The Panama real estate market has, for the last six years, experienced great growth. Both in terms of the scope of the offering and price range. This can be true for the rental market as well. This means that there is a diverse selection of condos for rent in Panama.
Here we will focus on the availability and range of offerings in Panama City.
Typically, leases run from six to 12 months on condos for rent in Panama. Upon signature of the lease agreement, the first month’s condo rent is required. In addition, you are required to pay the first month’s rent. This will be held over the duration of the lease as a security deposit.
Note: The lease agreement is usually in Spanish. However, you can have any local attorney or translation agency translate this for roughly $200.
Normally, landlords and property managers in Panama conduct some sort of background check. This may include a passport search, credit references, and past living history. In most cases, the monthly condo rent will include building administration fees. (CAM charges/HOA charges) These are paid by the owner and are “included” in the rent. Monthly rent can also include the water bill.
So what is not included in a typical condo for rent in Panama?
Things like power, internet, and any other services such as cable and/or local telephone. However, there are instances in which the cable and internet are included.
An example of a building that includes virtually everything is the JW Marriott. Formally known as Trump. Here condos have internet, cable, and gas as part of maintenance fees. Most other buildings at least include water and gas, meaning they are not paid by a tenant.
Condos for Rent in Panama City
The cost of condos for rent in Panama varies. There is a very wide range of options to choose from and thus a wide range of rental prices. You should expect to pay at the very least $550 per month in the center of Panama City. This will be in an older building with only a handful (if any) amenities and probably exclude furniture. Again, this is 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. This means that a 120-meter apartment will run approximately $1,200 per month in rent.
Luxury Apartments for Rent
Certain areas of Panama City are known for a higher-end luxury offering. Typically these condos 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 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 luxury condos starts at around $15.00 per meter. Therefore, the same 1,300 square foot (120 meters) 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. So we would encourage you to explore our site or contact us if you are looking to rent a condo in Panama!