Apartments for Rent in Panama City, FL

Prices and availability in Panama City, FL were last updated on 22 Oct 2026.

The best apartments in Panama City, FL are: The Kelly at 23rd Luxury Apartments, The Lory of Panama City, Sunset Village, Aztec Villa Apartments and Siena Gardens Apartments.

The average rent in Panama City, FL is $1,472.

The price range for a 1-bedroom apartment in Panama City, FL is between $1,168 and $2,500.

The price range for a 2-bedroom apartment in Panama City, FL is between $1,168 and $2,880.

The price range for a 3-bedroom apartment in Panama City, FL is between $1,225 and $5,006.

In Panama City 44% of the housing is rented out compared to 56% of homes are owned, according to the most recent Census Bureau estimates. 7% of Panama City's apartments are found in large buildings of 50 units or more, 60% are located in smaller apartment complexes with less than 50 units, and 32% are single-family rentals.

The age and size of multifamily buildings are among the most visible characteristics of the rental market in a city. In this case, the apartment buildings in Panama City are about 17 years old, on average. Of these, 72% have been built since 2000, representing the newer options on the market and typically offering more amenities. Rental buildings in the city have an average height of 3 stories. About 97% of the rental communities here are low-rise, garden-style communities, none are mid-rises, and 3% are high-rise buildings. These are true especially for large-scale multifamily buildings with over 50 apartments.

Rental apartments in Panama City come in a range of sizes and floorplans. Studio apartments represent 1% of units for rent, ideal for singles, renters on a budget and people who value central locations more than space. Rentals with 1-bedroom floorplans make up 31% of the total apartments in the city, while 2-bedroom floorplans represent around 50% of all rentals in Panama City. The rest are larger floorplans with 3 bedrooms or more, typically preferred by families, larger households or roommates sharing space.