Cheyenne is not a resort town, and that shapes every short-term rental here. Guests come for Cheyenne Frontier Days in late July, for business at F.E. Warren Air Force Base and state government, for medical visits and for overnight stops at the crossroads of I-25 and I-80. The result is a market with one huge week, steady weekday traffic and a quiet winter.
In short: LendingStreet finances Cheyenne short-term rentals with DSCR loans that, on some programs, qualify on projected short-term rental revenue rather than a long-term lease, with no W-2s or tax returns. Loans start at $150,000, purchases go up to 80% LTV (often lower on STRs, varies by program) and LLC borrowers are standard. Before you buy, confirm that the property can operate legally as a short-term rental under City of Cheyenne or Laramie County rules and any HOA covenants.
A Cheyenne projection should reflect several kinds of guests, not just rodeo week. Frontier Days fills nearly every room in town and lifts nightly prices sharply for about ten days. The rest of the year depends on travel nurses and patients at Cheyenne Regional Medical Center, families visiting airmen at F.E. Warren, contractors working on data center and energy projects, legislators and state agency visitors during the session, and drivers breaking up long trips on the interstates.
That mix favors clean, practical homes with parking, a garage for winter and room for work trucks over themed vacation properties. Many Cheyenne hosts also take 30-day-plus stays from medical and military guests during slow months, which can steady income.
| Demand source | When it peaks | What guests want |
|---|---|---|
| Cheyenne Frontier Days | Late July, about ten days | Sleeping space for groups, parking near the park |
| F.E. Warren Air Force Base | Year-round; graduations and moves | Family-sized homes, short-term furnished stays |
| Medical and travel nurses | Year-round | Furnished stays of 30 days or more, quiet streets |
| Interstate travelers | Summer and holidays | Easy highway access, one or two nights |
| Legislative session and state business | Early in the year | Close to the Capitol and downtown |
Cheyenne regulates short-term rentals through its zoning and licensing rules, and requirements can change. Before you write an offer, ask the City of Cheyenne Planning and Development office whether a short-term rental is allowed in the property's zone, what registration or license is required and whether there are occupancy, parking or inspection standards. Properties outside city limits, such as the Ranchettes north of town or Fox Farm to the south, fall under Laramie County rules instead.
Many newer subdivisions on the east and north sides have HOA covenants that prohibit rentals shorter than 30 days or require minimum lease terms. Read the covenants, not just the listing, because an HOA restriction can end an STR plan even where the city allows it.
Short stays in Wyoming are generally subject to state sales tax, local sales tax and lodging taxes. Wyoming has a statewide lodging tax, and Laramie County adds a local lodging tax that funds tourism promotion. Some booking platforms collect certain taxes for hosts, but you may still need to register with the Wyoming Department of Revenue and file for stays the platform does not cover.
Wyoming has no state personal income tax, which appeals to many investors, but that does not remove sales and lodging tax obligations on short stays. A local tax professional can confirm what applies to your property.
Frontier Days can account for an outsized share of a Cheyenne host's annual revenue, and it is tempting to project the whole year from July prices. A realistic projection treats that week as a bonus and builds the base from the rest of the year, which in Cheyenne means winter weekdays with wind, snow and lower occupancy.
When we review a projection, we look at comparable listings across a full year, not peak nights. If the numbers only work at Frontier Days pricing, the property is better underwritten as a long-term or mid-term rental.
This example is illustrative and not a quote. An investor buys a three-bedroom home with a detached garage a short drive from Frontier Park and downtown for $365,000. The property's zone and covenants allow short-term rentals. A third-party projection estimates about $48,000 a year in gross bookings, including Frontier Days, and the program counts $2,700 a month as qualifying income.
At 75% LTV the loan is $273,750. Estimated principal and interest on a 30-year term is about $1,891. Taxes are budgeted at $205 and insurance at $215, with no HOA, for a total payment of about $2,311. DSCR is about 1.17x.
| Item | Amount |
|---|---|
| Purchase price | $365,000 |
| Loan amount (75% LTV) | $273,750 |
| Estimated principal and interest | $1,891 |
| Taxes | $205 |
| Insurance | $215 |
| Total monthly payment | $2,311 |
| Qualifying monthly income | $2,700 |
| DSCR | About 1.17x |
Cheyenne is one of the most hail-prone cities in the country, and summer storms regularly damage roofs, siding and vehicles. Insurers price that risk into premiums and deductibles, and short-term rental policies can cost more than landlord policies. Ask about roof age and impact-resistant materials, and get a quote before you lock in your numbers.
Wind and winter add operating costs: snow removal, frozen pipe protection, and more wear on doors, windows and exterior finishes. Guests arriving late on I-80 in a storm need reliable heat and a clear driveway, so budget for a local cleaner and handyman who can respond quickly.
Some investors look beyond the city. Laramie, about 45 minutes west, has University of Wyoming visitors and access to the Snowy Range and Vedauwoo, while Curt Gowdy State Park sits between the two cities. Each of those places has its own rules, so confirm city or county requirements and HOA covenants there too.
Fort Collins, Colorado, is close but is a different state with its own licensing system and taxes. Our Wyoming short-term rental page covers markets across the state, including mountain areas with stronger leisure demand.
Send the address, price, revenue projection and target leverage through the form below, or call (877) 298-1001. We will check whether the property can qualify on projected revenue, run the ratio at a few loan amounts and tell you what the file needs, including zoning or license confirmation and HOA covenants.
Yes, on some programs. We can use a third-party projection of short-term revenue for the property instead of a 12-month lease.
A full-year projection includes it, but the loan should not depend on one week. We look at the whole year of comparable listings.
Cheyenne regulates them through zoning and licensing, and HOAs can add restrictions. Confirm current rules with the city or Laramie County for the specific property.
Short stays are generally subject to sales tax, Wyoming's statewide lodging tax and a Laramie County lodging tax. Confirm registration with a tax professional.
Yes. Many Cheyenne hosts mix nightly stays with 30-day-plus furnished rentals. Ask us how that income can be documented for your program.
DSCR loans start at $150,000 with no stated maximum.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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