Average Rent in Cheyenne, WY↓ Rents falling 1.7% YoY🔺 2nd priciest in WY

Cheyenne, WY has rental prices ranging from $782/month to $1,916/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $903/month — 35% below the national average of $1,400/month. With a median household income of $77,884/year, spending $903/month on a 1-bedroom represents 14% of gross income — within the recommended 30% threshold.

How Cheyenne Compares

With an average 2-bedroom rent of $1,141/month, Cheyenne ranks #2 most expensive of the 23 cities tracked in Wyoming — pricier than 78% of all US cities in our data.

The Cheyenne Rental Market

The Cheyenne, WY area has a population of about 100,661 and 29% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Cheyenne, WY have fallen by $20/month (1.7%) over the past year, from $1,161 to $1,141. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Cheyenne, WY without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $36,120. The local median household income of $77,884 exceeds that threshold by $41,764, making Cheyenne relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Cheyenne, WY is $389,332, giving a price-to-rent ratio of 28.4. With a break-even horizon of approximately 28 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Is Cheyenne, WY Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Cheyenne?

Break-even analysis and mortgage estimates based on local market data.

Living in Cheyenne

Cost of living, job market, crime rates, and moving cost estimates.