3 Bedroom Apartments for Rent in Panama, IL (18 Rentals)

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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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McKay Manor
3 Bedroom Apartments

McKay Manor

1 McKay Manor DrBreese, IL 62230

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

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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 ReNew at Alton and is 1,500 square feet priced from $1,815. Green Mount Lakes in the OFallon neighborhood has the second largest 3 Bedroom, which is sized at 1,330 square feet and currently listed start at $2,000. Here is today’s list of the largest available 3 Bedroom units in Panama:

Apartment ListingModel NameSquare FootagePriced From
ReNew at AltonHamilton1,500 Sq Ft$1,815
Green Mount LakesO Fallon1,330 Sq Ft$2,000
Rocwood Apartments3BR Units1,000 Sq Ft$1,000
Broadway Place3 Beds, 2 baths960 Sq Ft$1,125

Cheapest Available Panama and Nearby 3 Bedroom Apartments

As of May 21, 2025 the lowest priced 3 Bedroom apartment unit in Panama, IL is the 3BR Units Model starting from $1,000 at Rocwood Apartments . The second most affordable Panama 3 Bedroom is the 3 Beds, 2 baths Model at Broadway Place starting at $1,125 in the Metro East neighborhood. The average price for all 3 Bedroom apartments in Panama is currently $1,926. Here is today’s list of the cheapest available 3 Bedroom options in Panama:

Apartment ListingModel NamePriced From
Rocwood Apartments3BR Units$1,000
Broadway Place3 Beds, 2 baths$1,125
ReNew at AltonHamilton$1,815
Green Mount LakesO Fallon$2,000

Quick Rent Budget Calculator

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

Explore Panama, IL Rentals by Map

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See the most popular apartments and homes in Panama, IL

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Getting Around Panama, IL

Walk Score®

4 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

22 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about 3 Bedroom Panama Apartments

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

The average rent for a 3 Bedroom Apartment in Panama is $1,926.

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

Today's apartment with the most square footage in Panama is a 1,500 square feet unit starting from $1,815 at ReNew at Alton.

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

The average size for a 3 Bedroom rental in Panama is currently 1,307 sq ft.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.

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Rise of Digital Nomads: Remote Work Tips for Apartment Renters

Written by: Brandie Parton

As a digital nomad, you no longer call a set address or office building your home for eight hours of the day or more.