The cost to rent an apartment or home in Clayton, a suburb of Panama City, Panama, or other parts of the reverted areas (former Canal Zone) are quite pricey.
For a 2-3 bedroom apartment one should contemplate between 1200-1800 USD per month for long term rentals of at least 6 to 12 months.
For a 3 bedroom duplex one should contemplate an average of 1800-3000 USD per month depending on the finishes and location of the duplex.
For a 3+ bedroom single family home one should contemplate 2700-6000 USD per month for long term contracts, depending on size of the property finishes, amenities and whether the property is located in a gated community or not.
Long term contracts generally include water and sometimes gas, but electricity, phone, internet and other utilities are generally not included.
Pricing for rentals in the reverted areas are on the higher end for the following reasons:
- The reverted areas, (former Canal Zone) is zoned as a garden city and as a result the zoning density is much lower than Panama City. Also the reverted areas is not a large area. It is generally considered to include 5 miles on either side of the Panama Canal, excluding Colon and Panama City. Much of the Canal Zone consists of watershed and other protected areas which cannot be developed.
There are a number of large projects and developments in the area that further increase the demand for housing and rental. These include:
- The City of Knowledge which is an Info Techno Park with many incentives for educational entities, and non profit organizations. Some of the organizations affiliated with the City of Knowledge include: UNICEF, WWF (World Wildlife Fund), the UN, and The World Food Programme.
- The US Embassy which is based out of Clayton.
- Panama Pacifico which is comprised of 1600 HA (almost 4,000 acres; over 6 square miles) and formerly designated as Howard Air Force Base. Panama Pacifico offers labor and tax incentives for multinational corporations. There are over 200 companies affiliated with Panama Pacifico, among them are Dell, Caterpillar and 3M. Panama Pacifico is essentially a new city, complete with industrial, commercial, residential, and recreational areas including interconnected parks, a sports complex which is currently under construction (2013) and plans for a Greg Norman signature Golf course.
- Contractors: There are many large scale developments underway in Panama which have brought in thousands on contractors to Panama. These projects include the Panama Canal Expansion, The Metro, Coastal Belt, and Bridge work to name a few.