Arbor Crossing at Mill Bayou
198 Mill Bayou Blvd,
Panama City, FL 32404
1-3 Beds | $1,449 - $2,110
Rental Market Trends in Panama City, FL
Updated September 2026
The average rent in Panama City, FL is $1,215/month.
Rent in Panama City is 27% lower than the national average rent of $1,665/month, making this one of the less expensive cities statewide.
$1,215/month
Average Rent
759 Sq Ft
Average Size
-1.3%
Change / Year
968
Available Apartments
Panama City rent varies by unit size and layout:
- Studio apartments in Panama City average $837 per month.
- One-bedroom apartments in Panama City average $1,215 per month.
- Two-bedroom apartments in Panama City average $1,475 per month.
- Three-bedroom apartments in Panama City average $1,755 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Panama City, FL?
In the past year, rent has decreased by 1.3%, which averages out to $16 less per month.
Market Trends Over Time
September 2026
2025
2026
Rent Ranges in Panama City, FL
September 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
4%
Below $700/month
31%
$700 - $1,000/month
42%
$1,001 - $1,500/month
22%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Panama City?
Based on current rent prices, St Andrews, Pretty Bayou and SweetBay 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, SweetBay, Pretty Bayou and St Andrews 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 Pretty Bayou, SweetBay and St Andrews .
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 $1,215, you’ll want to make about $4,050 per month or $48,600 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.
View the Panama City Area GuideStudio
-
-
One Bedroom
$1,206/month
$1,470/month
Two Bedroom
$1,251/month
$1,665/month
Three Bedroom
$1,509/month
$2,224/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
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Frequently Asked Questions
What is the average rent in Panama City?
The average rent in Panama City is $1,215 per month, which is 27.0% lower than the national average of $1,665.
What is the average rent for a house in Panama City?
The average rent for a house in Panama City, FL is $2,135 per month.
What is the average rent for a townhome in Panama City?
The average rent for a townhome in Panama City, FL is $1,373 per month.
What is the average rent for a condo in Panama City?
The average rent for a condo in Panama City, FL is $1,607 per month.
Are rents going up or down in Panama City?
Rents in Panama City, FL are decreasing, with prices down 1.3% year-over-year and $16 less per month.
What rent range is most common in Panama City?
In Panama City, FL, 42% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
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 September 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.