Sell Your Commercial Property In Wyoming

The Wyoming rental market at a glance

Wyoming had 68,699 renter households in the Census Bureau's 2020-2024 American Community Survey, or 28.2% of 243,318 occupied homes. Owners hold the other 71.8%. Larger rental stock is thin: just 25,427 Wyoming housing units, 9.2% of the state's 277,141 total, sit in buildings of five or more units, per ACS table B25024.

Wyoming rental vacancy stood at 6.0% in the 2020-2024 DP04 housing profile. Statewide median household income was $76,176, so the $992 median gross rent equals about 15.6% of a typical Wyoming household's gross income. Renters themselves feel more strain: 43.1% of Wyoming renter households paid 30% or more of income on rent, per ACS table B25070.

Five-year trends in Wyoming

Wyoming median gross rent rose 16.0% between the 2015-2019 and 2020-2024 ACS periods, from $855 to $992 a month. Median household income grew 18.9% over the same span, from $64,049 to $76,176, so Wyoming income outran rent by 2.9 percentage points statewide.

Wyoming added only 570 renter households between the two periods, a 0.8% gain, and units in five-plus buildings slipped 0.2%, a loss of 49 units. Both figures point to a slow-growing rental stock statewide.

Growth was uneven across Wyoming cities. Cheyenne rent rose 22.2% and Casper rent 18.6% between the two ACS periods, the fastest among the six cities covered here. Rock Springs rent rose just 5.7%, the slowest of the six.

Wyoming city comparison

Median gross rent across Wyoming's six largest covered cities ranges from $925 in Laramie to $1,118 in Cheyenne. Rental vacancy runs from 2.3% in Sheridan to 16.1% in Gillette, per each city's 2020-2024 ACS figures.

Laramie leads this list on both renter share, at 55.9%, and units in five-plus buildings, at 24.1%, consistent with University of Wyoming student housing demand. Gillette is the most owner-heavy of the six, with renters in 26.8% of occupied homes but the highest rental vacancy, at 16.1%.

Wyoming landlord, tax and transfer rules

Wyoming Titles 1, 15, 34 and 39 contain no rent-control or rent-cap statute and no express preemption language, so no ordinance currently limits rent increases on a Wyoming apartment building.

Wyoming sets no statutory cap on security deposits. Under W.S. 1-21-1208(a), the balance plus a written itemization is due within 30 days after termination, or 15 days after the renter supplies a new address, whichever is later, extended another 30 days if there is damage. W.S. 1-21-1209 binds a buyer to these deposit duties, so a ledger review belongs on every Wyoming closing checklist.

Wyoming assesses commercial and apartment property at 9.5% of market value under W.S. 39-11-101(a)(xvii)(C) and 39-13-103(b)(iii)(C), and W.S. 39-13-103(b)(ii) requires annual revaluation, not a sale-triggered reset. A strong rent year can surface in next January's value.

Wyoming has no real estate transfer tax; a search of Title 39 for transfer, conveyance or documentary tax returned no statute. The county clerk still requires a sworn Statement of Consideration under W.S. 34-1-142, disclosing the actual price paid before recording the deed.

What this means if you sell in Wyoming

Owners who sell commercial property in Wyoming are priced on rent rolls, vacancy and the next assessment, not just last year's bill. A building in Sheridan, at 2.3% vacancy, reads differently to a buyer than one in Gillette at 16.1%.

Taxes deserve the closest look. Because Wyoming revalues rental property every January 1 at 9.5% of market value with no sale-triggered reset, we model the coming assessment rather than the last one. With no transfer tax, no state levy comes off the sale price when selling an apartment building in Wyoming.

We review Wyoming buildings of five or more units in Cheyenne, Casper, Gillette, Laramie, Rock Springs, Sheridan and the rest of the state. As a multifamily buyer in Wyoming, send the rent roll and the latest Wyoming tax statement, and we will set the property against the figures above.