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$525 - $7502 to 3 Bedroom Apartments Contact Us For Availability
Kingsbury Campus
1525 Crown RdGreenville, IL 62246
Cheap Apartments for Rent in Panama, IL from $500 (22 Rentals)
Search the lowest-cost Apartments available for rent right now in Panama.
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$650 - $8752 to 3 Bedroom Apartments Contact Us For Availability
Capitol Pointe
2415 W Randolph StVandalia, IL 62471
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$680 - $8002 to 3 Bedroom Apartments Contact Us For Availability
Flax Meadow Townhomes
216 Flax DrHighland, IL 62249
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$700 - $1,2001 to 3 Bedroom Apartments Available Now
Rocwood Apartments
26 Carroll Wood DrWood River, IL 62095
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$750 - $1,500Studio to 4 Bedroom Apartments Available Now
Cedar Point Apartments
1666 Seven Pines RdSpringfield, IL 62704
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$802 - $1,1321 to 4 Bedroom Apartments Contact Us For Availability
Godfrey Estates
301 Big Arch RdAlton, IL 62002
200 N Pine St
PanaIL62557
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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111 S Central Ave
RoxanaIL62084
205 North St
RaymondIL62560
523 S Central Ave
RoxanaIL62084
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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.
412 Wood River Ave
East AltonIL62024
900 8th St
HighlandIL62249
116 W Zupan St
MaryvilleIL62062
2306 College Ave
AltonIL62002
920 E North St
StauntonIL62088
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919 Mulberry St
HighlandIL62249
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.
1000 Main St
AltonIL62002
Showing Results 1-22, Page 1 of 1
Panama, IL Local Guide
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How much does it cost to rent an apartment in Panama?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Panama Studio Apartments | $750 | $750 | $750 |
| Panama 1 Bedroom Apartments | $1,405 | $700 | $2,000 |
| Panama 2 Bedroom Apartments | $1,639 | $525 | $2,440 |
| Panama 3 Bedroom Apartments | $1,504 | $740 | $2,400 |
| Panama 4 Bedroom Apartments | $1,167 | $675 | $2,700 |
Browse Top Apartments in Panama
See all Apartments in PanamaExplore Panama
Panama, IL Local Guide
- Nearby Cities
- ZIP codes
- Local Counties
- School Districts
Cheapest Available Panama Apartments for Rent and Nearby
The cheapest available apartment rental in Panama, IL is a 2 Beds unit found at McKay Manor priced from $548. Lotts Landing Senior Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $560. Here is today’s list of the most affordable Panama apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| McKay Manor | 2 Bedroom | 2BR,1BA | $548 |
| Lotts Landing Senior Apartments | 1 Bedroom 1 Bathroom | 1BR,1BA | $560 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $700 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $705 |
| Cedar Point Apartments | Efficiency | Studio,1BA | $750 |
Best Value Apartments for Rent in Panama, IL and Nearby
As of December 04, 2025 the best value apartment in the Panama area is the $1.00 price per square foot 3Bd Deluxe Townhouse w/ Garage Model at BSB Apartments in the in the Metro East neighborhood starting from $1,500. The second greatest value Panama apartment is the The Cougar Unfurnished Model at The Social Edwardsville starting at $705 with a $0.53 price per square foot in the Fruit Maple Carpenter neighborhood. Here is today’s list of the best values for Panama apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| BSB Apartments | 3Bd Deluxe Townhouse w/ Garage | 3BR,2BA | $1.00 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $0.53 |
| McKay Manor | 3 Bedroom | 3BR,2BA | $0.91 |
| Storyboard on Hayden | Hayden B1 | 2BR,2.5BA | $1.16 |
| Parc at 720 | B1 | 2BR,2BA | $0.72 |
| Storyboard on Park Entrance | Park Entrance B2 | 2BR,2BA | $1.15 |
| Storyboard on Lancashire | Lancashire B1 | 2BR,1BA | $1.18 |
| Metro Apartments At Collinsville | 2BR/1.5B TH Upgraded | 2BR,1.5BA | $1.20 |
| Lotts Landing Senior Apartments | 1 Bedroom 1 Bathroom | 1BR,1BA | $0.87 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $1.13 |
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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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
See the most popular apartments and homes in Panama, IL
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 Cheap Panama Apartments
How much is rent for a Cheap One Bedroom Panama Apartment?
The lowest price for a Cheap One Bedroom Panama Apartment is $560 at Lotts Landing Senior Apartments.
What is the lowest price for a Cheap Two Bedroom Panama Apartment for rent?
Today's best deal for a Cheap Two Bedroom Apartment in Panama is starting from $548 at McKay Manor.
What is the most affordable Panama Three Bedroom Apartment?
The best deal on a cheap Panama Three Bedroom Apartment rental is at Rocwood Apartments and starts from $1,000.
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.
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.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
The Rental Move-In Inspection Checklist: A Guide for Renters
Written by: Trey Huguley
The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.