Arbor Crossing at Mill Bayou
198 Mill Bayou Blvd,
Panama City, FL 32404
1-3 Beds | $1,495 - $2,110
$1,220/month
Average Rent
760 Sq Ft
Average Apartment Size
-5.2%
Decrease in the Last Year
As of March 2025, the average rent in Panama City, FL is $1,220 per month. This is 22% lower than the national average rent of $1,559/month, making renting in Panama City more affordable than most cities in the US. When you rent an apartment in Panama City, you can expect to pay about $840 per month for a studio, $1,220 for a one-bedroom apartment, and around $1,503 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,865 or more.
In the past year, rent has decreased by 5.2%, which averages out to $63 less per month.
Based on current rent prices, Downtown Panama City, SweetBay and Pretty Bayou are the most affordable neighborhoods in Panama City.
Based on current rent prices, St Andrews, Panama City and Pretty Bayou are the most expensive neighborhoods in Panama City.
The neighborhoods in Panama City with the most apartments available are Panama City, Pretty Bayou and SweetBay .
Because the average rent in Panama City is $1,220, you’ll want to make about $4,066 per month or $48,792 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Use the tool below to compare Panama City, FL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
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† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2025.
* Percentages may not total 100 due to rounding.