205 North St
RaymondIL62560
Cheap Homes for Rent in Panama, IL from $600 (16 Rentals)
Search the lowest-cost Homes available for rent right now in Panama.
523 S Central Ave
RoxanaIL62084
1404 Willard St
AltonIL62002
1306 9th St
HighlandIL62249
208 S 9th St
Wood RiverIL62095
125 N 1st St
Wood RiverIL62095
900 Washington
AltonIL62002
2306 College Ave
AltonIL62002
2515 Sanford Ave
AltonIL62002
12 Coachlight Trailer Park
Glen CarbonIL62034
23 Coachlight Trailer Park
Glen CarbonIL62034
49 Devon Ct
EdwardsvilleIL62025
162 Rosin St
Glen CarbonIL62034
307 S Spencer St
BethaltoIL62010
110 S 12th St
Wood RiverIL62095
132 S Main St
Wood RiverIL62095
Showing Results 1-16, Page 1 of 1
Panama, IL Local Guide
National, State and City flags on display by Max Pixel is licensed under Internal
How much does it cost to rent a home in Panama?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Panama 2 Bedroom Homes for Rent | $1,193 | $700 | $2,500 |
| Panama 3 Bedroom Homes for Rent | $1,836 | $1,100 | $3,000 |
| Panama 4 Bedroom Homes for Rent | $2,300 | $1,800 | $2,800 |
| Panama 5 Bedroom Homes for Rent | $2,387 | $1,675 | $3,100 |
Browse Top Homes for Rent in Panama
Explore 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. 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 Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| McKay Manor | 2 Bedroom | 2BR,1BA | $548 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $650 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $695 |
| Cedar Point Apartments | One Bedroom Garden | 1BR,1BA | $900 |
| Metro Apartments at Wood River | Save up to $500 off Move In Costs with your EXC... | 1BR,1BA | $950 |
Best Value Apartments for Rent in Panama, IL and Nearby
As of August 28, 2025 the best value apartment in the Panama area is the $1.20 price per square foot Carol Ann B1 Model at Storyboard on Carol Ann in the in the OFallon neighborhood starting from $1,650. 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. |
|---|---|---|---|
| Storyboard on Carol Ann | Carol Ann B1 | 2BR,2BA | $1.20 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $0.53 |
| Storyboard on Hayden | Hayden B1 | 2BR,2.5BA | $1.16 |
| Parc at 720 | B1 | 2BR,2BA | $0.73 |
| Storyboard on Park Entrance | Park Entrance B2 | 2BR,2BA | $1.15 |
| BSB Apartments | 2 Bd Townhouse | 2BR,1.5BA | $0.98 |
| Storyboard on Lancashire | Lancashire B1 | 2BR,1BA | $1.18 |
| McKay Manor | 2 Bedroom | 2BR,1BA | $0.55 |
| Surrey Court Apartments | 2 Beds, 1 bath | 2BR,1BA | $1.10 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $1.05 |
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.
Let everyone know!
Do you know the Panama area?
If you’re an expert on all things Panama, tell us what you love (and don't) by rating it and writing a review.
Write a Review
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
Frequently Asked Questions about Panama
What type of rentals are currently available in Panama?
There are currently 41 Apartments for Rent in Panama, IL with pricing that ranges from $548 to $3,200. There are also 33 Single Family Homes for rent, Condos, and Townhome rentals currently available in Panama ranging from $675 to $3,100.
What is the current price range for Rental Homes in Panama?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Panama ranges from $675 to $3,100 with an average monthly rent of $1,727.
How much are larger Three and Four Bedroom Rentals in Panama?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Panama range from $583 to $3,055, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,100 to $3,000. Four Bedroom Single-Family rentals are also available starting from $1,800 and Four Bedroom Apartments start at $675.
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.
The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro
Written by: Christine Leonard, Esq.
Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.
Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting
Written by: Christine Leonard, Esq.
Throughout the day, think about all the times that you have to pay for something. So many of us reach automatically for a credit card or even our phone for a quick payment.
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.
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.