Location: Crook County, WY | Metro: Crook County, WY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 82714 presents an interesting scenario for both renters and landlords. With a population of 196 and 100.0% of residents being renters, the demand for rental properties is high. However, the lack of specific data on median income and market rate rents makes it challenging to assess the overall affordability in the area.
Despite these unknowns, we can still draw insights from the available information. The Fair Market Rent (FMR) standard for the metro area in fiscal year 2026 is set at $990. This figure serves as a benchmark for voucher payments under the Section 8 program. If the actual market rates exceed this amount, which they often do, it highlights a potential affordability gap for those relying solely on vouchers.
In a scenario where all residents are renters and the number of households is relatively small, competition among landlords could be intense. High competition means landlords might need to offer competitive pricing or amenities to attract tenants. For those considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the analysis becomes crucial.
If the market rates are indeed higher than the $990 voucher payment, landlords will have to decide if they want to participate in the voucher program or target cash-paying tenants who might be willing to pay more but are fewer in number. Accepting vouchers ensures a steady stream of income, albeit potentially lower than market rates. On the other hand, focusing on cash-paying tenants might yield higher monthly rents but comes with the risk of reduced tenant pool size.
The takeaway for landlords is that understanding the local market dynamics is key. Given the high percentage of renters and the limited population, landlords should consider the balance between accepting vouchers to ensure occupancy and targeting cash-paying tenants for higher rents. A mixed strategy might be advisable, depending on the landlord's goals and the willingness of tenants to pay above the voucher rate.
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.