Campbell (WY) Investor Pulse Report (2025-Q4)

Landlords in Campbell (WY) collectively own 1,759 Single Family Residential (SFR) properties, representing 15.6% of the total SFR market in the county. This establishes a notable, albeit not overwhelming, investor presence in the local housing landscape.

Individual landlords are the predominant owners, controlling 1,453 SFR properties, which accounts for 82.6% of the investor-owned portfolio. In contrast, company-owned properties number 337, making up 19.2% of the total, challenging the narrative of corporate dominance.

The market is served by 2,368 distinct landlord entities, with individual landlords comprising the vast majority at 2,106 (89.0%) entities. This high number of individual entities relative to company entities (262, or 11.0%) underscores the market's reliance on smaller, local investors.

A striking 97.6% of all landlord-owned SFR properties, totaling 1,716, are rented, highlighting the strong rental-focused nature of investor holdings in Campbell (WY). This indicates that nearly all investor properties serve as rental housing rather than being held vacant or for speculative purposes.

Regarding acquisition methods, 1,017 (57.8%) of landlord properties were acquired with cash, signifying a preference for unfinanced purchases among investors. This cash preference outstrips financed properties, which account for 742 (42.2%) of holdings, suggesting financial robustness or strategic capital deployment by landlords.

In Q4 2025, landlords in Campbell (WY) paid an average of $296,638 for SFR properties, securing a significant 20.1% discount compared to traditional homeowners who paid $371,088. This represents a substantial $74,450 savings per property, signaling a consistent pricing advantage for investor buyers.

The landlord pricing advantage has shown quarterly volatility, fluctuating from a 24.1% discount ($86,641) in Q1 2025, narrowing to 18.2% ($62,555) in Q2, then widening to 21.9% ($78,564) in Q3, before settling at 20.1% in Q4. This pattern indicates dynamic market conditions impacting landlord purchasing power.

Average acquisition prices for landlords have seen significant appreciation over time, rising from $242,578 during the 2020-2023 period to $296,638 in Q4 2025. This 22.3% price increase over the pandemic era highlights the sustained growth in property values for investors.

While prices saw a peak at $319,868 in Year 2024, the average acquisition price for Year 2025 dropped to $283,102, a 11.5% decrease year-over-year. This trend suggests a market adjustment after peak pricing, offering potentially better entry points for recent investors.

Despite the overall trend of rising values from the pandemic era, the quarterly acquisition prices for landlords in 2025 have remained relatively stable, ranging from $272,544 in Q1 to $296,638 in Q4, indicating a sustained, but not rapidly escalating, price environment for investors during the current year.

Landlords in Campbell (WY) acquired 28 SFR properties in Q4 2025, representing 15.2% of the total 184 SFR purchases made in the county during the quarter. This indicates a consistent, albeit measured, presence of investors in the recent acquisition market.

The vast majority of landlord purchasing activity in Q4 was driven by single-property investors (Tier 01), who acquired 23 properties, accounting for 82.1% of all landlord purchases. This highlights the crucial role of new or expanding small-scale investors in the market.

A total of 32 distinct entities, primarily single-property landlords, entered the market or expanded their portfolios in Q4 by acquiring single properties. This high number of individual entities demonstrates a broad base of local interest in SFR investment.

Mom-and-pop landlords (Tiers 01-04) collectively purchased 25 properties in Q4, making up a dominant 89.3% of all landlord acquisitions. This contrasts sharply with institutional investors (Tier 09), who accounted for only 2 properties (7.1%) of landlord purchases, underscoring the fragmented nature of investor activity.

The remaining Q4 landlord purchases were distributed among mid-size tiers, with Tier 03-05 acquiring 2 properties (7.1%) and Tier 21-50 acquiring 1 property (3.6%). This distribution reinforces the pattern of smaller-scale investors driving the bulk of recent market activity.

Mom-and-pop landlords, defined as those owning 1-10 properties (Tiers 01-04), collectively control an overwhelming 97.0% of all investor-owned SFR properties in Campbell (WY). This dominance, totaling 1,731 properties out of 1,784, firmly positions small-scale investors as the primary force in the local rental market.

Single-property landlords (Tier 01) alone account for 84.9% of the entire investor portfolio, holding 1,515 SFR properties. This highlights the significant role of first-time or casual landlords who own just one rental unit.

In stark contrast to the mom-and-pop segment, institutional investors (Tier 09, 1000+ properties) own a negligible 0.8% of the investor-held SFR properties, totaling only 14 units. This modest presence directly challenges any perception of large corporate control over the county's rental housing.

The distribution reveals a clear inverse relationship between portfolio size and prevalence, with smaller tiers holding significantly more properties and larger tiers having minimal representation. For example, Tier 02 (two properties) holds 4.0% (72 properties), while Tier 101-1000 holds just 0.6% (11 properties).

Examining Q4 2025 acquisition prices, single-property landlords (Tier 01) paid an average of $296,638. This is substantially higher than the $145,420 average price paid by institutional investors (Tier 09) in the same quarter, indicating differing acquisition strategies or property types targeted by larger entities.

