The option to buy or rent property in Panama is an individual one, a decision based on individual needs, but there are so many rental possibilities in Panama that the process of choosing is a rental property is an easy one.

Panama rental property comes in all shapes and forms and sizes, but generally Panama rental property is developed property used for commercial or residential uses or tourist accommodation. Of course there are concession properties available through Panamanian government, where lease of undeveloped land is allowed and developed by the lessee for tourism, agricultural or commercial projects and like activities.

In this article Panama rental property will pertain mainly to developed properties used for commercial rentals (hotels, inns, resorts, businesses, store fronts) or vacation rentals - condos, cabins, villas, mansions, islands, townhouses) accommodation/residences.

Panama rental property for commercial activity (business offices, spaces) or other commercial activity is more readily available in Panama City. High rise office spaces, units or blocks are widely available. More personal single unit offices (single or multistoried) can be found within Panama City as well, and more recently, some businesses rent converted condo space which as office spaces that are customized to meet clients need.

Overall, Panama rental property for commercial activity is widely available, the prices of such property will depend on the location, size and features and services included of the property.

Commercial or vacation rentals for short or long stay are endless in Panama. There are hotels, motels, villas, hostels, cottages, apartments, townhouses, rooms, B&B, Ranches, timeshare, and the list goes on and on. You name it and Panama has it. The process of vacation lodgings on properties; such as hotels, motel, inns, villas, cottages, bungalows (places where the main activity is lodging); is a standard international procedure, rooms available on a nightly, weekly or monthly basis. However, the rental process for an apartment, a condo or a townhouse property, is a little more winded, since the normal minimum contract duration is one year.

Condo rentals in Panama is fast becoming the popular choice for rental accommodation of North American and European expats and retirees. The attractiveness of condo rentals in Panama is the functionality. In a condominium lifestyle the set up of the living space or apartment is the sole responsibility of the tenant whereas maintenance of public areas, provisions of standard utilities and maintenance is that of the condo management. As a result condo lifestyle living is “no-or-low maintenance” plus it has the benefits of accessibility to full services and amenities. Many Panama condos are strategically located within blocks of entertainment, recreation, and business sectors. This last feature is functional as well as convenient as it alleviates the need for a car or motorized vehicle.

Another attractive feature of the Panama condo rental is that the condo units are all generally customizable - suit the individual size and taste. Condo living caters to all – from single unit to multiunit family units, condos come with one (1) to four (4) bedrooms, private or semiprivate bathrooms , kitchen, living room area. Of course some are outfitted with more luxurious and sophisticated floor plans. Some come truly well appointed in the finish and style and furnishing, other come unfurnished and the interior finish is left to the lessee.

The one hindering factor of property rental in Panama is a there is “normally” a minimum one year period of contract. Whereas, hotels, hostels, villas, B&B can be rented out on a nightly basis, or even a weekly basis. In cases where property rental is a part of main activity such as hotels, villas, motels etc, the process of renting is simple and straightforward. A 1-2-3 process: the booking made, deposit secured and time spent. However, on the other hand, where long term property rentals are the choice, there are a few points to keep in mind.

• Once you have found a rental property in Panama property, the price and terms must be discussed, negotiated and agreed to and documented.
• If you do not speak Spanish, or the Lessor is a non- English speaker, it really is recommended you contract a realtor or broker to conduct the transaction on your behalf.
• A Panama rental contract drawn up between the both parties is absolute.
• Deposits when and where necessary must be paid. Normally the equivalent of the first month rent is applied, but conditions may be different depending on the agreement terms.
• One of the security features of renting in Panama is the contract rental contract is registered with the Ministry of Housing.
• Some Panama rental properties are made available with full amenities and utilities, but more exclusive locations, such as villas, or remote units may not have all necessary aspects available and a broker would be useful in assisting in connection for electricity, water, cable, telephone, , or this could be part of rental agreement and as a condition be already available.
• Once you move into the property vacation rental, be sure to request the item check list, with which you should check and complete with the landlord or representative, it is necessary to document inventory and flaws which are existing.
• Inspect appliances and equipment, for in the case of no agreement, you may end up liable for missing, inventory or broken appliances when you really were not responsible.
• As a consolation, Panama’s solid real estate market has drawn the attention of US based real estate firms and established franchises in Panama city, plus many major US banks or their branches are on shore to provide financial service.

One possible down-side to renting a home is that you are usually limited to the changes/improvements you can make. In addition, when renting a property, you will not benefit from any increase in the property's value. The terms for rental of property in Panama can be short term where the time can be extended. It is a known fact that Panama property for rent the owners are often open to negotiate rentals terms since there is a glutton the market for certain type of rental properties, depending of time of year. For rental practices, it is normally requires that he rent is paid in advance, or lump sum deposits depending on eth duration of contract. Most parties for renting Panama require the first ands sometimes the last months deposit. This is called as security deposit held against damages to property or fixtures. The deposit is returned at the end of rental period. Prior to long term rental of property , the organized vendor will have paperwork requirement including a written contract. Remember English documentation is not valid in Panama and there if Spanish is second language it I wise to have the services of a local attorney or agent.

If renting through a letting agent you will probably be required to provide character references and a bank reference, and you may also be subject to a credit check. This is to protect the property owner from the defaulting on the rent payments by tenants. A statement on the condition of the property prior to your occupancy may also be issued which will assist you and/or the agent when assessing/negotiating liability for any damage to the property upon termination of the rental contract. You should ensure you are happy with its' content before signing. If the property is to be rented furnished you may be issued with an inventory of its' contents. Again you should check this thoroughly to avoid problems at the end of the rental period. Any losses/damages may be deducted from the deposit/bond you have paid. used as lodging for vacationers, retirees, expats et al,