106 W 5th S St
Mount OliveIL62069
Cheap Homes for Rent in Panama, IL from $600 (13 Rentals)
Search the lowest-cost Homes available for rent right now in Panama.
205 North St
RaymondIL62560
523 S Central Ave
RoxanaIL62084
1306 9th St
HighlandIL62249
900 8th St
HighlandIL62249
2515 Sanford Ave
AltonIL62002
920 E North St
StauntonIL62088
300 W Baker St
GillespieIL62033
766 Wall St
LivingstonIL62058
1615 Seminary St
AltonIL62002
716 Connor St
South RoxanaIL62087
919 Mulberry St
HighlandIL62249
11 W Perry St
MaryvilleIL62062
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Panama, IL Local Guide
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How much does it cost to rent a home in Panama?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Panama 2 Bedroom Homes for Rent | $1,221 | $700 | $1,950 |
| Panama 3 Bedroom Homes for Rent | $1,854 | $1,500 | $2,400 |
| Panama 4 Bedroom Homes for Rent | $2,488 | $1,895 | $2,900 |
| Panama 5 Bedroom Homes for Rent | $1,675 | $1,675 | $1,675 |
Browse Top Homes for Rent in Panama
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Panama, IL Local Guide
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Cheapest Available Panama Apartments for Rent and Nearby
The cheapest available apartment rental in Panama, IL is a 2 Beds unit found at Capitol Pointe priced from $400. McKay Manor has the second lowest priced unit, which is a 2 Beds apartment currently listed from $548. Here is today’s list of the most affordable Panama apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Capitol Pointe | 2 Beds, 1 bath | 2BR,1BA | $400 |
| McKay Manor | 2 Bedroom | 2BR,1BA | $548 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $650 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $705 |
| Cedar Point Apartments | One Bedroom Garden | 1BR,1BA | $900 |
Best Value Apartments for Rent in Panama, IL and Nearby
As of October 15, 2025 the best value apartment in the Panama area is the $0.95 price per square foot 3 Bd Townhouse w/ Garage Model at BSB Apartments in the in the Metro East neighborhood starting from $1,425. 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 | 3 Bd Townhouse w/ Garage | 3BR,2BA | $0.95 |
| The Social Edwardsville | The Cougar Unfurnished | 4BR,4BA | $0.53 |
| Storyboard on Hayden | Hayden B1 | 2BR,2.5BA | $1.07 |
| 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 |
| Surrey Court Apartments | 2 Beds, 1 bath | 2BR,1BA | $1.12 |
| Capitol Pointe | 2 Beds, 1 bath | 2BR,1BA | $0.52 |
| McKay Manor | 1 Bedroom | 1BR,1BA | $0.83 |
| Rocwood Apartments | 1BR Units | 1BR,1BA | $1.05 |
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Frequently Asked Questions about Panama
What type of rentals are currently available in Panama?
There are currently 44 Apartments for Rent in Panama, IL with pricing that ranges from $400 to $3,250. There are also 36 Single Family Homes for rent, Condos, and Townhome rentals currently available in Panama ranging from $675 to $2,900.
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 $2,900 with an average monthly rent of $1,634.
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 $490 to $2,570, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,500 to $2,400. Four Bedroom Single-Family rentals are also available starting from $1,895 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.
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.
Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between
Written by: Christine Leonard, Esq.
For many people, obstacles can arise during the rental application process for a variety of issues.
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.