Cheap Apartments for Rent in Panama, IL from $500 (31 Rentals)

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

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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property at 205 North St

205 North St

RaymondIL62560

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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Showing Results 1-31, 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 2 Beds unit found at McKay Manor priced from $548. Rocwood Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $650. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
McKay Manor2 Bedroom2BR,1BA$548
Rocwood Apartments1BR Units1BR,1BA$650
Cedar Point ApartmentsOne Bedroom Garden1BR,1BA$900
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$925
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
Metro Apartments At CollinsvilleAsk Us About Our Availability! - Up to $500 off...1BR,1BA$1,000
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 July 23, 2025 the best value apartment in the Panama area is the $1.11 price per square foot Hamilton Model at ReNew at Alton in the starting from $1,670. The second greatest value Panama apartment is the 3 Bedroom Model at McKay Manor starting at $730 with a $0.58 price per square foot . 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.
ReNew at AltonHamilton3BR,2.5BA$1.11
McKay Manor3 Bedroom3BR,2BA$0.58
Storyboard on HaydenHayden B12BR,2.5BA$1.13
Parc at 720B12BR,2BA$0.73
BSB Apartments2 Bd Townhouse2BR,1.5BA$0.98
Storyboard on LancashireLancashire B12BR,1BA$1.18
Townhomes on Luan Drive2BR2BR,1.5BA$1.35
Surrey Court Apartments2 Beds, 1 bath2BR,1BA$1.07
Broadway Place2 Beds, 1 bath2BR,1BA$1.34
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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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 $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 McKay Manor and starts from $730.

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

Written by: Cheryl Bowman

A fantastic way to save money and enjoy a built-in community is to share an apartment. However, a bad roommate situation can turn your dream rental into a nightmare.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

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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.