Cheyenne, WY Rental Market
Cheyenne is Wyoming's state capital and largest city, anchored by Francis E. Warren Air Force Base — one of the nation's three ICBM nuclear missile wings — and a growing technology economy that has emerged thanks to Wyoming's combination of no state corporate income tax, no personal income tax, low electricity costs, and favorable data center regulations. Microsoft, Google, and multiple large-scale data center operators have established significant infrastructure in the Cheyenne area, adding high-income tech employment to the traditional government and military base.
Get a rent estimate for an address in CheyenneAverage Rent in Cheyenne, WY
$1,120
per month · 2026-06
Market Score
Key Facts — Cheyenne, WY Rental Market
- Average rent in Cheyenne, WY:$1,120/mo
- Median rent:$1,030/mo
- Rent range:$550 – $2,450/mo
- Most common rental (2 bedrooms):$975/mo
- Active listings:380
- Avg days to lease:35 days
- Year-over-year change:+3.0%
- Median home value:$280,000
- Est. gross annual yield:4.8%
- Data as of:2026-06
Rent by Bedroom in Cheyenne, WY
Average monthly rent for each bedroom type based on current active listings in Cheyenne.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $800/mo |
2 Bedrooms | $975/mo |
3 Bedrooms | $1,250/mo |
4 Bedrooms | $1,550/mo |
5 Bedrooms | $1,775/mo |
Cheyenne Rental Market Statistics
Key indicators from the current Cheyenne, WY rental market.
380
Available now in Cheyenne
35
From list to lease
$0.90
Average across listings
1,250 sq ft
Typical rental size
$550 – $2,450
Min to max active listings
+3.0%
Avg rent vs. prior year
Investing in Cheyenne, WY Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$280,000
Typical purchase price in Cheyenne
Est. Gross Annual Yield
4.8%
Before expenses & vacancy
Avg Monthly Income
$1,120
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Cheyenne for a full cash-flow breakdown including all costs.
Cheyenne, WY Rental Market FAQ
Common questions about renting and investing in Cheyenne, WY.
What is the average rent in Cheyenne, WY?
The average rent in Cheyenne, WY is $1,120 per month as of 2026. One-bedroom apartments average $800/mo, two-bedrooms average $975/mo, and three-bedroom homes average $1,250/mo. Neighborhoods near FE Warren AFB and the south Cheyenne commercial corridor see the most consistent demand, while the historic Holliday Park and downtown districts attract a smaller but steady professional tenant base.
Is Cheyenne, WY a good place to invest in rental property?
Cheyenne offers a 4.8% estimated gross yield on a $280,000 median home value. FE Warren AFB's military personnel provide reliable tenant demand with BAH housing allowances, while the growing data center economy (Microsoft, Google, Switch) has added high-income tech workers who typically prefer quality rentals. Wyoming's no income tax and no state corporate tax environment also makes it favorable for out-of-state investors with Wyoming-based LLCs.
How competitive is the Cheyenne, WY rental market?
Cheyenne has approximately 380 active listings and averages 35 days on market — a measured pace appropriate for Wyoming's largest city. FE Warren AFB's PCS season creates a predictable summer surge in rental demand, particularly for 3- and 4-bedroom single-family homes. Data center and tech company employees have added new year-round demand that was largely absent a decade ago, improving overall market velocity.
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