Prices for Panama real estate for rent vary depending on many factors. These factors include neighborhood, the age of the property, floor height and amenities.
In most instances, Panama rental contracts are for a minimum of 12 months. However, some owners are inclined to shorten the period to six months. Typically, the tenant handles the monthly utility bills.
For example, electricity, internet, cable, and local telephone. The cost for a basic phone/internet/cable combination is roughly $60.00 per month. Power bills depend on the size of the property and how often the tenant is at home.
For a typical 1,200 square foot condo, a power bill will range anywhere from $75.00 – $200.00 per month. This depends on how cold/frequent you keep the air conditioning running and how often you are home.
Most Panama real estate for rent in the city are condos. The words “condo” and “apartment” are generally interchangeable in Panama. Condos for rent in Panama range from three-story low rises to massive 70+ story high rises.
Don’t know what to expect when renting in Panama? Check out our Guide to Renting Property in Panama to learn all you need to know.
Panama Real Estate For Rent:
Long Term Rentals
Panama City rent prices vary based mostly on location. Panama City neighborhoods tend to be higher-end and therefore, higher rental prices. These locations include Punta Pacifica, Costa del Este, Avenida Balboa, and Casco Viejo. More affordable sectors of the market are in San Francisco, El Cangrejo, Bella Vista, and El Dorado.
The condo market comprises of both furnished and unfurnished properties for rent. Typically, there is a 10% premium on an unfurnished rental property. For instance, an unfurnished condo may run $1,000/month and that same condo would be $1,100/month if furnished. In addition, most appliances including the water heater run on gas. The gas is usually part of the condo association dues. This means that gas is usually included in the monthly rental price.
Homes for rent in Panama are either stand-alone single-family homes or duplex style. For example, two homes will share a common wall. If the property for rent is in a gated community, you may have the advantage of a shared swimming pool. As a result, the use of these facilities would fall within your monthly rent.
Panama’s real estate for rent options varies. Some buildings in Panama and neighborhoods have all sorts of amenities. For example, swimming pools, gyms, putting greens, saunas, racquetball courts. While other buildings have none of the above.
Panama Equity: Who We Are
We work with owners, property administrators, and fellow real estate agents. All with the goal to help our clients source the right fit for their rental needs.
Panama Equity Real Estate delivers a professional real estate experience to all clients. Our real estate agents understand the concept of working hard and working smart. We appreciate the trust that our clients put in us, and are always looking to improve the way we deliver the Panama Equity experience.
What does a professional real estate experience entail?
- Timely responses to your questions
- Accurate and updated market information to base your decisions on
- Setting realistic expectations for your experience buying or selling property in Panama
- Anticipating your needs
- Pairing you with an agent who has an in-depth understanding of the real estate market
- Following up with all parties to ensure a successful transaction
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