Location: Sheridan County, WY | Metro: Sheridan County, WY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,220 | $471,497 | 0.26% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 82836 presents a dynamic scenario that landlords and small-portfolio investors should consider carefully. The Fair Market Rent (FMR) for the area, set at $1,000 for metro fiscal year 2026, is notably higher than the current market rent of $877, as reported by the Census ACS. This suggests a potential upward trajectory for rental values, indicating that demand could be on the rise relative to supply.
The median home value of $454,450 reflects the overall cost of homeownership in the region, which can influence rental market dynamics. When homeownership is expensive, it often pushes more individuals towards renting, thereby increasing demand for rental properties. However, the lack of data on price-cut share and days on market (DOM) means we cannot definitively state whether supply currently outpaces demand or vice versa. Nonetheless, the gap between the FMR and the current market rent hints at a tightening market where rental demand might be growing faster than supply.
A renter share of 15.1% indicates a relatively low proportion of renters compared to owners. Despite this, the pressure on rental markets can still be significant, especially if there are barriers to homeownership such as high property values or limited mortgage availability. This pressure can drive up rents over time as more people seek rental options, making it a potentially lucrative market for landlords who can offer quality, affordable rentals.
In summary, ZIP 82836 appears to be a market with latent demand for rental properties, supported by the disparity between FMR and current market rent. Investors should keep an eye on trends in homeownership costs and rental demand to navigate this evolving landscape effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.