Renting an Apartment in Panama (2023)

Panama in 2023 offers opportunities for those considering renting condos. As the Central American country continues to establish itself as a business center regionally and in Latin America, demand for real estate continues to remain strong.

With a dollarized economy, a regional hub and a real estate market of interest to many local and foreign investors, in Panama there are many people looking for comfortable and convenient accommodation, especially in the capital.

In this article, we will go a little deeper into some key points for renting an apartment or house in 2023 in Panama, answering some common questions.

How much does it cost to rent an apartment or house in Panama?

Renting a residential property such as a condo or a house in Panama can have different price ranges depending on many factors and preferences of the interested person. Important points such as the location, size and style of the apartment, what types of amenities are desired in the building, or whether the apartment includes any additional furniture, can cause the rental price to vary significantly.

But in summary and general terms, the following can be mentioned:

Rental prices in Panama in 2023 can range from $800 to $1500 for 1-bedroom or studio apartments, $1200 to $2000 for 2-bedroom apartments and $1300 to $3000 for apartments or houses with 3 bedrooms or more.

Of course, being in the lower or upper range of these rentals is defined by the points already mentioned, mainly the location or the type of area where you are looking.

What are the requirements to rent an apartment or house in Panama?

The requirements for renting a residential property in Panama is also a very common question among people who are coming to the country for the first time, or those within the country who plan to rent for the first time.

The basic requirements are the following, however they may vary depending on the owner’s preferences:

• Identification document of the person (or persons) renting.
• Rental guarantee deposit (1 month of the rental value).
• Some document that serves as proof of income of the interested person, including a bank reference, a letter of employment or income tax declaration.

Furnished or unfurnished apartment rentals?

The decision to rent a furnished or unfurnished apartment in Panama depends a lot on your circumstances and priorities. If you value short-term comfort and flexibility, a furnished apartment may be the best option.

However, if you prefer to customize the apartment to your style, save money over the term of the contract, or purchase quality furniture, an unfurnished apartment might be more suitable for you.

Where to rent in Panama City?

The most popular locations to rent apartments in Panama are in San Francisco, Obarrio, Punta Pacifica, Punta Paitilla, Costa del Este, El Cangrejo and Marbella.

However, there are other locations that may be of less demand, but where you can still find good residential complexes, such as Parque Lefevre, El Dorado, Condado del Rey, via España or near Plaza Edison.

Deciding on the location will always depend on your convenience, your lifestyle, where you work or where you study, and what type of amenities or businesses you want to have nearby.