Cheap Apartments for Rent near Panama, NY from $400 (34 Rentals)

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

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Arneman Place
2 to 4 Bedroom Apartments

Arneman Place

4690 Iroquois AveErie, PA 16511
  • Utilities Included
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Plymouth Apartments
1 to 3 Bedroom Apartments

Plymouth Apartments

604-608 Chestnut StErie, PA 16502
  • Utilities Included

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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Lighthouse Apartments
1 to 2 Bedroom Apartments

Lighthouse Apartments

1206 E Lake RdErie, PA 16507
  • Utilities Included

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.

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Showing Results 1-34, 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
Willow Commons Apartments1 Bedroom1BR,1BA$744
Park Row Apartments1 Bedroom, 1 Bathroom1BR,1BA$750
Wellman BuildingStudio, 1 bathStudio,1BA$750
3535 State St1 Bed / 1 Bath1BR,1BA$750
The Bowie Apartments0BR/1.0BAStudio,1BA$775
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$850
Northview Heights ApartmentsOne Bedroom1BR,1BA$875
716 Sassafras Apartments1 Bed, 1 bath1BR,1BA$890

Best Value Apartments for Rent in Panama, NY and Nearby

As of August 03, 2026 the best value apartment in the Panama area is the $1.09 price per square foot 2 Bedroom Model at Brookwood Village in the in the Walczak Park neighborhood starting from $1,360. The second greatest value Panama apartment is the 2 Bedroom Model at Arneman Place starting at $1,028 with a $0.98 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.
Brookwood Village2 Bedroom2BR,1.5BA$1.09
Arneman Place2 Bedroom2BR,1BA$0.98
Vineyard Village Townhome Style Apartments2 Story Townhouse2BR,1.5BA$1.43
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$0.91
Willow Commons Apartments1 Bedroom1BR,1BA$0.83
509 Dunn BlvdSpacious 2 Bed / 1.5 bath2BR,1BA$1.00
Lovell Place1B1B1BR,1BA$1.24
Wellman BuildingStudio, 1 bathStudio ,1BA$1.00
3535 State St1 Bed / 1 Bath1BR,1BA$1.05
Park Row Apartments1 Bedroom, 1 Bathroom1BR,1BA$1.15

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.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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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.

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

Explore Panama, NY Rentals by Map

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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 Wellman Building listed at $750.

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

The lowest price for a Cheap One Bedroom Panama Apartment is $744 at Willow Commons 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

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

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First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.