Sell Your Commercial Property In Cheyenne, WY

Who rents in Cheyenne, WY

Renters occupy 32.9% of Cheyenne's 29,240 occupied housing units, per the Census Bureau's 2020-2024 American Community Survey. The renter share is 29.4% in Laramie County and 28.2% across Wyoming in that same survey. Cheyenne holds 9,626 renter households, or 75.5% of every renter household in Laramie County.

Cheyenne's population was 65,239 in the 2020-2024 American Community Survey, against 101,060 in Laramie County. State government alone averaged 3,852 jobs a month in Laramie County during 2024, per the Wyoming Department of Workforce Services covered employment series. Federal, state and local government together averaged 14,035 jobs, which is 29.1% of Laramie County's 48,212 covered jobs.

F.E. Warren Air Force Base supplies the military share of that tenant base. The 90th Missile Wing employs about 2,800 military personnel and 550 civilian employees, per a wing fact sheet current as of June 1, 2023. Family members of assigned personnel add another 4,000 people to the local population. Rotating assignments keep turnover predictable in Downtown Cheyenne and East Cheyenne rentals.

Rents and affordability in Cheyenne

Median gross rent in Cheyenne was $1,118 a month in the Census Bureau's 2020-2024 American Community Survey. Laramie County's median gross rent was $1,160 and Wyoming's was $992 in that survey. Median household income in Cheyenne was $78,839, against $80,173 in Laramie County and $76,176 statewide.

Cheyenne renters paying 30% or more of income on rent total 49.0%, per the 2020-2024 American Community Survey. Renters paying 50% or more total 23.1%. Both shares cover the 9,010 Cheyenne renter households for which the Census Bureau reports a rent-to-income ratio.

As of HUD's FY2027 fair market rents, the two-bedroom standard for Laramie County is $1,228 a month. HUD assigns Laramie County to the Cheyenne, WY MSA fair market rent area, so one schedule covers all of Laramie County.

Cheyenne's FY2027 two-bedroom standard of $1,228 runs $110 above the city's $1,118 all-unit median gross rent. Voucher-backed leases therefore price at or above the market median on most two-bedroom units.

Cheyenne's apartment stock and building age

Cheyenne has 3,396 housing units in buildings of five or more units, 11.0% of its 30,807 total units, per the 2020-2024 American Community Survey. That share is 8.3% in Laramie County and 9.2% across Wyoming, so the 5+ segment concentrates inside the city limits.

Cheyenne holds 1,358 units in 5-to-9-unit buildings and 743 in 10-to-19-unit buildings. Buildings of 20 to 49 units hold 603 Cheyenne units, and buildings of 50 or more hold 692. Another 3,539 Cheyenne units sit in 2-to-4-unit properties.

Cheyenne's median housing unit was built in 1976, against 1980 in Laramie County and 1981 in Wyoming. Units built before 1980 make up 56.8% of Cheyenne's stock, per the 2020-2024 American Community Survey. Units built in 2010 or later number 4,175, or 13.6% of the total, and only 736 units date from 2020 or later.

The rental vacancy rate in Cheyenne was 2.4%, against 1.9% in Laramie County and 6.0% statewide, in the 2020-2024 American Community Survey. A 1976 median build year puts boilers, roofs, service panels and sewer lines into the reserve line buyers price first when owners sell commercial real estate in Cheyenne, WY.

Property taxes on Laramie County apartment buildings

Laramie County levied 71.1 mills on tax district 0150, which covers Cheyenne and School District 1, for 2026. The downtown DDA district 0151 carried 91.1 mills that year, and the South Cheyenne water and sewer district 0152 carried 79.1 mills. County general levies account for 17.9 of those mills.

Wyoming assesses commercial and residential property at 9.5% of market value, per the Department of Revenue, and market value is set as of January 1 of each tax year. On a $2 million Cheyenne apartment building in tax district 0150, that produces $190,000 of taxable value and about $13,509 in annual property tax.

W.S. 39-13-103(b)(ii) requires all taxable property to be valued annually at fair market value, so a building is revalued every year rather than when owners sell commercial property in Cheyenne, WY. Wyoming's 4% growth cap and 25% homeowner exemption, at W.S. 39-11-105(a)(xliii) and (xlvi), reach only a single family residential structure. A 5+ unit building qualifies for neither.

Laramie County mails assessment schedules no later than the fourth Monday in April, and written objections are due within 30 days of that mail date. W.S. 34-1-142 requires a sworn statement of consideration disclosing the actual price with every recorded deed. Laramie County's recording fee is $12.00 for a first page plus $3.00 per added page, with no transfer or conveyance tax on the schedule.

Landlord rules in Cheyenne and Wyoming

Wyoming sets no cap on residential rent. No rent cap or local rent control authority appears in Titles 1, 15, 34 or 39 of the Wyoming statutes, so a Cheyenne rent roll resets on lease terms alone. The Wyoming Residential Rental Property Act, at W.S. 1-21-1201 through 1-21-1211, governs the rest of the relationship.

Security deposits carry no dollar ceiling in Wyoming. W.S. 1-21-1207 requires the rental agreement to state whether any part of a deposit is nonrefundable, with written notice when the deposit is taken. W.S. 1-21-1208(a) allows 30 days after termination, or 15 days after the renter's new mailing address arrives, whichever is later, to deliver the balance and a written itemization. Damage extends that window by another 30 days.

Nonpayment moves quickly in Cheyenne. W.S. 1-21-1002(a)(i) opens a forcible entry and detainer action once rent is three days late, and W.S. 1-21-1003 requires a three-day notice to quit before filing. W.S. 1-21-1209 binds whoever holds the owner's interest at termination to those deposit rules, which makes the deposit ledger a standard closing item on a Cheyenne sale.

Selling commercial property in Cheyenne: what the numbers mean

Three Cheyenne figures set an apartment building's price in 2026. The rental vacancy rate is 2.4%, tax district 0150 charges 71.1 mills on 9.5% of market value, and 56.8% of the housing stock predates 1980. Owners who want to sell commercial property in Cheyenne, WY should settle those three before pricing the income.

Skyline Capital Investments buys 5-to-100-unit buildings across Downtown Cheyenne, South Cheyenne, East Cheyenne and Ranchettes, stabilized or badly deferred. To sell multifamily property in Cheyenne, run the figures through our cap rate calculator, read our Cheyenne landlord-tenant statute guide, and send the building details through our seller page.