1st Advantage MortgageIn Sheridan, WY, rental investors qualify on the property's rent instead of personal income. The market data behind that: $936 median rent, $340,600 median home value and 38% of households renting.
Sheridan rents, values and tenants
Citywide, Sheridan renters pay a median $936 in gross rent (rent plus utilities), close to the Wyoming median of $992, and owner-occupied homes have a median value of $340,600, about 10% above the Wyoming median of $309,700. Dividing a year of median rent by the median home value gives a gross rent-to-value ratio of 3.3%, on the low side, so the payment, not the rent, usually decides whether a file clears. It mixes apartments and houses, so treat it as a compass and not as the number for any one property.
| Indicator | Wyoming | Sheridan | Difference |
|---|---|---|---|
| Persons per household | 2.34 | 2.16 | |
| Share in 2-4 unit buildings | 6.4% | 10.1% | +58% |
| Share of homes detached | 67.8% | 63.5% | -6% |
| Long commuters, 45 min plus | 9.7% | 4.3% | -55% |
| Degree holders, age 25+ | 30.6% | 29.0% | -5% |
| Workers on their own account | 11.9% | 11.1% | -7% |
| Renters paying 30%+ of income | 43.1% | 48.5% | +13% |
| Typical construction year | 1981 | 1978 | |
| Annual rent divided by value | 3.8% | 3.3% | -14% |
| Households that rent | 28.2% | 37.9% | +34% |
| Tax as a share of home value | 0.57% | 0.53% | -8% |
| Annual property tax bill, median | $1,767 | $1,794 | +2% |
| Household income, median | $76,176 | $62,867 | -17% |
| Typical monthly rent | $992 | $936 | -6% |
| Residents (Census estimate) | 582,397 | 19,285 |
The renter share is 37.9% in Sheridan, well above the Wyoming median of 28%, a sizable rental market. Median household income is $62,867, about 17% below the Wyoming median of $76,176, and 48% of renter households pay 30 percent or more of income on rent.
Property types and condition in Sheridan
Detached single-family homes make up 63% of the housing units in Sheridan, so most rentals here compete as houses, and rents follow neighborhood and school boundaries more than building type. With 1978 as the median build year, expect aging HVAC and roofs and ask for the dates of the last replacements.
Roughly 5% of units in Sheridan sit vacant, and the share of rentals available for rent is 2.3% at the survey's snapshot.
What stands out in Sheridan
With only 3.3% gross yield, Sheridan buyers often rely on appreciation as part of the plan, and a lender will want the ratio to clear without it. Median build year 1978 puts the typical Sheridan rental in its second set of major systems. With about 38% of households renting, Sheridan has enough tenants to support investors without being dominated by them.
Taxes, insurance and hazards in Sheridan
Homeowners in Sheridan paid a median $1,794 in real estate taxes, close to the Wyoming median of $1,767, an effective rate near 0.53% of home value against 0.57% statewide. Measured against a year of median rent, taxes eat about 16% before any other cost shows up.
County-level hazard data from FEMA (National Risk Index 1.20) shows Sheridan County with relatively low overall risk and winter weather (relatively high), wildfire (relatively moderate) and avalanches (relatively moderate) at the top of the list.
| Hazard in Sheridan County, FEMA index | Level |
|---|---|
| Cold waves exposure | Relatively Moderate |
| Avalanches exposure | Relatively Moderate |
| Wildfire exposure | Relatively Moderate |
| Winter weather exposure | Relatively High |
| Social vulnerability score | Relatively Low |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
A Sheridan landlord policy is priced on roof, age, wiring and location, and the annual premium divided by twelve lands in the payment the lender tests.
Running the numbers in Sheridan
At the city medians a DSCR file in Sheridan has $786 a month after taxes to cover principal, interest, insurance and dues if the ratio is 1.00, or $599 if the ratio is 1.25. Those two numbers show why insurance quotes and tax estimates come first.
