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Waterfront living defines Bunkers Cove, where rental homes along St. Andrews Bay offer direct water access and spectacular sunset views. The neighborhood's lush vegetation creates natural beauty and privacy between properties developed when Panama City land values permitted more generous waterfront lot sizes. Most properties include docks or water frontage creating genuine Florida lifestyle beyond typical beach proximity. Though rental rates reflect the premium waterfront positioning, the combination of bay access and proximity to downtown Panama City creates value beyond basic housing considerations for those seeking maritime activities without tourist district congestion.
Welcome to the Apartment List March 2026 Rent Report for Panama City, FL. Currently, the overall median rent in the city stands at $1,283, after rising 1.8% last month. Prices and are now up 1.5% year-over-year. Read on to learn more about what’s been happening in the Panama City rental market and how it compares to trends throughout the nation as a whole.