How to Rent a Home in Panama

Navigating the process of renting a home in Panama for the first time can feel overwhelming. Numerous questions might arise: Should I consult a lawyer? Are appliances typically included in rentals? How can I discover quality rental properties? Which neighborhoods will best suit my needs? These are just the tip of the iceberg. Dive in for answers to these pressing questions and gain insights from our members who've made Panama their home.

"Relocating to a new country can be an exciting yet challenging experience, and finding a place to live is one of the most important aspects of this process. If you're planning to move to Panama, this guide will provide you with all the necessary information about renting an apartment in this beautiful country. From finding a rental property to understanding the legalities involved, this guide will help you navigate the rental market in Panama with ease.

How Do You Find a Rental Property in Panama?

There are several ways to find rental properties in Panama. Online property portals such as Encuentra24 and Compreoalquile are popular platforms where landlords and real estate agents list properties for rent. Local newspapers also have property listings. Additionally, hiring a local real estate agent can be beneficial as they have extensive knowledge of the market and can help you find a property that suits your needs and budget.

Does Panama Have an MLS Type System?

Yes, Panama does have a Multiple Listing Service (MLS) system. This system is used by real estate brokers to share information about properties they are selling or renting. It's a reliable source to find rental properties as the listings are usually updated regularly.

Do Brokers Have Licenses and How Do I Know if They are Licensed?

In Panama, real estate brokers are required to have a license issued by the Technical Board of Real Estate of Panama (Junta Técnica de Bienes Raíces). You can verify a broker's license by checking with this board. It's important to ensure that your broker is licensed to avoid any potential legal issues.

Should I Buy or Rent in Panama?

This decision depends on your personal circumstances and long-term plans. Renting can be a good option if you're not planning to stay in Panama for a long time or if you're still exploring different areas before settling down. Buying can be a good investment if you plan to stay for a long period or retire in Panama.

Is it Difficult to Find Rentals in Panama?

Finding a rental in Panama is not typically difficult, especially in larger cities like Panama City. However, the process can be more challenging in smaller towns or rural areas where there are fewer properties available. It's advisable to start your search well in advance and consider hiring a local real estate agent to assist you.

What Documents are Required When Renting an Apartment in Panama?

When renting an apartment in Panama, you'll typically need to provide a copy of your passport, proof of income or employment, and references from previous landlords. If you're not a resident, you may also need to provide a copy of your visa. Some landlords may also require a background check.

Do I Need a Lawyer When Renting an Apartment in Panama?

While it's not mandatory to have a lawyer when renting an apartment in Panama, it can be beneficial, especially if you're not fluent in Spanish. A lawyer can review the lease agreement to ensure that your rights are protected. The cost for this service can vary, but it's typically around $200-$500.

How Long is the Typical Lease For?

The typical lease term in Panama is one year, but it's possible to negotiate a shorter or longer term depending on your needs and the landlord's flexibility.

Do I Have to Pay a Deposit?

Yes, it's standard practice in Panama to pay a security deposit when renting an apartment. This is usually equivalent to one month's rent but can vary depending on the landlord's requirements.

What Other Upfront Costs are There When Renting?

Other upfront costs when renting an apartment in Panama can include the first month's rent, a security deposit, and potentially a broker's fee if you used a real estate agent. Some landlords may also require a last month's rent payment upfront.

Are Utilities Included?

Whether utilities are included in the rent depends on the rental agreement. In some cases, utilities such as water, electricity, and gas may be included in the rent. However, in most cases, tenants are responsible for setting up and paying for their own utilities. The cost of utilities in Panama is generally affordable.

Are Furnished or Unfurnished Rentals More Popular?

Both furnished and unfurnished rentals are available in Panama. Furnished apartments typically include basic furniture, kitchen appliances, and sometimes even linens and dishes. Unfurnished apartments usually only include major appliances like a refrigerator and stove. The choice between furnished and unfurnished depends on your personal needs and preferences," said one expat living in Panama.

Expats Talk about What Type of Housing They Live In

"Very few homes in El Valle have air conditioning because it is generally not necessary here. The elevation of the mountains makes El Valle a bit cooler than coastal locations. Also we have very few, if any, gated communities here. Most homes are privately owned in residential areas. I hope this is helpful," said one expat living in El Valle de Anton.

"Typical construction of homes in Boquete, or all of Panama, is lack of insulation. During rainy season the rain drops, size of marbles on a tin roof is deafening. You may want to keep ear plugs nearby," wrote a member in Boquete.

"Right now, my room is comparable in size to a prison cell, but it's clean, there is WiFi, a TV,a desk, a small fridge, and my own bathroom. (Only window is in the bathroom!) Oh, and a bed! A communal kitchen/lounge is available when wanted. Last night was as noisy as all get-out. Hope it won't be a regular thing-earplugs, perhaps. This area is VERY popular with expats; fortunately I know a few of them, so I have someone to advise and direct me, if I need help," commented one expat who made the move to Panama City.

"We have a 2 bedroom rental house up the hill from Boquete town. It is our preferred area. We were lucky and planned well in advance of moving here," remarked one expat living in Boquete.

Expats Talk about How they Found their Home

"One of the most popular ways to go about finding a place to live in Panama is to contact a real estate agent. Real estate agents have up-to-date databases on listings and can help you find something that fits your needs. Additionally, you can use online property listing services such as Pana Network and Encuentra24 to browse through property listings offered in Panama. You can narrow down your search by location, price, size, or amenities. You may also be able to find available rentals through online expat forums, social media, and other expatriate websites. You may want to consider visiting the location if possible to get a feel for the area and evaluate whether it meets your criteria," said an expat in Panama.

"We live in Costa del Este because we wanted to be very close to services without being in a noisy city and we also like to walk and Costa del Este is a beautiful place with wide sidewalks and beautiful landscaping," remarked one expat who made the move to Panama City.

"Most good rentals are found through people you know. Ours was never advertised, only word of mouth. Good rentals are difficult to find," explained one expat living in Boquete.