Is Laramie, Wyoming Good for Airbnb Investment?

To start an Airbnb in Laramie, Wyoming, begin by researching local regulations through the City of Laramie Planning Department, as the city requires short-term rental operators to obtain a business license and comply with zoning ordinances that typically allow STRs in residential zones with restrictions on occupancy and parking. Contact Albany County for any additional county-level requirements and ensure compliance with Wyoming state tax obligations including lodging tax collection. Find a suitable property in neighborhoods like the University area or downtown Laramie, considering proximity to the University of Wyoming campus and local attractions, with purchase prices ranging from $200,000-$400,000 for typical rental properties. Obtain necessary permits including a City of Laramie business license (approximately $50-100 annually), ensure the property meets fire safety codes, and install required smoke and carbon monoxide detectors. Furnish the property with durable, western-themed décor appealing to visitors, including essentials like Wi-Fi, heating for harsh Wyoming winters, and outdoor gear storage given Laramie's outdoor recreation focus. List your property on Airbnb, Vrbo, and Booking.com with competitive pricing around $80-150 per night depending on size and amenities, highlighting proximity to university events, Medicine Bow National Forest, and Snowy Range skiing. Manage the property by establishing relationships with local cleaning services like Laramie-based companies, maintenance contractors familiar with Wyoming's extreme weather conditions, and consider using property management software to handle bookings, communicate with guests about winter driving conditions and altitude (Laramie sits at 7,220 feet), and maintain compliance with the city's noise ordinances and occupancy limits typically set at 2 people per bedroom plus 2 additional guests.

To identify profitable short-term rental properties in Laramie, Wyoming, focus on locations within 2-3 miles of the University of Wyoming campus, downtown areas near historic attractions, and properties with mountain or prairie views that appeal to outdoor enthusiasts visiting Medicine Bow National Forest and nearby recreational areas. Target 2-4 bedroom properties built after 1980 with modern amenities, full kitchens, reliable internet, parking, and outdoor spaces, as these attract both university visitors and tourists exploring Wyoming's natural attractions. Conduct pricing analysis using AirDNA and Mashvisor to benchmark against comparable properties, aiming for nightly rates between $80-150 depending on size and location, with higher rates during university events, graduation, and summer tourist season. Research competition by analyzing existing Airbnb and VRBO listings within a 5-mile radius, identifying gaps in amenities or underserved areas, particularly focusing on properties that cater to families visiting students or outdoor recreation groups. Utilize tools like Rabbu, BiggerPockets calculators, and local MLS data through Wyoming real estate platforms, while connecting with Laramie-based property management companies like Albany County property managers who understand seasonal demand patterns driven by university schedules, Frontier Days events, and outdoor recreation peaks from May through September.

To obtain an Airbnb/STR permit in Laramie, Wyoming, you must first contact the Laramie Planning Department at City Hall located at 406 Ivinson Avenue to determine if short-term rentals are permitted in your specific zoning district, as the city has been developing regulations since 2019. Submit an application through the Planning Department which typically requires a completed STR permit application form, proof of property ownership or lease agreement with landlord consent, a site plan showing parking arrangements, proof of liability insurance (minimum $1 million recommended), contact information for a local property manager if you're not local, and evidence of compliance with fire safety codes including smoke and carbon monoxide detectors. The application fee is estimated at $150-300 with potential additional inspection fees of $75-150. You must also register with the Wyoming Department of Revenue for state lodging tax collection and obtain a business license from Albany County if operating as a business entity. The approval timeline typically ranges from 4-8 weeks depending on application completeness and any required inspections. Laramie requires STR operators to maintain a guest registry, limit occupancy based on bedroom count plus two additional guests, provide adequate off-street parking (typically one space per bedroom), ensure 24/7 local contact availability, and comply with noise ordinances and neighborhood compatibility standards, with annual permit renewals required and potential neighbor notification processes for new applications.

Short-term rentals (STRs) are legal in Laramie, Wyoming, but operate under specific municipal regulations established around 2019-2020. The city requires STR operators to obtain a business license and comply with zoning restrictions that primarily limit short-term rentals to commercial and mixed-use zones, while generally prohibiting them in single-family residential neighborhoods. Properties must meet safety requirements including smoke detectors, carbon monoxide detectors, and fire extinguishers, and operators must provide contact information for a local representative available 24/7 for issues. The city has implemented occupancy limits based on property size and parking requirements, while also requiring operators to collect and remit local lodging taxes. Recent changes have included stricter enforcement of noise ordinances and neighbor complaint procedures, with the city conducting periodic reviews of STR regulations to balance tourism benefits with neighborhood preservation concerns.

The most promising Airbnb investment areas in Laramie, Wyoming include the University of Wyoming campus vicinity, particularly the neighborhoods around Grand Avenue and Ivinson Street, which benefit from consistent demand from visiting parents, prospective students, and university events throughout the academic year. Downtown Laramie near the historic depot and 2nd Street offers appeal to tourists exploring the city's western heritage and serves business travelers visiting local companies. The areas near the Laramie Regional Airport on the west side of town attract corporate visitors and travelers seeking convenient access. Neighborhoods close to the Medicine Bow National Forest access points, particularly on the western edges of the city, draw outdoor enthusiasts year-round for hiking, camping, and winter sports activities. The residential areas near the Wyoming Territorial Prison State Historic Site benefit from heritage tourism, while properties within walking distance of the downtown business district serve professionals attending conferences or conducting business with local energy and agriculture companies that have established operations in the region since the 1990s.

