Cheap Apartments for Rent in Panama, NY from $500 (20 Rentals)

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

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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 Walczak Park 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 September 18, 2025 the best value apartment in the Panama area is the $1.28 price per square foot 3 Bedroom Model at CopperLeaf Erie in the starting from $1,930. The second greatest value Panama apartment is the The Nittany Model at Hudson Lofts starting at $1,015 with a $0.74 price per square foot in the Walczak Park 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.
CopperLeaf Erie3 Bedroom3BR,2.5BA$1.28
Hudson LoftsThe Nittany4BR,4BA$0.74
Granite Ridge ApartmentsThree Bedroom Townhome - B3BR,1.5BA$1.08
Arneman Place3 Bedroom Apartment3BR,1.5BA$0.89
University Gate3 Bed upgraded3BR,2BA$0.62
Ellicott Oaks Apartments2 Beds, 1 bath2BR,1BA$0.91
The Meadows2 bedroom2BR,1BA$1.18
Lovell Place1B1B1BR,1BA$1.21
Park Row Apartments1 Bedroom, 1 Bathroom1BR,1BA$1.13
Lighthouse Apartments1 bedroom1BR,1BA$1.15

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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 $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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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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.

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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.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

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.