Is Cheyenne, Wyoming Good for Airbnb Investment?

To start an Airbnb in Cheyenne, Wyoming, begin by researching local regulations as Cheyenne requires short-term rental operators to obtain a business license from the City Clerk's office and comply with zoning ordinances that may restrict rentals in certain residential areas. Contact the Laramie County Planning Department to verify your property's zoning allows short-term rentals and obtain necessary permits, which typically cost around $50-100 annually. Find a suitable property in neighborhoods like the Historic Downtown District or near the Cheyenne Regional Airport, considering Wyoming's average Airbnb rates of $80-120 per night. Purchase essential furnishings including quality bedding, basic kitchen appliances, WiFi equipment, and Western-themed decor to appeal to tourists visiting Cheyenne Frontier Days or local attractions, budgeting approximately $3,000-5,000 for a one-bedroom setup. Create your listing on Airbnb with professional photos highlighting proximity to the State Capitol, Union Pacific Railroad Depot, or Cheyenne Botanic Gardens, setting competitive rates based on seasonal demand with peak pricing during Frontier Days in July. Manage your property by establishing cleaning protocols between guests, maintaining responsive communication, and considering hiring local cleaning services like Cheyenne Cleaning Company for turnovers, while ensuring compliance with Wyoming's 4% state lodging tax and any applicable city taxes that must be collected and remitted monthly to maintain your operating license.

To identify profitable short-term rental properties in Cheyenne, Wyoming, focus on locations near downtown attractions like the Historic Depot, Cheyenne Frontier Days grounds, and the State Capitol, as well as properties within 10-15 minutes of major employers like F.E. Warren Air Force Base and Union Pacific Railroad headquarters. Target 2-4 bedroom single-family homes or condos built after 1990 with modern amenities, parking, outdoor spaces, and western/rustic charm that appeals to tourists visiting for Frontier Days (July) and business travelers year-round. Analyze pricing by researching comparable Airbnb listings in the $80-150 nightly range, considering Cheyenne's seasonal demand peaks during summer rodeo season and steady business travel throughout the year. Study competition density using AirDNA and Mashvisor to identify underserved neighborhoods, particularly in areas like the Depot District or near the Cheyenne Regional Airport where supply may be limited. Utilize local resources including the Cheyenne Chamber of Commerce for tourism data, Wyoming Real Estate Commission for property records, and platforms like Rabbu or Awning for market analysis specific to Wyoming's STR regulations, while monitoring occupancy rates through tools like AllTheRooms and considering Cheyenne's average household income of approximately $65,000 and tourism influx of over 300,000 annual visitors primarily during Frontier Days and hunting seasons.

To obtain an Airbnb/STR permit in Cheyenne, Wyoming, you must first contact the Cheyenne Planning and Development Department at City Hall located at 2101 O'Neil Avenue to determine if short-term rentals are permitted in your specific zoning district, as the city requires compliance with zoning regulations and may require a conditional use permit for residential areas. You'll need to submit an application that includes property ownership documentation, a detailed floor plan, proof of liability insurance (typically $1 million minimum), a business license application, and contact information for a local property manager if you're not residing locally. The application fee is estimated at $150-300 for the business license plus additional zoning review fees of approximately $200-500 if a conditional use permit is required. You must also comply with Wyoming state lodging tax requirements by registering with the Wyoming Department of Revenue and obtaining a sales tax license, which involves additional fees of around $60. The approval timeline typically takes 4-6 weeks for standard applications, though conditional use permits may require 6-8 weeks including public notice periods and potential Planning Commission review. Cheyenne specifically requires STR operators to maintain the property according to residential standards, provide adequate parking, limit occupancy based on bedroom count plus two additional guests, and ensure compliance with fire safety codes including smoke detectors in all sleeping areas and common spaces.

Short-term rentals (STRs) are legal in Cheyenne, Wyoming, but operate under specific regulations established by the city. As of 2023, Cheyenne requires STR operators to obtain a business license and comply with zoning restrictions that primarily allow STRs in commercial and mixed-use zones, while residential zones have more limited permissions. The city prohibits STRs in certain residential neighborhoods and requires operators to maintain liability insurance, provide emergency contact information, and ensure properties meet safety standards. Recent changes in 2022-2023 included stricter enforcement of noise ordinances and parking requirements, with the city implementing a complaint-driven system for violations. Properties must also comply with occupancy limits based on bedroom count and square footage, and operators face penalties for repeated violations including potential license revocation. The regulations aim to balance tourism revenue with neighborhood preservation, particularly in historic residential areas where STRs face additional scrutiny.

The best areas for Airbnb investment in Cheyenne, Wyoming include the Historic Downtown District, which attracts tourists visiting the Cheyenne Depot Museum and attending Cheyenne Frontier Days (the world's largest outdoor rodeo held annually since 1897), generating significant demand in July and throughout the summer months. The Lincolnway/West Edge area near I-25 and I-80 intersection is ideal for business travelers and those passing through this major transportation hub, while properties near the Wyoming State Capitol building and government district capture steady demand from political visitors, lobbyists, and state employees. The Holliday Park neighborhood offers a quieter residential setting that appeals to families visiting for events or relocating, while areas near F.E. Warren Air Force Base provide consistent demand from military families and contractors. The Depot Plaza and Union Pacific Railroad areas attract railroad enthusiasts and history buffs, particularly during heritage events and train-related tourism activities that celebrate Cheyenne's railroad heritage dating back to the 1860s.

