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

Landlords control a majority of the Single Family Residential (SFR) market in Carbon County, WY, owning 2,970 properties, which represents a substantial 54.5% of the total 5,450 SFR properties in the area.

Individual investors overwhelmingly dominate this market, holding 2,648 properties, or 89.2% of all landlord-owned SFR. In contrast, company-owned properties account for only 387 properties, or 13.0% of the investor portfolio.

The prevalence of individual ownership extends to entity counts, where individual landlords number 3,639, dwarfing the 369 company landlords, indicating a strong mom-and-pop structure.

An overwhelming 99.5% of investor-owned properties (2,954 out of 2,970) are currently rented, highlighting landlords' primary focus on generating rental income within the county.

Investor properties are predominantly acquired through cash, with 2,022 properties (68.1% of holdings) being cash purchases compared to 948 properties (31.9%) that are financed, indicating a preference for unencumbered assets.

The data does not provide a breakdown of rented, financed, or cash property types specifically by individual versus company owners, preventing a direct comparison of portfolio composition by owner type.

In Q4 2025, landlords in Carbon County, WY, purchased SFR properties at an average price of $193,978, securing a notable $29,611 discount compared to traditional homeowners who paid $223,589. This represents a significant 13.2% price advantage for landlords.

The pricing advantage for landlords was not consistent throughout 2025, displaying considerable volatility. Landlords enjoyed an even larger 24.1% discount ($55,465) in Q1 2025, paying $174,947 compared to homeowners' $230,412.

Conversely, landlords paid a premium in both Q2 and Q3 2025. In Q2, they paid $299,864, a 1.8% premium ($5,209) over homeowners at $294,655. In Q3, the premium was 1.0% ($2,358), with landlords at $231,332 against homeowners' $228,974.

A critical data anomaly exists where '0 properties' were recorded for landlord acquisitions across all timeframes (Q1-Q4 2025, Year 2025, Year 2024, Years 2020-2023) in one dataset. This conflicts with Section 7's report of 40 landlord purchases in Q4 2025, making trend analysis for acquisition volumes impossible from this section's data alone.

Despite the lack of explicit acquisition counts in this section, the price comparison data reveals a dynamic market where landlord's ability to secure discounts or pay premiums shifts significantly quarter-over-quarter, indicating varying market strategies or conditions.

The average landlord acquisition price for 2025, based on the aggregate figure despite zero recorded quarterly purchases, was $228,854, which is lower than the 2024 average of $260,785 and the 2020-2023 average of $243,035, suggesting a general softening of average acquisition costs.

Landlords significantly impacted the Carbon County, WY housing market in Q4 2025, securing 40 Single Family Residential (SFR) properties, which represents a substantial 54.8% of the total 73 SFR purchases in the quarter.

Mom-and-pop landlords (those owning 1-10 properties) overwhelmingly drove this activity, purchasing 36 properties and accounting for 87.8% of all landlord acquisitions in Q4. This highlights their continued crucial role in the local market.

Single-property landlords (Tier 01) were particularly active, responsible for 32 properties, or 78.0% of all landlord purchases. This tier also saw 49 distinct entities involved in purchases, suggesting a robust entry or re-entry of small-scale investors.

In stark contrast to mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made no purchases in Q4 2025, reflecting a complete absence from new acquisitions in this county for the quarter.

Beyond single-property owners, the small-medium landlord tier (11-20 properties) showed the next highest activity, acquiring 4 properties (9.8%) through 2 entities, demonstrating some diversification in landlord acquisition sizes.

The average properties per entity varied by tier, with larger tiers like Small-medium (11-20) showing a higher average of 2.0 properties per entity (4 properties by 2 entities), while smaller tiers like Tier 01 saw 32 properties acquired by 49 entities, an average of 0.65 properties per entity.

The investor-owned SFR market in Carbon County, WY is overwhelmingly dominated by mom-and-pop landlords, who collectively control an astounding 98.4% of all investor-owned properties (Tiers 01-04).

The single-property landlord tier (Tier 01) alone accounts for the vast majority of this ownership, holding 2,449 properties, which represents 79.0% of the entire landlord-owned portfolio.

Following Tier 01, two-property landlords (Tier 02) are the next largest segment, controlling 397 properties or 12.8% of the market, reinforcing the concentration of ownership among smaller investors.

Institutional investors (Tier 09, 1000+ properties) hold a negligible share of the market, owning only 3 properties, which translates to a mere 0.1% of all investor-owned SFR in the county, defying narratives of widespread institutional dominance.

The distribution shows a steep drop-off in property count as portfolio size increases; for example, Tiers 01-04 account for 98.4% of properties, while Tiers 05-08 (11-1000 properties) combined hold only 1.5% of the market.

No data was provided regarding acquisition prices by tier or the number of entities within each tier, which limits further analysis on the investment strategies or average portfolio sizes of different investor segments in this county.

Individual investors maintain a dominant presence across all specified portfolio tiers in Carbon County, WY, challenging any perception of corporate takeover in these segments. In the foundational Single-property tier (Tier 01), individuals comprise an overwhelming 89.2% of owners, holding 2,231 properties compared to 269 company-owned properties.

