Jackson Hole is the name everyone knows, but Teton County confines short-term rentals to specific zones. Across the rest of Wyoming, gateway towns and small cities offer more room to operate.
In short: LendingStreet finances Wyoming short-term rentals with DSCR loans that can qualify on projected rental revenue on some programs, starting at $150,000 with no W-2s or tax returns and LLC borrowers allowed. In Jackson and Teton County, stays under 30 days are allowed only in certain zones, so most homes there cannot be used as STRs. Cody, Star Valley, Sheridan and other towns are generally more open, with local zoning and lodging tax registration.
Jackson and Teton Village serve Grand Teton and Yellowstone visitors in summer and Jackson Hole Mountain Resort skiers in winter, but nightly rentals are limited to designated areas, often condos and resort properties. Many investors instead look at Star Valley towns like Alpine and Afton, and at Victor and Driggs just over the Idaho line.
Cody, near Yellowstone's east entrance, is a summer rodeo and park market. Sheridan draws visitors to the Bighorn Mountains and its downtown, and Lander, Pinedale and Dubois serve outdoor travelers. Laramie fills on University of Wyoming football weekends, and Saratoga draws anglers and hot springs visitors.
| Market | Typical property | What drives bookings | Rule to check |
|---|---|---|---|
| Jackson and Teton Village | Condos, resort properties | Tetons, Yellowstone, skiing | Nightly rentals only in certain zones |
| Alpine and Star Valley | Cabins, homes | Overflow from Jackson, rivers | County and town rules |
| Cody | Single-family homes, cabins | Yellowstone east entrance, rodeo | City zoning |
| Sheridan and Lander | Single-family homes | Mountains, small-town tourism | City zoning |
The Town of Jackson and Teton County allow stays under 30 days only in specific zones, mostly resort and lodging areas. A home in a residential neighborhood generally cannot rent nightly, regardless of demand. Confirm the zoning for any Jackson Hole property before you count on short-term revenue.
Outside Teton County, Wyoming cities and counties generally regulate STRs through zoning, business licenses and lodging tax registration. Subdivision covenants in mountain and river communities can still limit rentals, so read them early.
A standard DSCR loan compares a property's monthly rent with its full monthly payment: principal, interest, taxes, insurance and any HOA dues. For a short-term rental, some programs replace the long-term lease with a projection of nightly revenue, typically from a third-party revenue report built on comparable listings nearby.
Underwriting looks at the annual revenue figure divided across 12 months, not your best month. Some programs also review the property's own booking history when it has one, and some adjust the projection for expenses or seasonality. Each program sets its own method, so ask how the figure will be used before you lock in a price.
This example is illustrative and not a quote. An investor buys a three-bedroom home in Cody for $445,000. A third-party report projects $42,000 in gross annual short-term rental revenue, or about $3,500 a month. Taxes are budgeted at $220 a month and insurance at $160.
At 75% LTV the loan is $333,750, estimated principal and interest is about $2,368, and the full payment is about $2,748, for a DSCR of about 1.27x. If the year comes in 15% below the projection, the ratio drops to about 1.08x.
At 65% LTV the loan is $289,250, the payment falls to about $2,432 and the DSCR rises to about 1.44x, which leaves more cushion for a slow season in Cody.
| Item | 75% LTV | 65% LTV |
|---|---|---|
| Loan amount | $333,750 | $289,250 |
| Estimated principal and interest | $2,368 | $2,052 |
| Property taxes | $220 | $220 |
| Insurance | $160 | $160 |
| Total monthly payment | $2,748 | $2,432 |
| Projected monthly revenue | $3,500 | $3,500 |
| DSCR | About 1.27x | About 1.44x |
| DSCR if revenue is 15% lower | About 1.08x | About 1.22x |
Wyoming has no state income tax. Short stays carry state and local sales tax, a statewide lodging tax and, in many counties, an added local lodging tax. Platforms collect some of these; register where required.
Wyoming property taxes are low compared with most states, which helps the ratio. Mountain homes face snow loads, long winters and, in some areas, wildfire risk, and remote cabins can be expensive to heat and maintain. Get the insurance quote early.
Most Wyoming STRs earn the bulk of their revenue from June through September, when Yellowstone and Grand Teton are fully open. Jackson has a strong ski season as well, and Star Valley picks up some winter spillover. Cody and other gateway towns are quiet in winter. A projection for Cody should not look like one for Jackson.
A long-term tenant usually pays the utilities and handles day-to-day upkeep. A nightly guest does not. Plan on cleaning fees, laundry, utilities, internet, consumables, platform charges, more frequent maintenance and management, which for remote owners can be a sizable share of revenue. Budget for furnishing the property, too.
The ratio a lender calculates covers the debt, not these costs. Treat 1.0x as a floor for the loan, not a target for your business, and build your own monthly budget alongside the projection.
Our investor loans are business-purpose loans on non-owner-occupied property. STR DSCR loans follow the same basics as our long-term rental loans, with the income coming from projected or actual nightly revenue.
A complete file gets a faster answer. Gather these items, then get a quote through the form below or by calling (877) 298-1001.
Only in zones that allow stays under 30 days, mostly resort and lodging areas. Most residential homes in Jackson and Teton County cannot be rented nightly.
Star Valley towns such as Alpine and Afton, and towns just over the Idaho line, are common alternatives. Check local rules for each.
Yes. Wyoming has a statewide lodging tax, and many counties add a local one, plus sales tax. Platforms collect some of it.
Not really. Cody is busiest when Yellowstone's east entrance is open in summer. Underwriting looks at the annual projection, so winter months matter.
Sub-1.0 DSCR programs exist for some files. More down payment can also lift the ratio by lowering the payment.
Yes, on some programs. A third-party projection of short-term rental revenue can stand in for history on a purchase. Existing STRs can use their actual bookings.
No. DSCR loans qualify on the property's rental income. You need a 620 or higher credit score and reserves, but no W-2s or tax returns.
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