The ownership landscape in Campbell (WY) shifts significantly as portfolio size increases: individual investors dominate smaller portfolios, but companies become the majority owners starting at the 3-5 property tier. In Tier 03-05, companies own 55.3% (57 properties) compared to individuals at 44.7% (46 properties).

For single-property landlords (Tier 01), individual ownership is overwhelmingly prevalent at 88.7% (1,368 properties), with companies holding a mere 11.3% (174 properties). This establishes individuals as the primary entry point and bulk owner of the smallest rental portfolios.

This trend continues into the two-property tier (Tier 02), where individuals still hold the majority at 72.2% (52 properties), while company ownership climbs to 27.8% (20 properties). This shows companies beginning to increase their presence as landlords move beyond a single property.

The most dramatic shift occurs at the 6-10 property tier (Tier 06-10), where company ownership skyrockets to 85.4% (35 properties), while individual ownership plummets to 14.6% (6 properties). This indicates that larger portfolios are almost exclusively managed by corporate entities.

The clear crossover point around Tier 03-05 signifies a strategic boundary where the operational complexities and capital requirements for managing multiple properties likely favor corporate structures, allowing companies to gain a controlling share in mid-sized landlord portfolios.

The sub-geographies of Campbell (WY) demonstrate clear concentrations of investor-owned properties, with WY-Campbell-82718 leading with 609 properties and WY-Campbell-82716 closely following with 596 properties. These two areas represent the largest hubs for landlord holdings by sheer volume.

However, when examining investor ownership rates, WY-Campbell-82732 stands out with an exceptionally high 87.2% of its SFR properties being investor-owned, despite having a lower total count of 422 properties. This indicates a deeply penetrated and potentially landlord-dominated housing market within that specific zip code.

WY-Campbell-82725 also shows a high investor ownership rate at 34.4% (11 properties), followed by WY-Campbell-82727 at 28.9% (117 properties). These regions signify areas where investors hold a significant portion of the available SFR housing.

The contrast between count and percentage leaders reveals different market dynamics: areas like WY-Campbell-82718 and WY-Campbell-82716 likely represent larger overall housing markets where investors have a substantial footprint (9.5% and 15.0% respectively), whereas WY-Campbell-82732 signals a smaller, more specialized market almost entirely owned by investors.

This geographic distribution implies that while investor activity is widespread across the county, certain localized markets exhibit a far higher concentration of landlord ownership, potentially influencing local housing affordability and dynamics more significantly than overall county averages.

Landlords in Campbell (WY) have consistently been net buyers of SFR properties across all observed timeframes, indicating ongoing market accumulation. In Q4 2025, landlords bought 38 properties while selling only 10, resulting in a net increase of 28 properties.

The buy-to-sell ratio for all landlords was 3.8x in Q4 2025, a decrease from Q3 2025's higher ratio of 6.3x (44 buys vs 7 sells). This suggests a slight moderation in the intensity of net buying activity, though landlords remain firmly in an expansionary phase.

Year-to-date in 2025, landlords have acquired 177 properties and sold 36, marking a net gain of 141 properties. This continues the trend from Year 2024, where 158 properties were bought against 29 sold, yielding a net of 129 properties, underscoring sustained market growth.

Institutional investors (1000+ properties) generally mirror the overall landlord trend as net buyers, with 3 buys and 2 sells in Q4 2025, resulting in a net gain of 1 property. For the entirety of 2025, they recorded 14 buys and 8 sells, a net positive of 6 properties.

However, institutional investors did exhibit a temporary shift to net sellers in Q2 2025, purchasing 1 property while divesting 3, resulting in a net reduction of 2 properties. This sporadic net selling behavior suggests strategic portfolio adjustments by larger entities that contrast with the consistent accumulation by the broader landlord base.

Landlords accounted for 38 of the 292 total SFR transactions in Q4 2025, representing 13.0% of all market activity. This confirms a significant, but not dominant, role for investors in the quarterly real estate market turnover.

Single-property landlords (Tier 01) remain the most active segment, conducting 32 transactions in Q4, aligning with their dominant share of overall purchases. This high activity level underscores the continuous influx and expansion of smaller-scale investors.

A striking price disparity emerged in Q4, with institutional investors (Tier 09) paying an average of $145,420 per property. This is 51.0% less than the $296,638 average price paid by single-property landlords (Tier 01), highlighting institutions' ability to secure properties at a significantly lower cost point.

Institutional investors also demonstrated unique transaction patterns, with 1 of their 3 Q4 transactions (33.3%) involving properties bought from other landlords. This indicates a tendency for larger entities to engage in inter-landlord trading, potentially for portfolio optimization.

In contrast, mom-and-pop landlords across Tiers 01-08 showed no reported transactions where properties were bought from other landlords in Q4. This suggests that smaller investors primarily acquire properties from traditional homeowners or other non-landlord sellers, rather than engaging in a secondary market with other investors.

The distribution of Q4 transactions by tier largely mirrors the overall ownership distribution, with mom-and-pop landlords (Tier 01-04) responsible for 34 transactions, further solidifying their active presence in both holding and acquiring properties.