Cheap Apartments for Rent in Panama, NY from $500 (27 Rentals)

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

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Showing Results 1-27, Page 1 of 1

Panama, NY Local Guide

Cheapest Available Panama Apartments for Rent and Nearby

 

The cheapest available apartment rental in Panama, NY is a 2 Beds unit found at Drake Village Apartments priced from $680. Wellman Building has the second lowest priced unit, which is a 1 Bed apartment currently listed from $700. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Drake Village Apartments2 Bedroom2BR,1BA$680
Wellman Building1 Bed, 1 bath1BR,1BA$700
Lighthouse Apartments1 bedroom1BR,1BA$750
The Meadows1 bedroom1BR,1BA$750
The Bowie ApartmentsStudioStudio,1BA$800
Cider Mill ApartmentsSpacious 1 BD 1 BA 041BR,1BA$850
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$850
The Reserve at Millcreek1.5 Miles to LECOM1BR,1BA$850
Northview Heights ApartmentsOne Bedroom1BR,1BA$850
716 Sassafras Apartments1 Bed, 1 bath1BR,1BA$890

Best Value Apartments for Rent in Panama, NY and Nearby

As of August 02, 2025 the best value apartment in the Panama area is the $0.88 price per square foot 3 Bedroom Large Model at Brookwood Village in the in the South East Hills neighborhood starting from $1,495. The second greatest value Panama apartment is the 3 Bedroom, 2.5 Bathroom Model at Carriage Hill Erie starting at $1,533 with a $1.09 price per square foot in the Glenwood 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.
Brookwood Village3 Bedroom Large3BR,2BA$0.88
Carriage Hill Erie3 Bedroom, 2.5 Bathroom3BR,2.5BA$1.09
Hudson LoftsThe Nittany4BR,4BA$0.74
Granite Ridge ApartmentsThree Bedroom Townhome - B3BR,1.5BA$1.08
Lovell Place2B2B2BR,2BA$0.74
Arneman Place3 Bedroom Apartment3BR,1.5BA$0.89
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$0.91
The Meadows2 bedroom2BR,1BA$1.18
Lighthouse Apartments1 bedroom1BR,1BA$1.15
Northview Heights ApartmentsOne Bedroom1BR,1BA$1.31

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

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Getting Around Panama, NY

Walk Score®

8 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

20 / 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

What is the Cheapest Studio apartment in Panama?

Currently the most affordable Cheap Studio Apartment in Panama is at The Bowie Apartments listed at $800.

How much is rent for a Cheap One Bedroom Panama Apartment?

The lowest price for a Cheap One Bedroom Panama Apartment is $700 at Wellman Building.

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 $680 at Drake Village Apartments.

What is the most affordable Panama Three Bedroom Apartment?

The best deal on a cheap Panama Three Bedroom Apartment rental is at Arneman Place and starts from $1,131.

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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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.

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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.

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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.

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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.