Browse through our listings of Apartments and Condos for Rent in Panama and contact us with any questions. The Panama City Panama real estate market has, for the last six years, experienced tremendous vertical growth in both scope of the offering and price range. This can be true for the rental market as well, meaning that if you are looking for condos or apartments for rent in Panama, you will have a very diverse selection to choose from. This article will focus on the availability and range of offering in the urban area of Panama’s largest city of the same name, known locally simply as “Panama”.
Typically, leases run from six to 12 months on condos for rent in Panama. Upon signature of the lease agreement (which is usually in Spanish although can be translated for roughly $200.00 by any local attorney or translation agency) the first month’s condo rent is required along with a sum equal to the first month’s rent to be held over the duration of the lease as a security deposit. Normally, landlords and property managers in Panama conduct some sort of background check which may include a passport search, credit references, past living history, along with a letter from the tenant’s current employer. In most cases, the monthly condo rent will include the building administration fees (CAM charges/HOA charges) which are paid by the owner, thus are “included” in the rent. Water is also generally included in Panama’s monthly rent.
What is not included in a typical condo for rent in Panama is the power, internet, and any other services which may be contracted by the tenant including cable and/or local telephone. In the case of some apartments in Panama, the cable and internet are included in the monthly building administration so they are, by default, also included in the monthly rent. An example of a building that includes virtually everything is the Trump Ocean Club, which gives internet, cable, and gas to residents and tenants as part of maintenance fees. Most other buildings at least include water and gas, meaning they are covered in the monthly building administration charge and not paid by a tenant.
Condos for Rent in Panama City Panama
Regarding the cost of condos for rent in Panama, there is a very wide range of options to choose from and thus an equally wide range of rental prices on condos. Expect to pay at the very least $550.00 per month for a condo in the center of Panama City, which in all likelihood will be in an older building with only a handful (if any) amenities and probably exclude furniture. Again, this is just a general range; that figure would get you a fairly small (approximately 50 meter or 550 square foot) condo. The mid range or average price of a condo for rent in Panama City (not including furniture in a building that is between 3-7 years old) is approximately $10.00 per meter, meaning a 120 meter apartment will generally run approximately $1,200 per month in rent.
Luxury Apartments for Rent in Panama
Certain areas of Panama City are known for a higher-end luxury offering. Typically these apartments for rent in Panama will offer a long list of amenities including swimming pools, a gym, a barbeque area and in some cases a local spa or other small business. The finish quality and construction materials in these types of apartments for rent generally include marble floors, granite counters, top-notch plumbing and electrical fixtures, central air conditioning and a generally more “upscale” offering. The average rental price on these types of luxury condos starts at around $15.00 per meter meaning the same 1,300 square foot (120 meter) condo for rent in the example above would be closer to $1,800 per month.
What makes Panama such a livable city is the wide range of condo options to rent. There really is a condo for rent in Panama for every price range, and we would encourage you to explore our site or contact us if you are looking to rent a condo in Panama!