Wyoming rental market data

Median Zillow asking-rent growth across seven metros was 2.7%, compared with 0.6% median home-value growth. The supplied difference was 2.1 percentage points, but the market examples show that this was not one uniform pattern.

Gillette’s rent rose 2.9% while its home value fell 4.0%, a calculated divergence of 7.0 percentage points. Jackson posted 8.0% rent growth against 1.6% value growth, yet its indicated gross yield was only 3.0%. Cheyenne was more balanced, with rent up 3.9%, value up 3.6% and a 4.5% gross yield. Rent momentum and entry yield therefore require separate screens.

Apartment List’s statewide recent-lease rent declined 1.2%, from $1,101 a year earlier to $1,088. The national series declined 1.1%, leaving Wyoming about 0.1 percentage point weaker. This series measures recent lease transactions and should not be averaged with Zillow’s metro rent measure.

The module’s vacancy and time-on-market observations are national, not Wyoming-specific: national vacancy was 7.2%, and national time on market increased from 28 to 30 days. Those figures cannot establish Wyoming rental vacancy or lease-up speed, leaving a direct state rental-liquidity gap.

Employment growth across the seven measured metros had a median of -1.0%, with the 10th-to-90th-percentile range running from -2.3% to -0.2%. The named readings were also negative in Cheyenne at -0.08%, Jackson at -0.29% and Laramie at -0.54%.

Migration provides a genuine but limited counter-signal. Measured inflows of 17,179 exceeded outflows of 16,952, producing net movement of 227, or 0.39 per 1,000 residents. Inbound aggregate adjusted gross income exceeded outbound income by $224,721. The migration data are not contemporaneous with the employment readings and do not identify renter households or their local destinations.

Median resale supply across seven metros was 2.5 months, but the 10th-to-90th-percentile range was 1.9 to 10.9 months. Median days on market was 49, with a range of 21 to 113.2 days over the same percentiles. Gillette was notably slower at 16.4 months of supply and 136 days on market; 25.2% of listings had price drops, and the sale-to-list ratio was 92.3%.

Jackson combined 392 permitted units, or 10.9 per 1,000 residents, with 7.2 months of resale supply and 98 days on market. Cheyenne had 486 permitted units, or 4.8 per 1,000, while resale supply was 1.8 months and marketing time was 23 days. Permit volume does not establish completions, rental tenure or absorption, but the resale differences require market-specific exit assumptions.

The seven-metro gross-yield distribution had a 4.2% median and a 10th-to-90th-percentile range of 3.5% to 4.8%. Casper’s $316,364 value and $1,361 monthly rent produced a supplied gross yield of 5.2%, above that 90th-percentile threshold. Its market rent-to-income measure was 22.6% on a median income of $72,156.

Cheyenne’s indicated gross yield was 4.5% with a 22.3% rent-to-income measure, while Gillette’s was 4.5% with a lower 16.8% rent-to-income measure. These are market-level screens rather than property returns or tenant qualifications. Gross yield omits vacancy, taxes, insurance, maintenance, management, financing and capital work.

Across 23 counties, the median ACS housing vacancy rate was 13.3%, with a 10th-to-90th-percentile range of 9.3% to 24.8%. The median renter share was 24.7%, while single-family homes represented 74.3% of stock and large multifamily properties just 2.4%.

Sublette County had 30.1% housing vacancy, but renters represented only 16.4% of households and single-family homes accounted for 84.7% of stock. Albany County showed a different tenant profile: 9.4% vacancy, a 50.0% renter share and 51.1% of renters spending at least 30% of income on rent. The contrast shows why ACS housing vacancy cannot be treated as available rental inventory.