Casper Rental Market Holding Steady

Real estate agents say now is a great time to buy a home, but for those of us who aren't ready to do so, what does Casper’s Rental Market look like?

Rent, rent, rent can be seen all over Casper Classifieds on Facebook and leasing managers and real estate agents say Casper’s renting market is finally stabilizing.

Brionne Hopkins at the Preserve at Greenway Park told News 13, "Casper's finally at a position now to where they're not completely dependent on minerals and natural resources but we're not quite completely free of it either."

Broker One Rentals Agent, Gary Bryan shared, “We've seen prices come down over the past, say 2015, 20-16 you saw prices come down in rentals and you've seen them pretty stable over the last year."

Both agree Wyoming's mineral and gas industries are major players in the rental and housing markets.

Luxury apartments were the hardest hit a few years ago.

"When the oil down-turn came, a lot of the higher-end apartments definitely took a hit. They were renting to a lot of oil company employees. So they saw a mass exodus and their apartments were pretty empty."

Leasing managers say when occupancy is down that’s good news for renters.

"Typically, when our occupancy is lower we get more aggressive with our pricing and our corporate office allows us to be more aggressive, more accommodating to residents to bring that occupancy level up."

This allows renters negotiating power.

Bryan says if you are looking to rent a house, square footage plays a major role in pricing; for a rented home square footing runs around 90 dollars per square foot.