TurboTenant Report: The Best Places to Buy Rental Investment Property in Wyoming

best places for rental investment in wyoming

In this edition of The TurboTenant report, we will be focusing on the best places to buy an investment property in Wyoming. One town made our list: Casper. We curated data from studies on the best places to buy an investment property, median listing price, and proprietary TurboTenant data. The TurboTenant Data includes stats on the average number of leads a rental property received, as well as the average number of days on the market. These two points will help an investor determine the strength of the rental market, as well as estimating potential vacancy rates. 

Wyoming is the 10th largest state, and the least populous. The estimated population in 2018 was around 577k. Wyoming’s main economic drivers are mineral extraction mostly coal, oil, natural gas, and trona as well as tourism. The Great Plains meet the Rocky Mountains in Wyoming. There are over 10 mountain ranges in the state, the Wind River Mountain Range, the Absaroka, Owl Creek, Gros Ventre, Wind River, the Tetons, the Big Horn Mountains, the Black Hills, Laramie, Snowy, and Sierra Madre ranges. Feel like skiing? Visit the world-famous Jackson Hole Ski Resort. If natural wonders are what you seek, you can visit Grand Teton National Park or Yellowstone National Park. If thrills are what you seek, you can snowmobile on the 270-mile Continental Divide Snowmobile Trail System that crisscrosses the state. 

If you are looking for outdoor adventures, Wyoming will not disappoint. Let’s take a look at the best place to buy a rental investment property in the Cowboy State. 

Casper, WY

Casper is located at the base of Casper Mountain in the North Platte River Valley. It has world-class recreational fun, a quaint and thriving downtown, and everything from rodeos to art shows and breweries. Casper is the second-largest city behind Cheyenne, the state capital. Home values have seen a 6.2% increase year over year. Population growth and employment growth did not report positive numbers. However, leads per property and the number of day on the market are strong at 40 and 14, respectively. 

  • Population growth: -2.4%
  • Employment growth: 0% 
  • Increase in home values: 6.2% 

Median Sale Price: $211k

Average Rent: $852

Average Number of Leads per Property: 40

Number of days on the rental market: 14

Once you’ve landed the perfect investment property in a good location, TurboTenant can help take your landlording into the digital world by streamlining the rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.

About the TurboTenant Report

The TurboTenant Report analyzes data from active listings across all 50 states, as well as third party real estate, population and employment growth data. Our goal with the TurboReport is to empower seasoned and novice investors to make wise purchasing decisions when purchasing a rental investment property. For more information or custom data requests, please contact press@turbotenant.com.

Methodology:

In order to determine the best cities to invest in each state, we curated data from a number of reputable sources as well as using TurboTenant proprietary data. Our main city selections were taken from a study that evaluated four main factors for each city: employment growth, population growth, increase in home values and rental yield. We combined that with TurboTenant data on the average rent price, the number of rental leads per property, as well as the average number of days the rental stays on the market.

We also included an honorable mention where applicable. They are pulled from this study on the best places to invest in every state. These were determined using Zillow’s Buyer-Seller Index and Zillow Home Value Forecast, and AreaVibes’ Livability Score. Other methods for determining honorable mentions include using TurboTenant proprietary data to determine which cities return the best rental investment R.O.I. using data points including days on market, the number of leads per property, and average rent price.

DISCLAIMER: TurboTenant, Inc does not provide legal advice. This material has been prepared for informational purposes only. All users are advised to check all applicable local, state and federal laws and consult legal counsel should questions arise.

Sources: 

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Sarnen Steinbarth

CEO & Founder TurboTenant, Inc

Sarnen has been investing in rental property since the age of 19. He saw firsthand the need for an easy-to-use and affordable technology backed solution geared towards independent landlords. In October of 2015, he launched TurboTenant. Today TurboTenant serves 200,000+ landlords and is still dedicated to making the rental process easy, smooth, and hassle-free. Sarnen is a regular contributor on Forbes and Bigger Pockets and has firmly positioned himself as thought leader in the real estate and proptech space.

Guidelines for using these data.

You are welcome to use any of the data in this report for your own purposes, we just kindly ask that you properly cite the source. 

An example citing: According to a report by TurboTenant, an online property management software company….

If you have data requirements that are outside the scope of this article, please email press@turbotenant.com. We have a plethora of data and are happy to supply another data set if it is available.

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