Average Rent in Panama City, FL (2026)
Typical asking rent in Panama City is $1,684. Across the 3 ZIP codes with data it runs from $1,575 to $1,809, so which side of town you buy on matters as much as the city average. Data as of June 2026.
Rent by ZIP code in Panama City
| ZIP code | County | Typical rent | vs city median |
|---|---|---|---|
| 32404 | Bay County | $1,809 | +7% |
| 32405 | Bay County | $1,684 | 0% |
| 32401 | Bay County | $1,575 | -6% |
How to use these numbers
These are Zillow Observed Rent Index values, a smoothed measure of typical asking rent for single family homes, condos, and apartments in each ZIP code. They describe what units are listed for, not what any specific unit will get. Condition, bedroom count, and the exact block all move the number.
If you are underwriting a purchase, use the ZIP figure rather than the city median, and then verify against live listings for the same bedroom count before you commit. Panama City sits in the Panama City, FL metro area.
Other Florida cities
Would a rental in Panama City cash flow?
Start the analyzer with the Panama City median rent of $1,684 and add a real purchase price to see cash flow, cap rate, and cash-on-cash return.