Cheap Apartments for Rent in Panama, NY from $500 (23 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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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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Showing Results 1-23, 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 4 Beds unit found at University Gate in the East Suburban Erie neighborhood priced from $620. 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
University Gate4 Bed Upgraded4BR,2BA$620
Drake Village Apartments2 Bedroom2BR,1BA$680
Wellman Building1 Bed, 1 bath1BR,1BA$700
Lighthouse Apartments1 bedroom1BR,1BA$750
The Meadows1 bedroom1BR,1BA$750

Best Value Apartments for Rent in Panama, NY and Nearby

As of June 08, 2025 the best value apartment in the Panama area is the $0.73 price per square foot The Nittany Model at Hudson Lofts in the starting from $1,005. The second greatest value Panama apartment is the Three Bedroom Townhome - A Model at Granite Ridge Apartments starting at $1,400 with a $1.08 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.
Hudson LoftsThe Nittany4BR,4BA$0.73
Granite Ridge ApartmentsThree Bedroom Townhome - A3BR,1.5BA$1.08
Arneman Place3 Bedroom Apartment3BR,1.5BA$0.99
Park Place Collegiate Housing3BR/1BA by bedroom3BR,1BA$0.66
University Gate3 Bed upgraded3BR,2BA$0.62
Campus Edge at Brighamw-2bdtwnCampus Edge at Brigham2BR,2.1BA$1.43
The Meadows2 bedroom2BR,1BA$1.18
Northview Heights ApartmentsOne Bedroom1BR,1BA$1.31
Lighthouse Apartments1 bedroom1BR,1BA$1.15
Wellman Building1 Bed, 1 bath1BR,1BA$1.35

Quick Rent Budget Calculator

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

Explore Panama, NY Rentals by Map

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See the most popular apartments and homes in Panama, NY

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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

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 $670 at University Gate.

What is the most affordable Panama Three Bedroom Apartment?

The best deal on a cheap Panama Three Bedroom Apartment rental is at University Gate and starts from $630.

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 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.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.