Arbor Crossing at Mill Bayou
198 Mill Bayou Blvd,
Panama City, FL 32404
1-3 Beds | $1,495 - $2,110
Rental Market Trends in Panama City, FL
What is the average rent in Panama City, FL?
$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.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Panama City, FL?
In the past year, rent has decreased by 5.2%, which averages out to $63 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated March 2025
Legend
2024
2025
Rent Ranges in Panama City, FL
Last Updated March 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
6%
Below $700/month
31%
$700 - $1,000/month
37%
$1,001 - $1,500/month
24%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Panama City?
Based on current rent prices, Downtown Panama City, SweetBay and Pretty Bayou are the most affordable neighborhoods in Panama City.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Panama City?
Based on current rent prices, St Andrews, Panama City and Pretty Bayou are the most expensive neighborhoods in Panama City.
Neighborhood
Average Rent
Average Sq Ft
Which Panama City neighborhoods have the most rentals available?
The neighborhoods in Panama City with the most apartments available are Panama City, Pretty Bayou and SweetBay .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Panama City, FL?
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.
How does Panama City, FL compare to other nearby cities and neighborhoods?
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.
Studio
-
-
One Bedroom
$508/month
$1,178/month
Two Bedroom
-
$1,227/month
Three Bedroom
$1,111/month
$1,490/month
Apartment communities in Panama City we think you'll love
Property Management Companies in Panama City, FL
Arbor Properties
-
18
Communities
-
4,912
Units
-
7
Cities
5 Communities in Panama City
Greystar
-
3,217
Communities
-
893,454
Units
-
827
Cities
3 Communities in Panama City
Woodruff Property Management Company
-
40
Communities
-
6,151
Units
-
16
Cities
2 Communities in Panama City
Royal American Companies
-
19
Communities
-
3,212
Units
-
15
Cities
2 Communities in Panama City
RPM
-
620
Communities
-
163,328
Units
-
235
Cities
1 Community in Panama City
RAM Partners
-
285
Communities
-
74,769
Units
-
164
Cities
1 Community in Panama City
MAA
-
289
Communities
-
100,528
Units
-
114
Cities
1 Community in Panama City
Bryten Real Estate Partners
-
117
Communities
-
27,960
Units
-
63
Cities
1 Community in Panama City
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Methodology
† 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.