Location: Casper, WY | Metro: Casper, WY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $960 for ZIP 82601 in Casper, WY, landlords can expect to align their rental pricing closely with the federal guidelines for the upcoming fiscal year 2024. The local market rent, as measured by ZORI, stands at $1,184, indicating a slight premium over the FMR that tenants might be willing to pay. Given the median home value of $284,414, it's evident that homeownership is significantly more expensive compared to renting, which could explain why 30.1% of the population chooses to rent rather than buy. This preference for renting, coupled with a median income of $67,642, suggests that many residents find it financially prudent to lease properties rather than purchase them. Landlords should note that the average days on market (DOM) is 30, which is relatively low and indicates a healthy demand for rental properties in the area. Additionally, the price-cut share of 0.2% shows that few properties are being discounted, further supporting the idea of a strong rental market. For those considering Section 8 participation, the gap between the FMR and market rent provides an opportunity to offer affordable housing while still achieving competitive rates. However, landlords must also consider the administrative aspects and potential maintenance costs associated with Section 8 tenants. In conclusion, the data points towards a favorable environment for landlords and small-portfolio investors, especially those willing to participate in the Section 8 program.
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.