Cheap Apartments for Rent in Panama, IL from $400 (42 Rentals)

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

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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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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property at 205 North St

$700 - $800

1 To 2 Bedroom Rentals

Available Now

205 North St

RaymondIL62560

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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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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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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Showing Results 1-42, Page 1 of 1

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 McKay Manor priced from $475. 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 ListingModel NameBed/BathPriced From
McKay Manor1 Bedroom1BR,1BA$475
Lotts Landing Senior Apartments1 Bedroom 1 Bathroom1BR,1BA$560
Rocwood Apartments1BR Units1BR,1BA$700
Flax Meadow TownhomesTwo Bed2BR,1BA$715
Lakewood Estates1 Bedroom1BR,1BA$750
Kingsbury Campus Apartments2 Beds, 1 Bath Model2BR,1BA$800
326 E Central St2 Bed, 1 Bath2BR,1BA$875
Metro Apartments at Wood River1BR/1B Thompson1BR,1BA$950
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$970
Metro Apartments at Granite City1BR/1B1BR,1BA$1,000

Best Value Apartments for Rent in Panama, IL and Nearby

As of April 12, 2026 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 $910. The second greatest value Panama apartment is the Lancashire B1 Model at Storyboard on Lancashire starting at $1,195 with a $1.13 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 ListingModel NameBed/BathPrice Per Sq.Ft.
Parc at 720B12BR,2BA$0.73
Storyboard on LancashireLancashire B12BR,1BA$1.13
Flax Meadow TownhomesTwo Bed2BR,1.5BA$0.81
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$1.12
326 E Central St2 Bed, 1 Bath2BR,1BA$1.03
Lakewood Estates1 Bedroom1BR,1BA$0.94
Kingsbury Campus Apartments2 Beds, 1 Bath Model2BR,1BA$1.05
McKay Manor1 Bedroom1BR,1BA$0.64
Lotts Landing Senior Apartments1 Bedroom 1 Bathroom1BR,1BA$0.87
Rocwood Apartments1BR Units1BR,1BA$1.13

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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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.

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Quick Rent Budget Calculator

How much rent can you afford?

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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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 $475 at McKay Manor.

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 $715 at Flax Meadow Townhomes.

What is the most affordable Panama Three Bedroom Apartment?

The best deal on a cheap Panama Three Bedroom Apartment rental is at McKay Manor and starts from $730.

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

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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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.

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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.