In Laramie, Wyoming, Airbnb hosts are subject to both state and local lodging taxes that must be collected from guests and remitted to tax authorities. The Wyoming state lodging tax is 4% on gross receipts from short-term rentals under 30 days, collected by the Wyoming Department of Revenue with quarterly remittance due by the last day of the month following each quarter. Albany County imposes an additional 4% lodging tax on short-term accommodations, bringing the total tax rate to approximately 8% for most Airbnb stays in Laramie. The City of Laramie may also impose a local occupancy tax of up to 2%, though this varies by specific location and property type. Hosts must register with the Wyoming Department of Revenue and obtain a lodging tax license, collect taxes from guests at the time of booking or check-in, and file returns quarterly even if no tax was collected during the period. Exemptions typically include stays of 30 days or longer (considered long-term rentals), stays by permanent residents, and certain government or military personnel on official business. Airbnb may collect and remit these taxes automatically in some cases through voluntary collection agreements with tax authorities, but hosts remain ultimately responsible for ensuring compliance and should verify that taxes are being properly collected and remitted.

To start an Airbnb in Laramie, Wyoming, expect total costs around $285,000-$320,000. Property purchase represents the largest expense at $250,000-$280,000 based on median home prices in the area. Furnishing costs typically range $15,000-$25,000 for a complete 2-3 bedroom setup including furniture, appliances, linens, and décor. Initial setup costs including professional photography, listing creation, and basic renovations run $3,000-$5,000. Permits and fees in Laramie include business license ($100), short-term rental permit ($200-$500), and potential zoning compliance costs totaling $1,000-$2,000. Insurance premiums for short-term rental coverage average $2,000-$3,000 annually. Utilities including electricity, gas, water, internet, and cable run approximately $200-$300 monthly. First six months operating costs encompass utilities ($1,200-$1,800), cleaning services ($1,500-$2,500), maintenance and supplies ($1,000), platform fees averaging 15% of bookings, and marketing expenses, totaling roughly $8,000-$12,000 assuming moderate occupancy rates of 40-60% during the initial period.

Airbnb properties in Laramie, Wyoming typically generate annual revenues between $15,000-$35,000 for entire homes and $8,000-$18,000 for private rooms, with average daily rates ranging from $65-$120 depending on property size and location proximity to the University of Wyoming campus. Operating expenses generally consume 40-60% of gross revenue, including cleaning fees ($25-$40 per turnover), utilities ($150-$250 monthly), property management (10-20% of revenue), insurance ($800-$1,200 annually), and maintenance costs ($1,500-$3,000 yearly). Properties within walking distance of UW campus or downtown achieve higher occupancy rates of 60-75% annually, while those in residential areas typically see 45-60% occupancy. Net profit margins for successful Laramie Airbnb operators range from 25-40% of gross revenue, with properties generating $8,000-$15,000 in annual net income after expenses. Success factors include strategic location near university facilities, competitive pricing during peak periods like graduation and football season, professional photography, responsive guest communication, and maintaining consistent 4.8+ star ratings. Properties that cater to visiting professors, parents of students, and business travelers to the university tend to outperform those targeting general tourism, given Laramie's limited recreational tourism compared to other Wyoming destinations like Jackson or Yellowstone.

Airbnb investments in Laramie, Wyoming typically generate annual ROI of 8-12% due to steady demand from University of Wyoming visitors, outdoor recreation tourists, and business travelers. Cash-on-cash returns generally range from 6-10% annually, with properties near campus or downtown performing at the higher end. Most investors achieve profitability within 18-24 months, assuming 60-70% average occupancy rates and daily rates of $80-120 depending on property size and amenities. The market benefits from limited hotel inventory and consistent year-round demand from university events, though seasonal fluctuations occur with peak performance during football season and summer months when outdoor activities drive tourism.

STRSearch is a national platform that specializes in identifying profitable short-term rental properties for investors looking in Laramie, Wyoming. Local real estate agents like those at Century 21 BHJ Realty, Coldwell Banker The Property Exchange, and RE/MAX Capitol Properties have experience with investment properties in the Laramie market and understand the university town dynamics that drive rental demand. National services include Mashvisor, which provides Airbnb analytics and investment property recommendations, AirDNA for market data and revenue projections, and Awning for comprehensive short-term rental investment guidance. BiggerPockets connects investors with local professionals and market insights, while Roofstock focuses on turnkey rental properties that could be converted to short-term rentals. Local property management companies like Laramie Property Management and High Plains Property Management can assist with the operational aspects of Airbnb investments. RedAwning and Vacasa offer property management services specifically for vacation rentals, and companies like HomeUnion and Roofstock provide end-to-end investment services including property acquisition, renovation, and management setup for short-term rental properties in emerging markets like Laramie.