3 Bedroom Apartments for Rent in Panama, IL (21 Rentals)

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Renting with Roommates: Realistic Expectations for Shared Lease

Sharing a lease? Learn how to set clear expectations with your roommates on routines, bills, and cleaning to ensure a successful and peaceful shared living arrangement.

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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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McKay Manor
3 Bedroom Apartments

McKay Manor

1 McKay Manor DrBreese, IL 62230

Renting Smart: Lease Basics Every Renter Needs

Demystify Your Rental Lease. Learn the basics about renting, deposits, and tenant/landlord responsibilities. Rent smart and avoid surprises. | Renter University at ApartmentHomeLiving.com

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Panama, IL Local Guide

Largest Available Panama and Nearby 3 Bedroom Apartments

The largest available 3 Bedroom apartment unit in Panama, IL is found at Storyboard on Carol Ann in the OFallon neighborhood and is 1,800 square feet priced from $2,235. Green Mount Lakes has the second largest 3 Bedroom, which is sized at 1,330 square feet and currently listed start at $1. Here is today’s list of the largest available 3 Bedroom units in Panama:

Apartment ListingModel NameSquare FootagePriced From
Storyboard on Carol AnnCarol Ann C11,800 Sq Ft$2,235
Green Mount LakesO Fallon1,330 Sq FtCall for Rates
Flax Meadow TownhomesThree Bed1,204 Sq Ft$883
Capitol Pointe ApartmentsCapitol Pointe 3BR/1BA Waiting List1,103 Sq FtCall for Rates
Kingsbury Campus Apartments3 Beds, 2 Baths Model1,103 Sq FtCall for Rates

Cheapest Available Panama and Nearby 3 Bedroom Apartments

As of June 13, 2026 the lowest priced 3 Bedroom apartment unit in Panama, IL is the Three Bedroom Apartment Model starting from $859 at Broadway Place in the Metro East neighborhood. The second most affordable Panama 3 Bedroom is the Three Bed Model at Flax Meadow Townhomes starting at $883 . The average price for all 3 Bedroom apartments in Panama is currently $2,127. Here is today’s list of the cheapest available 3 Bedroom options in Panama:

Apartment ListingModel NamePriced From
Broadway PlaceThree Bedroom Apartment$859
Flax Meadow TownhomesThree Bed$883
Rocwood Apartments3BR Units$1,200
Green Mount LakesO Fallon$2,233
Storyboard on Carol AnnCarol Ann C1$2,235

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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Frequently Asked Questions about 3 Bedroom Panama Apartments

What is the Cheapest apartment in Panama with 3 Bedroom?

Currently the most affordable 3 Bedroom in Panama is at Broadway Place listed at $859.

How much is the average rent for a 3 Bedroom Panama Apartment?

The average rent for a 3 Bedroom Apartment in Panama is $2,127.

What is the largest available 3 Bedroom Panama Apartment for rent?

Today's apartment with the most square footage in Panama is a 1,800 square feet unit starting from $2,235 at Storyboard on Carol Ann.

What is the average size for Panama 3 Bedroom Apartments for rent?

The average size for a 3 Bedroom rental in Panama is currently 1,486 sq ft.

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

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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.

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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.

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Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

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Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.