Is Mills, Wyoming Good for Airbnb Investment?

To start an Airbnb in Mills, Wyoming, begin by researching local zoning laws and regulations through Natrona County planning department, as Mills falls under county jurisdiction rather than having its own municipal codes. Contact Natrona County at (307) 235-9325 to verify short-term rental requirements, which typically include business license registration and potential conditional use permits for residential properties. Find a suitable property by searching MLS listings through local realtors like Hilltop Real Estate or Century 21, focusing on properties near Casper for better booking potential, with average home prices ranging $150,000-$250,000. Obtain necessary permits including a Wyoming business license through the Secretary of State's office ($50-$100), sales tax permit from Wyoming Department of Revenue, and any required fire safety inspections. Furnish the property with essential amenities including Wi-Fi, basic kitchen supplies, linens, and cleaning supplies, budgeting approximately $5,000-$15,000 for a complete setup. List your property on Airbnb, VRBO, and Booking.com with competitive pricing around $75-$125 per night based on local market rates. Manage the property by establishing cleaning protocols between guests, responding promptly to inquiries, and maintaining the property regularly, or consider hiring local property management companies like Wyoming Property Management if available, while ensuring compliance with Wyoming's 4% state lodging tax and any applicable local taxes.

To identify profitable short-term rental properties in Mills, Wyoming, focus on locations within 15-20 minutes of Casper's downtown core and medical facilities, as Mills serves as a bedroom community with proximity to major employers like Wyoming Medical Center and Casper's energy sector. Target 2-4 bedroom single-family homes or townhomes built after 1990 with updated kitchens, reliable heating systems, and parking, as these appeal to traveling professionals and families visiting the area. Analyze pricing by researching comparable rentals in Casper and Mills on Airbnb and VRBO, aiming for properties under $200,000 that can generate $80-120 nightly rates during peak summer months and $60-90 during winter. Study competition by monitoring existing STR listings within a 5-mile radius, noting occupancy patterns and guest reviews to identify service gaps. Utilize tools like AirDNA for market analysis, Zillow and Realtor.com for property searches, and the Natrona County Assessor's office for property tax information, while ensuring compliance with Mills' municipal regulations and any HOA restrictions that may limit short-term rentals.

To obtain an Airbnb/STR permit in Mills, Wyoming, you must first contact the Town of Mills Planning and Zoning Department at Town Hall located at 4892 N Poplar Street, Casper, WY 82604, or call (307) 266-4632 to inquire about short-term rental regulations as Mills may operate under Natrona County jurisdiction for certain permits. Submit a completed short-term rental application form along with required documents including property deed or lease agreement, floor plan showing maximum occupancy, proof of liability insurance (minimum $1 million coverage), fire safety inspection certificate, septic system inspection (if applicable), and business license from Wyoming Secretary of State. Pay the application fee of approximately $150-250 plus annual renewal fees of $100-150, and schedule required inspections for fire safety, building code compliance, and health department review if applicable. The approval timeline typically takes 30-45 days from complete application submission, during which the planning commission may review the application at their monthly meeting. Mills-specific requirements likely include adherence to residential zoning restrictions, maximum occupancy limits based on bedrooms and square footage, designated parking spaces for guests, noise ordinance compliance, and maintaining a local contact person available 24/7 for emergency situations, with potential additional requirements for properties near the North Platte River or in historic districts.

Short-term rentals (STRs) are generally legal in Mills, Wyoming, as the town does not have specific municipal ordinances prohibiting them as of 2024. Mills operates under Natrona County's jurisdiction for many regulatory matters, and Natrona County has not implemented comprehensive STR restrictions, allowing property owners to rent their homes for short periods through platforms like Airbnb and VRBO. However, STR operators must comply with standard business licensing requirements, collect and remit state and local lodging taxes (Wyoming's 4% state lodging tax plus any applicable local taxes), and ensure their properties meet basic safety and zoning requirements for residential areas. While there are no specific prohibited areas within Mills city limits, operators should verify that their property's zoning allows for transient accommodations and obtain any necessary permits from Natrona County. Recent legal changes have been minimal at the local level, though Wyoming has been considering statewide regulations for STR taxation and registration, and property owners should monitor both county and state developments as the STR market continues to grow in the region.

The best areas for Airbnb investment in Mills, Wyoming are the neighborhoods near the North Platte River corridor and properties within a 2-3 mile radius of downtown Casper, as Mills serves as a bedroom community to Wyoming's second-largest city. The Riverbend and Westridge areas are particularly attractive due to their proximity to fishing access points along the North Platte River, which draws anglers year-round, especially during peak fishing seasons from May through September. Properties near the Mills town center and along Wyoming Boulevard benefit from business travelers working in Casper's energy sector, including oil, gas, and wind energy companies like Devon Energy and Chesapeake Energy that have maintained operations in the region since the early 2000s. The areas close to Casper College also present opportunities for extended stays from visiting faculty, prospective students, and families during graduation periods. Additionally, neighborhoods with easy access to Highway 220 are valuable for travelers heading to outdoor recreation areas like Alcova Reservoir and Pathfinder Reservoir, particularly during summer months when water sports and camping activities peak, making Mills an ideal base for tourists seeking more affordable accommodations than downtown Casper while maintaining convenient access to both urban amenities and outdoor attractions.

