Apartments for Rent in Panama City, FL

Prices and availability in Panama City, FL were last updated on 2 Oct 2026.

The best apartments in Panama City, FL are: The Lory of Panama City, Sunset Village, Parkview at Lynn Haven, Siena Gardens Apartments and The Kelly at 23rd Luxury 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 $973 and $2,534.

The price range for a 2-bedroom apartment in Panama City, FL is between $1,168 and $3,027.

The price range for a 3-bedroom apartment in Panama City, FL is between $1,225 and $5,123.

In Panama City, 44% of the residents are renting compared to 56% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 7% of Panama City's rentals, 60% are small-scale complexes with under 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.

Studio apartments in Panama City are around 1% of rentals, while 1-bedroom floor plans represent 31% of the total stock. For those in search of larger rentals, 2-bedroom floorplans make up 50% of all rentals. More generous apartments with 3 bedrooms or more are also available in this city for those in search of more space.