Cheap Apartments for Rent in Panama, NY from $500 (32 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
to
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Lifestyle Matching SearchDone
Learn more about Lifestyle Search
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

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

property at 10 Barker St

$650

5 Bedroom, 2.5 Bath Home for Rent

Available Aug 1

10 Barker St

FredoniaNY14063

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.

Read Article

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.

Read Article
close
View Me
Plymouth Apartments
1 to 3 Bedroom Apartments

Plymouth Apartments

604-608 Chestnut StErie, PA 16502
  • Utilities Included

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.

Read Article
close
View Me
Lighthouse Apartments
1 to 2 Bedroom Apartments

Lighthouse Apartments

1206 E Lake RdErie, PA 16507
  • Utilities Included
close
View Me
Arneman Place
2 to 4 Bedroom Apartments

Arneman Place

4690 Iroquois AveErie, PA 16511
  • Utilities Included

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.

Read Article
Showing Results 1-32, 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 3 Beds unit found at Park Place Student Housing priced from $549. Drake Village Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $680. Here is today’s list of the most affordable Panama apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Park Place Student Housing3x13BR,1BA$549
Drake Village Apartments2 Bedroom2BR,1BA$680
Fairmount Hills Apartments1 Bed/1 Bathroom1BR,1BA$700
Willow Commons ApartmentsOne Bedroom1BR,1BA$704
The Bowie Apartments0BR/1.0BAStudio,1BA$725
The Meadows1 bedroom1BR,1BA$750
Park Row Apartments1 Bedroom, 1 Bathroom1BR,1BA$750
Wellman BuildingStudio, 1 bathStudio,1BA$750
Northview Heights ApartmentsOne Bedroom1BR,1BA$840
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$850

Best Value Apartments for Rent in Panama, NY and Nearby

As of May 04, 2026 the best value apartment in the Panama area is the $1.08 price per square foot Three Bedroom Townhome - B Model at Granite Ridge Apartments in the starting from $1,400. The second greatest value Panama apartment is the 3 Bedroom Apartment Model at Arneman Place starting at $911 with a $0.72 price per square foot in the East Suburban Erie 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.
Granite Ridge ApartmentsThree Bedroom Townhome - B3BR,1.5BA$1.08
Arneman Place3 Bedroom Apartment3BR,1.5BA$0.72
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$0.91
Willow Commons ApartmentsOne Bedroom1BR,1BA$0.78
The Meadows2 bedroom2BR,1BA$1.18
Lovell Place1B1B1BR,1BA$1.14
Wellman BuildingStudio, 1 bathStudio ,1BA$1.00
Park Row Apartments1 Bedroom, 1 Bathroom1BR,1BA$1.15
Northview Heights ApartmentsOne Bedroom1BR,1BA$1.38
Fairmount Hills Apartments1 Bed/1 Bathroom1BR,1BA$1.17

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Learn the property manager's true secrets to a zero-deduction move-out. Use this step-by-step guide on documentation, cleaning, and lease-reading to reclaim your security deposit.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

Read Article
Decorative image

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.

decorative image of people with a giant lease agreement

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

Explore Panama, NY Rentals by Map

Decorative image of map

See the most popular apartments and homes in Panama, NY

View Map
Panama, NY Apartments Map
View Map
Panama, NY Rental Homes Map

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 $725.

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

The lowest price for a Cheap One Bedroom Panama Apartment is $700 at Fairmount Hills 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 $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 Park Place Student Housing and starts from $549.

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 A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back article

A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

decorative image for Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts article

Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.