Foreigners may feel a little lost when moving to another country. The first thing foreigners must do before renting a property in Panama is to search the different neighborhoods, the types of available rental properties, and cost based on the size and location. An important thing to consider are the unfurnished, furnished apartments and kitchen appliances which will affect the rental price.
In Panama City the buildings range from old to brand new. Is important to get some advice from a real estate agent in Panama who can investigate water issues, parking space problems, social area restrictions, maintenance, or other potential problems.
Rental prices in Panama depends in the area you select. No matter which area you are considering to move in, if you take your time to search and with help of a real estate agent you will find what you are looking for.
The regulations for renting a property are quite simple in Panama. The landlord and you, the tenant, have the right to negotiate the rental cost, as well as the landlord has the right to increase the rent at his discretion. In the contract it will indicate that either you or the landlord can break the lease at any time with a month’s notice.
Most high-end apartments for rent in Panama City are targeted towards foreigner vacationers, expats and traveling business executives on a short-term basis. Popular neighborhoods for these types of tenants include Punta Patilla, Punta Pacifica, Casco Viejo, Avenida Balboa, and El Cangrejo. For long-term renters you are better off to investigate middle class neighborhoods. El Cargrejo is a good option, Bella Vista, El Dorado, and parts of San Francisco are also good places.
It is best to consult with a broker who is knowledgeable of Panama real estate prices. Speak with them and ask what is included in the rental and what isn’t.