This individual dominance extends consistently into larger mom-and-pop tiers. For two-property landlords (Tier 02), individuals own 85.4% of properties (344 properties), and for small landlords (3-5 properties, Tier 03-05), they hold 88.8% (150 properties).

Even in the relatively larger Small landlord tier (6-10 properties, Tier 06-10), individual owners still constitute a significant majority at 59.5% (22 properties) compared to 15 company-owned properties (40.5%).

The highest concentration of company ownership within the provided data occurs in the Small-medium tier (11-20 properties), where companies account for 37.8% (14 properties) of holdings. However, individuals still retain a majority with 62.2% (23 properties).

Based on the provided data, there is no observed crossover point where company ownership surpasses individual ownership in any tier, confirming the enduring mom-and-pop character of the investor market up to at least 20 properties.

The available data does not include information on acquisition prices specifically by owner type within each tier, or how growth patterns for individual versus company owners have evolved over time.

Within Carbon County, WY, the 82331 zip code stands out as a prime hotspot for investor activity, boasting the highest count of investor-owned properties at 876, coupled with a significant investor ownership rate of 83.8%.

Following closely in terms of property count, WY-Carbon-82301 accounts for 713 investor-owned SFR properties, though its ownership rate is lower at 27.1%, suggesting a larger overall SFR market in this zip code.

Three distinct zip codes — WY-Carbon-82335, WY-Carbon-82310, and WY-Carbon-82604 — exhibit an extraordinary 100.0% investor ownership rate. This indicates these are either very small residential areas entirely held by investors, or highly specialized micro-markets.

A strong correlation exists between high property counts and high ownership percentages among the top regions, with four of the top five by count also ranking highly by percentage (82331, 82325, 82327, 82334), showcasing concentrated investor presence.

For instance, WY-Carbon-82325 has 386 investor-owned properties and a 79.4% ownership rate, while WY-Carbon-82327 follows with 335 properties and an 82.5% rate, reinforcing the pattern of dense investor activity.

Conversely, the data provided does not include the lowest investor ownership rates, average acquisition prices across regions, or the number of landlord entities operating within these sub-geographies, limiting a more granular geographic market analysis.

Landlords in Carbon County, WY, demonstrated robust buying activity in 2025, acting as significant net buyers with 200 purchases against only 26 sales, resulting in an impressive buy-to-sell ratio of 7.69x for the year.

This trend of net buying was consistent throughout Q4 2025, with landlords buying 63 properties and selling just 12, generating a net acquisition of 51 properties for the quarter. Similar patterns were observed in Q3 (69 buys, 10 sells) and Q2 (49 buys, 1 sell).

In stark contrast to the overall landlord market, institutional investors (1000+ properties) have shifted their strategy. While they were net buyers in 2024 (7 buys vs 3 sells), they became net sellers in 2025, with 4 sales exceeding their 2 purchases, resulting in a net divestment of 2 properties.

The consistent net buying behavior of the broader landlord base, particularly in Q4, suggests ongoing confidence and active portfolio expansion within the county, largely driven by smaller investors given the overall market composition.

The divergence in behavior between overall landlords and institutional investors highlights a potential strategic split, where smaller entities continue to accumulate while larger players are offloading properties in Carbon County, WY.

The provided data does not include details on the percentage of transactions occurring between landlords (inter-landlord trades) or average buy versus sell prices, precluding an analysis of market liquidity or implied profit margins from transactions.

Landlords were the primary drivers of Single Family Residential (SFR) transactions in Carbon County, WY during Q4 2025, accounting for 63 of the 119 total transactions, representing a substantial 52.9% share of the market activity.

Transaction volume was heavily concentrated among smaller investors, with mom-and-pop landlords (Tiers 01-04) collectively making 54 transactions. Single-property landlords (Tier 01) led this activity with 49 transactions, underscoring their market influence.

Average purchase prices varied notably by tier, with Single-property landlords (Tier 01) paying the highest average price at $220,175. In contrast, Small-medium (Tier 11-20) and Large (Tier 101-1000) investors secured properties at lower average prices of $135,146 and $135,710, respectively, indicating different acquisition strategies or target property types.

Inter-landlord trading activity was present, with 5 of 49 Tier 01 transactions (10.2%) sourced from other landlords. Notably, the Small landlord (3-5 properties) tier showed the highest percentage of inter-landlord purchases, with 1 out of 3 transactions (33.3%) originating from another landlord.

Institutional investors (Tier 09) had no recorded transactions in Q4 2025, mirroring their minimal ownership footprint and further contrasting with the high activity of smaller landlord segments.

The substantial price spread of $85,029 between the highest-paying Tier 01 ($220,175) and lower-paying larger tiers such as Tier 11-20 ($135,146) suggests significant differences in investment preferences or negotiating power across landlord sizes.

The transaction activity in Q4 closely aligns with the overall ownership distribution, where mom-and-pop landlords, despite their overwhelming ownership, are actively participating in new acquisitions, while institutional activity remains negligible.