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$1,200 - $1,8001 to 3 Bedroom Apartments Available Now
The Lory of Panama City
2121 Harrison AvePanama City, FL 32405
Cheap Apartments for Rent in the Downtown Panama City Neighborhood of Panama City, FL from $500 (16 Rentals)
Search the lowest-cost Apartments available for rent right now in the Downtown Panama City area of Panama City.
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$775 - $1,139Studio to 3 Bedroom Apartments Contact Us For Availability
Pelican Bay Apartment Homes
924 Florida AvePanama City, FL 32401
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$925 - $1,315Studio to 2 Bedroom Apartments Available Now
Northgate Terrace I
425 E 19th StPanama City, FL 32405
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$1,050 - $1,8001 to 2 Bedroom Apartments Available Now
Magnolia Cove Apartments and Marina
240 Harmon AvePanama City, FL 32401
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1 Bedroom Apartments
807 CHERRY St
807 CHERRY StPanama City, FL 32401
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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Studio Apartments
225 CHERRY St
225 CHERRY StPanama City, FL 32401
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Studio Apartments
521 E BEACH Dr
521 E BEACH DrPanama City, FL 32401
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1 to 3 Bedroom Apartments
814 Oak Ave
814 Oak AvePanama City, FL 32401
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Studio Apartments
The Cove
100 Cherry StPanama City, FL 32401
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Studio Apartments
205 E 2nd Ct
205 E 2nd CtPanama City, FL 32401
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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2 to 4 Bedroom Apartments
Foxwood
1701 Hamilton AvePanama City, FL 32405
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1 to 3 Bedroom Apartments
Royal Arms Garden Apartments
1420 Balboa AvePanama City, FL 32401
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1 to 2 Bedroom Apartments
My Place Apartments
801 W 13th StPanama City, FL 32401
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1 to 3 Bedroom Apartments
The Arbors @ 15th
265 W 15th StPanama City, FL 32401
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1 to 2 Bedroom Apartments
Siena Gardens Apartments
901 W 19th StPanama City, FL 32405
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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Studio Apartments
Fletcher Black Memorial Homes
11 Bob Sikes DrPanama City, FL 32401
Showing Results 1-16, Page 1 of 1
Downtown Panama City, Panama City, FL Local Guide
Bunkers Cove by Flickr User: aggie85 is licensed under CC BY 2.0
How much does it cost to rent an apartment in Downtown Panama City?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Downtown Panama City Studio Apartments | $850 | $775 | $925 |
| Downtown Panama City 1 Bedroom Apartments | $1,296 | $799 | $1,500 |
| Downtown Panama City 2 Bedroom Apartments | $1,496 | $1,104 | $1,806 |
| Downtown Panama City 3 Bedroom Apartments | $1,762 | $1,139 | $1,921 |
Browse Apartments in this Neighborhood
There are currently 16 rentals with your search options within a 2 mile radius of the Downtown Panama City Neighborhood of Panama City, FL.
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Cheapest Available Downtown Panama City Apartments for Rent
The cheapest available apartment rental in the Downtown Panama City area of Panama City, FL is a Studio unit found at Northgate Terrace I priced from $925. Magnolia Cove Apartments and Marina has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,050. Here are the most affordable Downtown Panama City apartments for rent in Panama City, FL:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Northgate Terrace I | The Kenley II | Studio,1BA | $925 |
| Magnolia Cove Apartments and Marina | 1 Bed | 1BR,1BA | $1,050 |
| The Arbors @ 15th | Magnolia | 2BR,2BA | $1,193 |
| The Lory of Panama City | The Spring | 1BR,1BA | $1,200 |
| The Kelly at 23rd Luxury Apartments | A2 | 1BR,1BA | $1,450 |
Best Value Apartments for Rent in Downtown Panama City, FL
As of January 22, 2026 the best value apartment in the Downtown Panama City area is the $1.64 price per square foot Melrose Model at Foxwood in the in the Downtown Panama City neighborhood starting from $2,049. The second greatest value Downtown Panama City apartment is the 2 Bedroom, 2 Bathroom Model at Pointe Grand Panama City starting at $1,529 with a $1.31 price per square foot in the Downtown Panama City neighborhood. Here is today’s list of the best values for Downtown Panama City apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Foxwood | Melrose | 4BR,2BA | $1.64 |
| Pointe Grand Panama City | 2 Bedroom, 2 Bathroom | 2BR,2BA | $1.31 |
| The Kelly at 23rd Luxury Apartments | A1 | 1BR,1BA | $1.94 |
| The Lory of Panama City | The Spring | 1BR,1BA | $1.71 |
| Magnolia Cove Apartments and Marina | 1 Bed New | 1BR,1BA | $1.68 |
| Northgate Terrace I | The Kenley II | Studio ,1BA | $3.08 |
Frequently Asked Questions about Cheap Downtown Panama City Apartments
What is the price of a cheap apartment in Downtown Panama City?
The cheapest apartment in Downtown Panama City is Magnolia Cove Apartments and Marina which is listed at $1,050, while the average apartment in Downtown Panama City costs $1,875.
What types of apartments are the cheapest in Downtown 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 5 regular apartments in Downtown 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 Downtown Panama City?
Cheap apartments in Downtown Panama City have an average cost of $181 which is $1,694 cheaper than the average rent for all rentals in Downtown 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
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.
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.
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.
Apartment Common Area Rules: What Renters Need to Know
Written by: Christine Leonard, Esq.
Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.