Cheap Apartments for Rent in Panama, IL from $300 (30 Rentals)

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

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

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property at 205 North St

205 North St

RaymondIL62560

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Panama, IL Local Guide

Cheapest Available Panama Apartments for Rent and Nearby

 

The cheapest available apartment rental in Panama, IL is a 1 Bed unit found at Rocwood Apartments priced from $650. Cedar Point Apartments in the Metro East neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $750. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Rocwood Apartments1BR Units1BR,1BA$650
Cedar Point ApartmentsEfficiencyStudio,1BA$750
ReNew at AltonFinley1BR,1BA$885
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$900
Metro Apartments at Wood RiverSave up to $500 off Move In Costs with your EXC...1BR,1BA$950
Metro Apartments At BethaltoSave up to $500 off Move In Costs with your EXC...1BR,1BA$950
Broadway Place2 Beds, 1 bath2BR,1BA$975
Parkview2x12BR,1BA$975
Metro Apartments at Granite CitySave up to $500 off Move In Costs with your EXC...1BR,1BA$1,000
Township Village Apartments1 Bed, 1 bath1BR,1BA$1,173

Best Value Apartments for Rent in Panama, IL and Nearby

As of May 21, 2025 the best value apartment in the Panama area is the $0.73 price per square foot B1 Model at Parc at 720 in the in the Fruit Maple Carpenter neighborhood starting from $915. The second greatest value Panama apartment is the Two Bedroom Model at Brookside Manor starting at $1,275 with a $1.13 price per square foot in the OFallon neighborhood. Here is today’s list of the best values for Panama apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Parc at 720B12BR,2BA$0.73
Brookside ManorTwo Bedroom2BR,1.5BA$1.13
Townhomes on Luan Drive2BR2BR,1.5BA$1.35
Parkview2x12BR,1BA$1.03
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$1.04
Broadway Place2 Beds, 1 bath2BR,1BA$1.34
Metro Apartments at Wood RiverSave up to $500 off Move In Costs with your EXC...1BR,1BA$1.36
Metro Apartments at Granite CitySave up to $500 off Move In Costs with your EXC...1BR,1BA$1.43
Metro Apartments At BethaltoSave up to $500 off Move In Costs with your EXC...1BR,1BA$1.36
Rocwood Apartments1BR Units1BR,1BA$1.05

Quick Rent Budget Calculator

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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 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 $650 at Rocwood 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 $850 at Rocwood Apartments.

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.

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