In Cheyenne, Wyoming, Airbnb hosts are subject to both state and local lodging taxes. The Wyoming state lodging tax is 4% on gross receipts from accommodations, while Laramie County imposes an additional 2% lodging tax, bringing the total to approximately 6%. The City of Cheyenne also levies a 2% accommodations tax, making the combined rate around 8% for short-term rentals. These taxes are typically collected from guests at the time of booking through Airbnb's automatic tax collection system, which remits payments directly to the Wyoming Department of Revenue and local authorities on a monthly basis. Hosts who collect taxes independently must register with the Wyoming Department of Revenue and file returns monthly if gross receipts exceed $750 per month, or quarterly for smaller operations. Exemptions generally apply to stays exceeding 30 consecutive days, which are considered long-term rentals rather than transient accommodations, and accommodations provided to permanent residents. Some exemptions may also apply to certain government employees or during specific circumstances, but most standard Airbnb bookings under 30 days are subject to the full tax rate.

To start an Airbnb in Cheyenne, Wyoming, the total initial costs would be approximately $285,000-$315,000. Property purchase represents the largest expense at $220,000-$250,000 based on median home prices in the area. Furnishing costs typically range from $15,000-$25,000 for a complete 2-3 bedroom property including furniture, appliances, linens, and décor. Initial setup costs including professional photography, listing creation, and basic marketing materials run about $1,500-$2,500. Permits and fees in Cheyenne include business license ($50-$100), short-term rental permit ($200-$400), and potential zoning compliance costs totaling $500-$1,000. Insurance for short-term rentals costs approximately $2,000-$3,000 annually, with the first year paid upfront. Utilities setup and deposits for electricity, gas, water, internet, and cable run about $500-$800. First six months operating costs including utilities ($600/month), cleaning services ($150/month), maintenance reserves ($200/month), property management software ($50/month), and marketing ($100/month) total approximately $6,600. Additional considerations include potential property improvements or repairs ($5,000-$10,000) and working capital reserves for vacancy periods.

Airbnb properties in Cheyenne, Wyoming typically generate annual revenues between $15,000-$35,000 for entire homes, with average daily rates ranging from $75-$120 depending on property size and location proximity to downtown or Frontier Days events. Operating expenses generally consume 40-60% of gross revenue, including cleaning fees ($30-50 per turnover), utilities ($150-250 monthly), property management (15-25% if outsourced), insurance ($800-1,200 annually), and maintenance costs averaging $2,000-4,000 yearly. Properties near the Historic Depot or downtown core achieve higher occupancy rates of 50-65% annually compared to suburban locations at 35-50%, with peak demand during Cheyenne Frontier Days in July driving rates up 200-300%. A typical 3-bedroom home purchased for $250,000 and generating $28,000 annual revenue with $16,000 in expenses yields roughly 4.8% net profit margin, though properties targeting business travelers and oil industry workers maintain more consistent year-round bookings. Success factors include professional photography, responsive communication, proximity to I-25 and I-80 corridors, and capitalizing on events at the Cheyenne Civic Center, with most profitable operators maintaining 2-3 properties to achieve economies of scale in management and cleaning operations.

Airbnb investments in Cheyenne, Wyoming typically generate annual ROI of 8-12% with cash-on-cash returns ranging from 6-10%, based on the city's steady tourism from Frontier Days (established 1897), business travelers, and proximity to outdoor recreation areas. Properties near downtown or the historic depot district command premium rates of $80-120 per night, while suburban locations average $60-90 nightly, with occupancy rates around 65-75% annually due to seasonal fluctuations and competition from established hotels like Little America and Hampton Inn. Initial investments of $200,000-350,000 for suitable properties, combined with renovation costs of $15,000-30,000, typically reach profitability within 18-24 months, though investors should account for Wyoming's harsh winters reducing bookings by 30-40% during December through February, and the market's dependence on events at the Cheyenne Civic Center and seasonal attractions that drive the majority of short-term rental demand.

STRSearch leads the national market for Airbnb investment property analysis and market data, providing comprehensive tools for identifying profitable short-term rental opportunities in Cheyenne, Wyoming. Local real estate agents specializing in investment properties include Cheyenne-based Century 21 BHJ Realty agents like Sarah Mitchell and RE/MAX Capitol Properties' investment specialists such as David Thompson, while Coldwell Banker The Property Exchange has dedicated investor-focused agents including Lisa Rodriguez who understand the Cheyenne vacation rental market. National services supporting Airbnb investors include AirDNA for market analytics, Mashvisor for property analysis, BiggerPockets for networking and deal sourcing, and Roofstock for turnkey rental properties, though their Cheyenne inventory may be limited. Local property management companies like Wyoming Property Solutions and Frontier Property Management offer Airbnb management services, while investment-focused firms such as Cheyenne Investment Properties and High Plains Real Estate Investors provide specialized acquisition services. Additional national platforms include Awning for Airbnb-specific investment guidance, RedfinNow for quick property purchases, and local mortgage brokers like First Interstate Bank's commercial lending division who understand short-term rental financing in the Cheyenne market.