Rules a Sheridan landlord should check
Rental registration, inspection and nightly-stay rules differ by city, and we have not verified Sheridan's from a municipal source. A short call to the city and Sheridan County before you make an offer is cheap insurance. Nightly stays carry state tax in Wyoming. Wyoming taxes short-term rentals of less than 30 continuous days with state sales tax and a statewide lodging tax plus local taxes, and platforms that act as marketplace facilitators collect and remit for the reservations they handle.
After move-out, the Sheridan owner has 60 days to return the deposit or account for deductions. On rent control, No rent-increase notice requirement and no rent control provision found in W.S. 1-21-1201 to 1-21-1211 (other titles not searched).
Sheridan in a Wyoming comparison
Here is how Sheridan ($340,600) compares with other Wyoming cities we cover, where values run $197,500 in Torrington up to $264,500 in Gillette.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Torrington | 36% | $1,235 | $197,500 | 6,182 | $901 |
| Riverton | 45% | $1,413 | $219,400 | 10,856 | $921 |
| Gillette | 27% | $1,525 | $264,500 | 33,431 | $976 |
| Sheridan | 38% | $1,794 | $340,600 | 19,285 | $936 |
Employers and institutions near Sheridan rentals
11.1% of employed residents work for themselves, which matters here because DSCR lending does not ask for tax returns or pay stubs. On the workforce side, government workers are about 25% of employment, 29% of adults hold a bachelor's degree or higher and 4% of commuters travel 45 minutes or more.
For getting around, Sheridan has air service through Sheridan County Airport, which matters to commuters and to out-of-town owners planning a visit.
From a Sheridan listing to a loan
A good Sheridan file has four pieces: rent evidence, a tax estimate, an insurance quote and cash. Preview the ratio in the calculator, then apply or talk to us.
More Wyoming markets
- All Wyoming DSCR loans
- DSCR loans in Gillette, WY
- DSCR loans in Riverton, WY
- DSCR loans in Torrington, WY
- Every market we cover
References
- National Risk Index entry, Sheridan County
- Sheridan on Wikipedia
- Wyoming security deposit statute (W.S. 1-21-1207, 1-21-1208)
- Wyoming tax source: Wyoming Excise Tax Division
- 2020 to 2024 ACS data used for Sheridan
Numbers for Sheridan come from the Census Bureau's 2020 to 2024 ACS and are survey estimates. Deposit and notice summaries come from RedFlagLease (CC BY 4.0) and the linked Wyoming sections. Facts were checked in October 2026, and rules change.
Pre-offer checklist
On a Sheridan purchase, line up the lease, the tax estimate, the insurance quote and any association dues before the appraisal is ordered, and ask the appraiser's office what rent comparables they plan to use.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
What rent do DSCR lenders use for a Sheridan rental?
Underwriters take the lease if one exists and compare it with the appraisal's rent estimate; the lower figure often governs. Sheridan median rent is $936.
Does the ratio in Sheridan include taxes and dues?
Yes, the payment includes principal, interest, taxes, insurance and association dues. At the Sheridan median rent of $936, a 1.25 ratio allows about $749 in total payment, of which roughly $150 a month goes to median taxes.
What do Sheridan owners pay in real estate taxes?
The Census reports a median of $1,794 a year for Sheridan owners, about 0.53% of median value against 0.57% for Wyoming. The county reassesses after a sale, so ask the tax office for an estimate on your purchase price.
Is short-term rental income allowed for a Sheridan DSCR loan?
Depending on the lender, yes, if the property may legally be used that way and income is documented. Confirm the local permit, association rules and Wyoming lodging taxes before you underwrite nightly income in Sheridan.
What are the security deposit rules for a Wyoming landlord?
A landlord has 60 days to return the deposit. Both come from W.S. 1-21-1207, 1-21-1208.
What hazard risk does Sheridan carry for investors?
The National Risk Index gives the county an overall relatively low rating. Use that as a prompt to get quotes, not as a verdict on one Sheridan street.
Can a company be the borrower on a Sheridan purchase?
No, but it is common. Entity borrowers supply articles, an operating agreement and an EIN letter, and the owners typically guarantee the loan. A Wyoming attorney can advise on structure.