Front Apartments1 Bed, 1 Bath1BR,1BA$1,100

Best Value Apartments for Rent in Panama City, FL

As of April 04, 2026 the best value apartment in the Panama City area is the $1.14 price per square foot Silver Bell Model at Arbor Trace Apartment Homes in the in the SweetBay neighborhood starting from $1,559. The second greatest value Panama City apartment is the TOWNHOME 1 Model at Ava Kay Townhomes starting at $1,690 with a $1.31 price per square foot . 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.
Arbor Trace Apartment HomesSilver Bell2BR,2BA$1.14
Ava Kay TownhomesTOWNHOME 13BR,2BA$1.31
The Arbors @ 15thOakland3BR,2BA$0.66
North Bay LandingsTwo Bedroom2BR,2BA$1.20
Andrews Place Apartments2 Bed 2 Bath2BR,2BA$1.03
Pinnacle at Hammock Square2x22BR,2BA$1.07
Stanford PointeOne Bedroom1BR,1BA$1.15
Tyndall Pointe Townhomes1 Bed 1 Bath Unit1BR,1BA$1.24
Pinnacle at Hammock Place1x11BR,1BA$1.29
Cedar Trace Apartments1 bedroom1BR,1BA$1.30

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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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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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

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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

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

    The lowest price for a Cheap One Bedroom Panama City Apartment is $900 at Cedar Trace Apartments.

    What is the lowest price for a Cheap Two Bedroom Panama City Apartment for rent?

    Today's best deal for a Cheap Two Bedroom Apartment in Panama City is starting from $1,000 at Cedar Trace Apartments.

    What is the most affordable Panama City Three Bedroom Apartment?

    The best deal on a cheap Panama City Three Bedroom Apartment rental is at The Arbors @ 15th and starts from $775.

    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 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.

    decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

    18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

    Written by: Lauren Harrington

    Renting your next home can feel thrilling and overwhelming at the same time.

    decorative image for A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment article

    A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

    Written by: Bob Mallory

    Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

    decorative image for Renting with Roommates: Realistic Expectations for Shared Lease article

    Renting with Roommates: Realistic Expectations for Shared Lease

    Written by: Christine Leonard, Esq.

    Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.