Renting an Apartment in Casco Viejo or Panama City

Panama City Apartment Rental: Areas and Prices for 2026

A typical short-stay apartment in Panama City costs about $90 to $105 a night. A long-term lease runs roughly $11.60 to $15 per square meter per month, depending on the neighborhood. Airbtics puts the city's median daily rate at B/.90 across 2,981 tracked listings for September 2025 to September 2026 (the balboa trades at par with the US dollar).^[1] AirROI's figure for the Panamá district is a median of about $105 a night, with a higher average of $140.^[2]

Prices are flat rather than climbing. AirDNA counts 3,881 active listings in Panamá province as of September 2026, with an average nightly rate of $93 that is down 0.7% from a year earlier.^[3] The "from $10 a night" figure on Airbnb's Panama City pages is a marketplace floor before taxes and fees, mostly rooms and outliers. It is not what a whole apartment costs.^[4]

Nightly figures are market medians and top-rated listing rates for September 2025 to September 2026. Monthly lease figures are estimates from July 2026 median rents per square meter. Realistic total for a typical one-month stay: about $2,700 on Airbnb versus about $1,000 on a lease, as of November 2026.

Monthly Rent by Neighborhood

The most recent neighborhood-level rent data is a Vaca Group market study with July 2026 data, which reports median asking rent per square meter rather than per bedroom.^[5] The table converts those medians into rough monthly rents for a 70 m² one-bedroom and a 100 m² two-bedroom, which are common sizes in the city's towers.

Median asking rents per m², July 2026 data. Unit estimates are simple multiplications and are not quotes. Furnished, high-floor and new-building units usually ask more.

Individual listings spread far around those medians. One agency's rentals range from a 151 m² two-bedroom at PH Berenice in El Carmen for $950 to a 76 m² one-bedroom corner unit for $1,950 to $2,000.^[6] The study gives no Casco Viejo figure. One 150 m² three-bedroom on two levels there was listed at $2,600 a month.^[7]

Which Area Fits Which Stay

Avenida Balboa and the Cinta Costera are the classic short-stay strip: towers facing the bay, with the waterfront promenade at the door. A listing at The Sands describes the building as steps from the Cinta Costera, with an infinity pool.^[4] At YOO Panama, a 54th-floor, 134 m² one-bedroom comes with a building pool, gym, three restaurants and a mini-market.^[8] Downtown listings on this side put Casco Viejo about 15 minutes away on foot and the 5 de Mayo Metro station about 5 minutes away.^[8]

Calle 50, Marbella and Obarrio suit people who work from the apartment. One listing between Marbella and Obarrio, near the Tornillo building, is walkable to the Metro and the Cinta Costera.^[8] PH The Gray on Calle 50 is a newer building with a rooftop pool, gym and a coworking space.^[4] A Bella Vista listing on Calle 50 puts the Cinta Costera 10 minutes away on foot.^[9]

El Cangrejo and San Francisco are the cheaper central options, with fewer amenity-heavy towers and more local life. One El Cangrejo listing puts Casco Viejo, the canal locks, the Causeway and the main malls within a 10-minute drive.^[9] Older buildings here can be awkward for families: one El Cangrejo unit in a 1950s two-story building states it is not suitable for children under 10.^[10]

Punta Paitilla, Punta Pacífica, Coco del Mar and Costa del Este run east along the water, with bigger units and higher rents. They suit families and groups. One 6-bedroom house in Punta Paitilla with a private pool sleeps up to 17.^[8] A Coco del Mar listing advertises 100 MB internet and closeness to the airport.^[8]

Amador and Ancón are the quiet, green fringe. A Causeway listing advertises views of ships passing into the canal, with the Biomuseo within walking distance.^[9] If that appeals, our Amador Causeway and Biomuseo guide covers what is out there. In Ancón, small studios sit near Cerro Ancón and the Albrook Metro station.^[10]

Airbnb in Panama City: Cheap, Best-Rated and the Real Total

Most short-stay apartments in Panama City are listed on Airbnb. The Tourism Authority (ATP) counts about 13,000 Airbnb units in Panama, against roughly 25,000 hotel rooms.^[11] That depth means you can find both cheap studios and designer penthouses. It also means ratings run high everywhere: the city average is 4.7 out of 5.^[4] A 4.7 is therefore an ordinary score in Panama City, not a sign of a standout stay.

