Cheyenne vs Nearby Cities
Cheyenne is located in the southeastern corner of Wyoming and doesn’t have many nearby cities. Buyers looking for residential property in this area of the state can expect to see home values around $200,000 and median sales prices a bit closer to $250,000. In Cheyenne as well as some nearby cities like Laramie and Burns, the sales prices can get a bit closer to $300,000 at times. It’s common for buyers to pay more than $100 per square foot in this area, and many Cheyenne residents pay more than $150 per square foot. Renters in this region of the state are often faced with a median rent price around $1,200 per month.
Cheyenne Property Managers
Property managers in and around Cheyenne typically serve as the face of a rental community. They answer questions from prospective tenants and screen applicants interested in moving into vacant units. If there is a vacancy, it is the manager’s job to find suitable tenants to fill the space quickly.
Cheyenne Property Management Company Fees
Most property managers charge less than 10 percent of the rent collected from each rental unit. Depending on the services included in the contract and the size of the property, it’s common for managers to charge between six and eight percent of the gross rent collected from all units. Leasing fees also apply in most cases.
Wyoming Landlord/Tenant Laws
- Wyoming landlords have no legal restrictions when determining how much to charge for a security deposit.
- Tenants can sue their former landlords for up to $6,000 if their security deposit is illegally held by the landlord.
- If a tenant fails to provide a forwarding address to a landlord when vacating a property, the landlord may have more time to return the tenant’s security deposit.