Wyoming Rental Markets

[Jake Calobeer]

Hello, BP community,

New buy and hold investor here looking to learn some more about various rental markets in the state of wyoming. I currently reside outside of Salt Lake, Utah and recently finished and sold my first live in flip which generated some seed money for me to start investing in rental properties.

I have been doing research on Wyoming markets such as Rock Springs and Laramie, but am interested in other markets as well. I lived in Laramie for about two years from 2017 - 2019 for work and hope my work brings me back to this great state one day on a more permanent basis. 

What trends are you currently seeing in these markets and others in wyoming? Cap rates? Purchasing strategies? Vacancy rates? Rent price appreciation

Are there any pitfalls or other analysis strategies that may differ in wyoming from other markets to be aware of?

Economic development or job creating trends that aren’t widely being talked about? 

As with many areas of the country cities in Wyoming have experienced higher than normal home price appreciation. Do you feel that the economic opportunities in Wyoming, given the boom/bust nature of many communities in the state, can sustain the current appreciation? Or would these markets be more at risk of a larger slump than say a Denver or Salt Lake?

I look forward to contributing more on these forums as I begin this journey.