Wyoming Rental Rates Are On The Rise
Wyoming has a boom or bust economy and that's a fact. When the times are lean, things around the state become cheaper. But when things are booming, prices for goods, services as well as things like rental rates - skyrocket!
Riverton and Rock Springs are enjoying a better recovery from the recent bust economy than elsewhere in the cowboy state as people are looking for better opportunities. And with an increase in population, both cities are experiencing an increase in rental rates.
Lendingtree.com did a study of rental prices from 2011 to 2016 and found that rental prices in Riverton and Rock Springs saw enormous growth. Riverton, WY saw the third highest growth in rental rates in the country. Followed by Rock Springs, WY which was 5th highest in the US.
Riverton had a 43.8% increase in rental property rates and Rock Springs saw a 43.5% increase. Placing both cities firmly in the top five in the nation. Bend, OR (54%) and Prineville, OR (45.7%) were the only two cities with higher increases in rental property prices than Riverton.
Here are the top ten cities with the largest increase percentages in rental property prices.
1 - Bend, OR (54%)
2 - Prineville, OR (45.7%)
3 - Riverton, WY (43.8%)
4 - San Francisco, CA (43.6%)
5 - Rock Springs, WY (43.5%)
6 - Santa Rosa, CA (40.4%)
7 - Santa Cruz, CA (38.2%)
8 - Fort Myers, FL (38.2%)
9 - San Jose, CA (37.6%)
10 - Denver, CO (36%)