Location: Cheyenne, WY | Metro: Cheyenne, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 82001 in Cheyenne, Wyoming, for fiscal year 2024 is set at $1,140. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you would charge your tenants; it is the reimbursement limit from the government.
In comparison, the typical market rent for the area, known as the ZORI (Zillow Observed Rental Index), stands at $1,250. This means that if you participate in Section 8, you will be receiving slightly less than the average market rent. However, the trade-off is that Section 8 provides a more stable income through government subsidies, which can be beneficial for first-time landlords and small-portfolio investors.
The demand for rental properties in this area is strong, with 37.3% of residents being renters. This indicates that there is a significant portion of the population who are likely to be interested in Section 8 housing, providing a steady pool of potential tenants.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in ZIP 82001 is approximately $346,070. This figure should be used as a reference point when evaluating the acquisition cost of a property. Keep in mind that the property must meet certain quality standards and pass inspections to qualify for the program.
Before proceeding with a Section 8 rental, it is crucial to verify that the property complies with all Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. A thorough inspection by a HUD-approved inspector will confirm whether your property meets these requirements.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.