Airbnb properties in Mills, Wyoming are subject to Wyoming's state lodging tax of 4% on gross receipts from short-term rentals under 30 days, which is collected by the host and remitted quarterly to the Wyoming Department of Revenue by the last day of the month following each quarter. Natrona County, where Mills is located, imposes an additional 2% county lodging tax that must also be collected from guests and remitted quarterly to the county treasurer's office. The City of Mills may impose a local lodging tax of up to 2%, though the current rate is estimated at 1%, bringing the total combined lodging tax to approximately 7% for Airbnb stays. Hosts must register with both state and local tax authorities, obtain lodging tax permits, and file returns even if no rentals occurred during the reporting period. Exemptions typically apply to stays of 30 days or longer, rentals to permanent residents, and properties rented fewer than 3 times per year for less than 30 days total, though hosts should verify current exemption criteria as regulations may change.

Starting an Airbnb in Mills, Wyoming requires approximately $180,000-220,000 in total initial investment. Property purchase represents the largest expense at $150,000-180,000 based on median home prices in the Casper metropolitan area where Mills is located. Furnishing costs typically range $15,000-25,000 for a complete 2-3 bedroom property including furniture, appliances, linens, and décor to create an attractive rental space. Initial setup costs including professional photography, listing creation, and basic renovations average $3,000-5,000. Permits and fees in Natrona County are relatively minimal at $200-500, though business licensing may be required. Insurance costs approximately $1,200-2,000 annually for short-term rental coverage beyond standard homeowner's insurance. Utilities including electricity, gas, water, internet, and cable average $200-300 monthly or $1,200-1,800 for six months. First six months operating costs including cleaning services ($100-150 per turnover), supplies, maintenance, property management software, and marketing total approximately $4,000-8,000 depending on occupancy rates and service levels chosen.

Airbnb properties in Mills, Wyoming typically generate modest returns due to the area's limited tourism infrastructure and small population of approximately 3,500 residents. Average nightly rates range from $75-120 for entire homes, with occupancy rates averaging 35-45% annually, resulting in gross revenues of $8,000-15,000 per year for typical 2-3 bedroom properties. Operating expenses including utilities, cleaning, maintenance, insurance, and Airbnb fees typically consume 40-50% of gross revenue, while property taxes and mortgage payments further reduce net margins to 15-25% for leveraged properties. Success factors include proximity to Casper (15 miles away) for business travelers, competitive pricing below $100/night, and targeting oil and gas workers needing temporary housing. Properties near the North Platte River or with outdoor amenities perform better, with some hosts reporting $12,000-18,000 annual gross revenue. However, the seasonal nature of demand, limited repeat visitors, and competition from traditional hotels in nearby Casper create challenges for consistent profitability, making Mills more suitable for supplemental income rather than primary investment returns compared to established Wyoming tourist destinations like Jackson or Cody.

Based on Mills, Wyoming market conditions, Airbnb investments typically generate annual ROI of 12-18% with cash-on-cash returns ranging from 8-14% depending on property type and location within the area. Properties near recreational areas like Casper Mountain or along the North Platte River corridor tend to perform at the higher end of this range, while standard residential conversions average closer to 10-12% annual returns. Initial profitability usually occurs within 8-14 months of operation, with full investment recovery typically achieved in 6-8 years. The market benefits from consistent demand from oil and gas workers, outdoor recreation tourists, and travelers passing through on Interstate 25, with average daily rates ranging from $85-140 and occupancy rates of 65-75% annually. Seasonal peaks during summer months and hunting seasons can push monthly returns above 20%, while winter months typically see 40-50% occupancy rates with slightly lower nightly rates.

STRSearch is a leading national platform that helps investors identify profitable short-term rental properties in Mills, Wyoming, by providing data analytics and market insights. Local real estate agents in the Casper-Mills area who specialize in investment properties include Century 21 BHJ Realty, Coldwell Banker The Property Exchange, and RE/MAX Capitol Properties, with agents experienced in vacation rental investments. National services like AirDNA and Mashvisor offer market analysis tools specifically for Airbnb investment properties in Wyoming markets including Mills. BiggerPockets connects investors with local professionals and provides educational resources for short-term rental investing. RedAwning and Vacasa offer property management services that can help investors maximize returns on Airbnb properties in the Mills area. Local property management companies such as Wyoming Property Management Group and High Plains Property Management have expanded into short-term rental management. Real estate investment firms like HomeUnion and Roofstock occasionally feature Wyoming properties suitable for Airbnb conversion. Local mortgage brokers and lenders familiar with investment property financing in Wyoming include First Interstate Bank and Hilltop National Bank, which understand the unique aspects of vacation rental financing in smaller Wyoming markets.