Cheyenne, Wyoming Short-Term Rental Market
Cheyenne, WY STRs averaged $122/night at 53.0% occupancy in April 2026, with a July Frontier Days demand spike driving the market's annual revenue peak.
Quick Answer: Cheyenne, Wyoming is an active short-term rental market. average occupancy is 53%. average monthly revenue is $1,678. average daily rate is $122. the top operator is Evolve with 125 listings. market score is 59/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Cheyenne is Wyoming’s capital and largest city, home to approximately 65,239 residents, drawing an estimated 1.1 million visitors annually. Tourism is anchored by Cheyenne Frontier Days, held in late July, which draws more than 200,000 attendees and is the world’s largest outdoor rodeo and Western celebration. Beyond that signature event, the city draws heritage and railroad history travelers, state government and capitol visitors, and road-trippers using Cheyenne as a gateway hub at the I-25 and I-80 crossroads roughly 100 miles north of Denver.
The market posted a $122.26 average daily rate and 53.0% occupancy in April 2026, generating $64.74 in RevPAR and $1,678 average monthly revenue. Year-over-year, occupancy declined 5.2% and revenue fell 3.7%, while ADR rose 2.4%. The 3,519 listing records break down by bedroom size: 1-bedroom (1,221), 2-bedroom (1,077), 3-bedroom (728), 4-bedroom (313), and 5-bedroom or larger (178). By listing type, entire-place units account for 3,260 (92.6%), with private rooms at 258 and shared rooms at 1. Channel data shows 2,064 Airbnb-only listings, 1,191 on both platforms, and 264 VRBO-only. Market scores: rental demand 80.7 and seasonality 71.6 are the strongest signals, with investability at 65.8 and revenue growth at 57.9.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 45% | $126 | $1,567 |
| Feb | 53% | $126 | $1,594 |
| Mar | 52% | $117 | $1,598 |
| Apr | 52% | $107 | $1,472 |
| May | 59% | $119 | $1,649 |
| Jun | 66% | $157 | $2,555 |
| Jul | 68% | $178 | $3,089 |
| Aug | 60% | $172 | $2,732 |
| Sep | 56% | $152 | $2,337 |
| Oct | 53% | $124 | $1,892 |
| Nov | 49% | $113 | $1,515 |
| Dec | 49% | $119 | $1,520 |
Top Short-Term Rental Operators in Cheyenne
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 125 | 4,967 | ★ 4.81 |
| 2 | Wagon Box Inn Restaurant Cabins | 32 | 220 | ★ 4.73 |
| 3 | Cara Rohde | 27 | 7,014 | ★ 4.70 |
| 4 | Leavetown | 20 | 8 | ★ 4.20 |
| 5 | Cindy Hill | 20 | 125 | ★ 4.92 |
What Kind of STR Should I Buy in Cheyenne?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,221 |
| 2 bed | 1,077 |
| 3 bed | 728 |
| 4 bed | 313 |
| 5 bed | 178 |
ADR by Property Tier
| Entire Home | $126 |
| Luxury | $251 |
| Professionally Managed | $137 |
Revenue by Dwelling Type
| Apartment | $1,442 |
| Entire Place | $1,734 |
| House | $1,821 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 58.7% |
| vrbo | 7.5% |
| both | 33.8% |
Investment Analysis
Cheyenne offers a low entry-price ADR market with adequate occupancy for investors seeking affordable Wyoming exposure. The April 2026 ADR was $122.26, with entire-home listings averaging $126.13 and professionally managed properties averaging $136.57, an 11.7% premium over the broad market average. Luxury-tier listings averaged $251.29 per night, a $129 premium above the market average. Revenue for houses averaged $1,821 per month and entire-place listings averaged $1,734, while apartments averaged $1,442 per month.
No housing price data was available in the dataset, so gross yield calculations cannot be completed here; investors should source current Cheyenne property values independently. The 2025 full-year annual average revenue was $2,277 per month, implying an annualized revenue run rate of approximately $27,324. Revenue has grown from $1,542 in 2019 to $2,277 in 2025, a 47.6% increase over six years, driven almost entirely by occupancy gains and modest ADR growth rather than rate spikes. Wyoming imposes no state income tax, which is a meaningful structural advantage for STR investment returns. Regulatory risk is low: the city has minimal enforcement, no owner-occupancy requirement, and no annual night cap.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Cheyenne guests book an average of 30.2 days in advance, the shortest lead time of this batch of five markets. This very near-term booking pattern is consistent with a state capital city attracting last-minute business travelers, government workers, and event-driven visitors rather than leisure travelers planning far-in-advance vacation trips. The exception is Frontier Days in late July, when properties may book earlier due to demand concentration.
Average length of stay is 4.8 nights, above the national short-term rental average and surprisingly long for a business and government demand market. This may reflect a mix of extended stay bookings from government contractors and traveling workers alongside standard leisure stays. A nearly five-night average reduces turnover frequency relative to two-to-three-night weekend-getaway markets, which lowers cleaning costs and reduces operational complexity per booking. Operators should have clear minimum-stay policies that allow capturing both short weekend guests and longer mid-week stays without sacrificing occupancy.
Short-Term Rental Regulations
Cheyenne is one of the more STR-permissive markets in the intermountain West. The city defines a short-term rental as renting a dwelling unit or portion thereof for fewer than 30 consecutive days. Operators are expected to obtain a Lodging Facility License under the city’s Unified Development Code and meet basic safety standards. The main operational rule is an occupancy cap of no more than four unrelated adults per unit. There is no owner-occupancy requirement, no primary-residence requirement, and no annual night cap. Enforcement has historically been minimal, and local reporting has indicated the city lacked robust STR-specific licensing authority; officials have discussed introducing a stronger ordinance, but no comprehensive new STR ordinance was confirmed as enacted as of mid-2026.
On taxes, STR operators must register with the Wyoming Department of Revenue and collect applicable state and lodging taxes. As of January 1, 2025, Laramie County imposes the full 7% lodging tax (confirmed in the area profile as the applicable occupancy tax rate), layered on top of approximately 6% in state and county sales taxes, meaning guests typically pay roughly 13% in combined taxes. Operators should verify current license requirements and any new ordinance directly with the City of Cheyenne Planning and Development Department, as the regulatory framework is described as actively evolving.
Market Comparison
Cheyenne’s 53.0% occupancy in April 2026 is modestly below the US STR median of approximately 55%, and its $122.26 ADR is well below the US STR median of approximately $220. RevPAR of $64.74 is below national benchmarks, reflecting Cheyenne’s positioning as a lower-price, moderate-occupancy market. The 2025 full-year average ADR of $145 is similarly below the national median. Cheyenne is not a premium pricing market; its investment case rests on lower property acquisition costs, minimal regulatory friction, Wyoming’s lack of state income tax, and stable year-round government and event demand.
The professional management landscape is modest. Evolve leads with 125 listings and 4,967 reviews (4.81 average rating). Wagon Box Inn Restaurant and Cabins follows with 32 listings and 220 reviews (4.73 rating). Cara Rohde holds 27 listings with 7,014 reviews (4.70 rating). Leavetown manages 20 listings with 8 reviews (4.20 rating). Cindy Hill rounds out the top five with 20 listings and 125 reviews, the highest rating in the top five at 4.92. The top five operators collectively manage 224 listings, representing approximately 6.4% of the 3,519 total listing records, leaving the market strongly dominated by independent hosts.
Frequently Asked Questions About Cheyenne, Wyoming
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How does Frontier Days affect the Cheyenne STR market?
Who are the top STR property managers in Cheyenne, WY?
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