Cheap Airbnb in Panama City

The cheapest whole apartments are usually outside the Avenida Balboa strip and Casco Viejo. Look in El Cangrejo, San Francisco, Bella Vista and around Albrook, where budget travelers report basic whole apartments advertised from around $40 a night. Being near the Metro matters more than being near the water when you are on a budget. Casita Curundu, for example, sits next to the Metropolitan Natural Park and close to Albrook Mall, the bus terminal and the Metro.^[10]

Book at least three nights where you can, because a flat cleaning fee weighs heaviest on one- and two-night stays. Read the house rules on cheaper listings closely. Some set a 3:00 p.m. check-in and ban parties and smoking indoors.^[10]

Best-rated Airbnb Buildings and Listings

Guest ratings matter most when they sit on hundreds of reviews. A two-bedroom, 2.5-bath ocean-view unit in the YOO tower on Avenida Balboa holds a 4.9 from 339 reviews.^[12] The Casco Viejo designer penthouse with a watchtower bedroom holds a 4.86 from 415 reviews.^[4] For full-service buildings, one Cinta Costera one-bedroom lists 24/7 security, a gym, pools, four restaurants, a bar and a sky lounge in the tower.^[9]

What You Actually Pay: Fees and Taxes

Most Airbnb hosts now pay a single 15.5% service fee out of their payout, so guests on those listings see no separate Airbnb service charge at checkout.^[13] Roughly 94% of listings in the Panamá district are on this model.^[2] The price you see before taxes is close to the total. On three nights at $150 with a $60 cleaning fee, for example, the guest pays $510.^[14]

Cleaning fees vary widely: the median is $35, but the average is $79 because a minority of listings charge much more.^[2] Always compare the all-in figure, not the nightly rate.

Tax is unsettled. AirROI's data shows lodging taxes added to the guest's bill, but whether and how ITBMS (Panama's sales tax) applies to short rentals is still being decided in the Assembly.^[2] One pending bill sets a 10% rate.^[15] Another proposes 15%.^[16] Short-stay rentals are rarely invoiced today. If you need a receipt for business expenses, ask the host before booking.^[15]

Casco Viejo Apartments and Airbnbs: What You Get and the Trade-Offs

Casco Viejo is the best-located area in the city if you want to walk to restaurants, plazas and rooftop bars. It is a poor fit if you need quiet weekend nights, a car or an elevator. The district was founded in 1673, after the pirate Henry Morgan destroyed Panamá Viejo.^[17] UNESCO added it to the World Heritage List in 1997. The national heritage office (DNPH) oversees its nearly one thousand buildings, which limits what owners can change.^[18]

What Casco Viejo Rentals Look Like

Expect restored colonial buildings more than towers. Listings include a one-bedroom loft in a restored 1850 building with original calicanto stone walls.^[4] There is also a renovated 95 m² apartment with a balcony overlooking Hotel Central, which asks guests to inquire about parking.^[19] The best-known listing is a three-story designer penthouse with what it calls the country's oldest surviving watchtower.^[4] Some booking sites date the house, Casa Marqués de Portago next to the Presidential Palace, to 1573.^[20] That date appears in rental listings, not in official heritage records.

Food is part of the draw. One listing points out that Fonda Lo Que Hay, a short walk away, is ranked among Latin America's top 50 culinary destinations.^[4] Our Casco Viejo walking route maps the main stops if you want to see what is around a listing before you choose it.

Casco Viejo Airbnb Prices

Top-rated one-bedroom apartments in Casco Viejo charged about B/.85 to B/.165 a night between September 2025 and September 2026, at occupancy of 80% to 85% or more.^[1] Those are the best-reviewed units, not the cheapest. High occupancy also means the good ones fill up, so book well ahead for dry-season and holiday dates. If you would rather have a front desk and daily cleaning, our comparison of the best boutique hotels in Casco Viejo covers prices there.

Noise, Stairs and Parking

Weekend nightlife is the main complaint. Under a December 2024 decree, the Casco Antiguo became a special nightlife zone, where permitted bars could operate without fixed closing hours.^[21] An August 2026 decree revised the district's bar hours again. It named Friday and Saturday as the busiest nightlife nights in these zones.^[22] On pedestrian-only "Casco Peatonal" days, sound equipment above permitted levels is banned, with fines of B/.50 to B/.300.^[23]

Buildings are old, so many have steep stairs and no elevator. Few have on-site parking, and street parking is tight. Ask before booking if you are traveling with heavy bags, small children or a rental car. For the after-dark picture by neighborhood, see our guide to whether Panama is safe.

