What is the average apartment size in Panama City?

The average size for a Panama City, FL apartment is 1,098 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.

What is the average rent in Panama City?

As of Jan / 2026, the average rent in Panama City is $1,543 per month, a 0.28% decrease from last years average of $1,548.

How much does rent cost by apartment size in Panama City?

In Panama City, studios rent for $938 per month, one-bedroom units average $1,301 per month, two-bedrooms cost around $1,552 per month, and three-bedroom apartments rent for about $1,898 per month

What is the average apartment size in Panama City?

The typical apartment in Panama City offers about 1,098 sq. ft. square feet of living space, though actual sizes vary depending on layout and amenities.

How large are apartments by bedroom count in Panama City?

Studio apartments in Panama City average 350 sq. ft., one-bedrooms offer 817 sq. ft., two-bedrooms are about 1,118 sq. ft., and three-bedroom apartments average 1,484 sq. ft.

What are the most affordable neighborhoods in Panama City?

The most affordable neighborhoods in Panama City include Drummond ($1,373/month), The Woods ($1,524/month), and Lynn Haven ($1,549/month), all below the citywide average of $1,543.

What are the most expensive neighborhoods in Panama City?

The most expensive neighborhoods in Panama City are Monroeville ($1,575/month), Forest Park ($1,606/month), and Panama City North ($1,863/month), often due to premium locations and high-end amenities.

Panama City, FL Rental Market Trends

Q: What's the typical rent budget in Panama City?

The typical rent budget in Panama City ranges from $1,001 to $1,500 per month, with 44% of rentals in this range.

Q: Do most people rent or own in Panama City?

In Panama City, 45% of households rent while 55% own their homes, based on the latest U.S. Census data.

Last updated: February 21, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau

Highlights

The average rent for an apartment in Panama City is $1,543, a 0.28% decrease compared to the previous year, when the average rent was $1,548.

Studio Apartments at $938 offer the most budget-friendly option with 350 square feet, ideal for single renters prioritizing location over space.

One-bedroom apartments provide 817 square feet for $1,301, balancing privacy and affordability.

Two-beedroom units at $1,552 offer 1,118 square feet, perfect for roommates or small families.

Three-bedroom apartments deliver maximum space (1,484 sq ft) for $1,898, suitable for larger households.

Average rent in Panama City, FL

Last updated: February 21, 2026

	Average Rent	Average Apartment Size
All Rentals	$1,543	1,098 sq. ft.
Studio	$938	350 sq. ft.
1 Bed	$1,301	817 sq. ft.
2 Beds	$1,552	1,118 sq. ft.
3 Beds	$1,898	1,484 sq. ft.

Panama City, FL rent trends

Rental prices in Panama City, FL have decreased by 0.28% over the past year. The average rent moved from $1,548 to $1,543.

What's the typical rent budget in Panama City, FL?

The largest share of rentals in Panama City, FL (44%) fall between $1,001-$1,500 per month. This suggests that most people succesfully find suitable apartments within this price.

Do most people rent or own in Panama City, FL?

6,650 or 45% of the households in Panama City, FL are renter-occupied while 8,157 or 55% are owner-occupied.

Most affordable neighborhoods in Panama City?

Drummond $1,373/month

The Woods $1,524/month

Lynn Haven $1,549/month

All of these neighborhoods fall below the city wide average of $1,543/month.

Most expensive neighborhoods in Panama City?

Monroeville $1,575/month

Forest Park $1,606/month

Panama City North $1,863/month

These neighborhoods typically command higher rents due to location, amenities, and demand.

Average Rent in Panama City, FL By Neighborhood

Neighborhood	Average Rent
Panama City North	$1,863
Forest Park	$1,606
Monroeville	$1,575
Lynn Haven	$1,549
The Woods	$1,524
Drummond	$1,373

Panama City | Rent Comparison by Neighborhood

Rent in Drummond is 14% lower than in Forest Park

$1,373

Drummond rent is 11% lower than Panama City average

Average Rent $1,373

$1,606

Forest Park rent is 4% higher than Panama City average

Average Rent $1,606

How Panama City Compares to Other Cities

City	Average Rent
Panama City	$1,543
Jacksonville	$1,489
Cape Coral	$1,691
Kissimmee	$1,813
Tampa	$1,997
Miami	$2,710
Fort Myers	$1,741
North Port	$1,715
Lakeland	$1,507
Orlando	$1,793
Port St. Lucie	$2,146
Panama City Beach, FL	$1,704
Lynn Haven, FL	$1,549
Fort Walton Beach, FL	$1,557
Callaway, FL	$1,382
Destin, FL	$1,941
Springfield, FL	$1,151
Niceville, FL	$2,096

Where this data comes from

The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.

Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Panama City apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.

Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.