Short-term Rental Rules in Panama City Buildings

In the District of Panama, renting an apartment for less than 45 days is legally reserved for properties with a tourist-lodging permit from the ATP. Many condo buildings also set their own limits through their bylaws. Article 21 of Ley 80 of 2012 prohibits rentals of under 45 days in the district to anyone without that permit. It also lets the ATP fine both the person renting the unit and anyone advertising it, including online.^[24]

How the 45-day Rule Is Enforced

Enforcement mostly starts with complaints from buildings. In June 2025, the ATP admitted a complaint from the condo board of the Yacht Club building against the company renting out an apartment there for stays under 45 days.^[24] Ley 80 fines run up to $50,000, according to reporting on the bill that would repeal them.^[15] Yet the ATP's administrator said in 2026 that Airbnb-type rentals still have no tourism-specific regulation or tax. She added that no national registry records where these units are or who runs them.^[25]

The Building's Own Rules

Most apartment towers are run under Panama's horizontal-property law, Ley 284 of 2022.^[26] Each building has a reglamento de copropiedad (condo bylaws), and a Panamanian law firm says these bylaws can regulate rentals through platforms like Airbnb.^[27] Owners must make tenants and visitors follow the law and the bylaws. They must also give the board a copy of the ID or passport of anyone they rent to.^[28] So expect the front desk to ask for your passport. Some Panamanian property consultants say many buildings ban rentals shorter than six months outright, with per-incident fines.

The practical risk lands on you as the guest. In a building that bans short stays, a booking can be cancelled at the last minute, or security can refuse entry. Under Ley 284, a breach of the bylaws or well-founded complaints from neighbors can lead the board to revoke an owner's authorization immediately.^[28]

What Is Changing in 2026

Two bills would change the rules, and neither is law as of November 2026. PL 301 passed its first debate on January 6, 2026. It would legalize tourist rentals of 1 to 90 days, repeal the Ley 80 fines and set a 10% ITBMS, the same rate hotels pay.^[15] Bill 31-26, presented on September 14, 2026, proposes 15% ITBMS on short tourist rentals, and it still needs three debates.^[16] The ATP has said that paying the tax would not legalize rentals that local rules prohibit.^[11]

Monthly Rentals and Long-Term Leases: Deposits, Contracts and Stay Limits

For stays of a month or more, a lease costs far less than booking night by night. A month at the $90 median comes to about $2,700, against roughly $800 to $1,100 for a 70 m² one-bedroom on a lease. Rentals of more than 45 days also fall outside Ley 80's short-stay rule.^[15] Many hosts list weekly and monthly rates on Airbnb, so ask for a long-stay price even on nightly listings.

Agencies advise renting before buying, so you can test a neighborhood's noise, walkability and building management first.^[6] If buying is the longer-term plan, our guide to Panama condos for sale to foreigners covers areas, prices and building fees. For a fuller picture of monthly budgets, see living in Panama as an expat.

What Panama's Lease Law Says

Residential leases are governed by Ley 93 of 1973, the rental law, rather than the Civil Code. Some of its rules protect tenants more than many landlords' standard contracts suggest.

Deposit

One month's rent. It is returned at the end of the lease unless there is unpaid rent or damage beyond normal wear, verified before the rental authority.^[29]

Who holds the deposit

Not the landlord directly. The 1974 text names the housing ministry's rental office (Dirección General de Arrendamientos).^[30] The consolidated text names a separate account at Banco Nacional or Caja de Ahorros.^[29]

Advance rent

Rent is paid monthly, at the end of each month. A contract cannot oblige you to pay in advance. If you choose to prepay, the law entitles you to a discount of at least 10%.^[29]

Written contract

Every residential lease must be in writing on the rental office's forms. It must state names and ID numbers, the property, the rent, the term and the use. The landlord must file a copy within five business days.^[29]

Term and leaving early

On paper, no lease may run under three years, and a tenant who is current on rent may renew. The term binds the landlord, but you can leave with 30 days' written notice. Without notice, you can lose part or all of the deposit.^[29]

Notary

The Public Registry's manual says leases should be notarized.^[31] The Civil Code requires a public deed only for leases of six years or more that must bind third parties.^[32]

If the owner sells

A buyer must respect existing leases made by the seller.^[29]

How Long You Can Stay as a Tourist

Your stay limit depends on your passport, not your lease. Nationals who don't need a visa can stay as tourists for up to 3 months from entry. Those who need a visa generally get 1 month.^[33] Citizens of the United States and Canada receive up to 180 days.^[34] At entry, you may be asked for a passport valid for at least 3 months, a return ticket and proof of at least US$500 in funds.^[35]

Long-stay visitors are common. In the 2018 tourism survey, visitors staying more than 15 days in rented housing averaged 62.6 days.^[36] Renting an apartment does not extend your permitted stay. Our guide to Panama residency visas covers the options for living there legally.

What to Check Before You Book an Apartment in Panama City

The checks that matter most are whether the building allows your length of stay, what the all-in price is, and, for leases, whether the contract follows Ley 93. Work through them in this order, from the cheapest mistake to catch to the most expensive.

Pre-booking Checklist

Before you go