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

Landlords in Lincoln County, WY, collectively own 5,043 Single Family Residential (SFR) properties, representing a substantial 69.8% of the total 7,230 SFR properties in the market. This high penetration underscores the significant role investors play in the local housing landscape.

Individual landlords are the predominant force, owning 4,591 properties, which accounts for 91.0% of all investor-held SFR. In contrast, company-owned SFR properties total 887, comprising 17.6% of the portfolio, indicating that the vast majority of investment is by individual, smaller-scale entities rather than corporations.

Despite the smaller share of company-owned properties, the entity count reveals a different average portfolio size: 6,655 individual landlords own 4,591 properties, while 876 company landlords own 887 properties. This suggests company landlords, though fewer in number, hold slightly larger average portfolios of approximately 1.01 properties per company, compared to 0.69 properties per individual.

The investor market in Lincoln County is heavily rental-focused, with 5,036 properties, or 99.9% of all landlord-owned SFR, classified as rented (non-owner-occupied). This high percentage indicates that nearly all investment acquisitions are intended for the rental market, catering to demand for non-owner-occupied housing.

A notable 70.3% of landlord-owned properties, totaling 3,547, were acquired with cash. This prevalence of cash transactions highlights a strong capital base among investors or a preference for avoiding financing, potentially allowing for quicker deals and reduced costs in a competitive market.

Landlord acquisition prices in Lincoln County, WY, show a notable decline over the past year. The average price for properties acquired by landlords in 2024 was $519,375, which has decreased to $413,800 in Q4 2025. This 20.3% price reduction for landlords suggests a potential cooling of the market or a shift towards acquiring less expensive properties.

Comparing acquisition trends, the average landlord purchase price in Q4 2025 was $413,800. This is lower than the average of $434,997 observed during the 2020-2023 pandemic boom era, signaling a return to more normalized or even deflated pricing post-boom.

Due to insufficient data, a direct comparison of Q4 2025 landlord acquisition prices against traditional homeowners is not possible, as homeowner data for this period is unavailable. This gap prevents a full understanding of the current market premium or discount secured by landlords in Lincoln County.

Historical homeowner pricing, though fragmented, shows variability. In Q2 2025, homeowners purchased properties at an average of $170,000, while in Q1 2025, they paid $385,000. Without corresponding landlord data for these specific quarters, a comprehensive quarter-over-quarter price gap analysis is limited.

The available data points for landlord acquisitions in 2025 show only Q4 activity with an average price of $413,800. All other quarters in 2025, including Q1, Q2, and Q3, show 0 properties acquired and thus no average price, which might indicate sporadic or concentrated buying patterns within the year.

Landlords played a dominant role in the Lincoln County, WY, real estate market during Q4 2025, responsible for 83.0% of all Single Family Residential (SFR) purchases. Out of 53 total SFR purchases, landlords acquired 44, significantly outweighing non-landlord buyers who accounted for only 9 properties.

The Q4 purchasing activity was exclusively driven by mom-and-pop landlords (Tiers 01-04), who accounted for 100.0% of all landlord purchases, acquiring all 44 properties. This highlights a market entirely devoid of institutional investor (Tier 09) purchasing activity in the quarter.

New entrants, specifically single-property landlords (Tier 01), showed robust activity, purchasing 43 properties and bringing 67 new entities into the market during Q4. This surge in new, small-scale investors indicates a healthy appetite for individual-level real estate investment.

The two-property landlord tier (Tier 02) also contributed to Q4 purchases, albeit minimally, with 1 property acquired by a single entity. This further emphasizes the concentration of purchasing power among the smallest investor segments.

The average properties per entity in Q4 for Tier 01 was approximately 0.64 (43 properties by 67 entities), reflecting that many new single-property entities may have acquired properties earlier in the year or represent first-time buyers establishing their initial holdings. Tier 02 saw 1 property acquired by 1 entity, indicating active, small-scale expansion.

Mom-and-pop landlords, encompassing those with 1 to 10 properties (Tiers 01-04), hold an overwhelming 99.7% share of all investor-owned SFR properties in Lincoln County, WY. This concentration highlights their near-complete dominance of the investor market, far exceeding any other investor type.

Specifically, single-property landlords (Tier 01) form the backbone of this market, controlling 4,661 properties, which accounts for 89.8% of the total investor-owned SFR portfolio. This significant share underscores the prevalence of individual, small-scale investors.

The next largest segment, two-property landlords (Tier 02), holds 349 properties, representing 6.7% of the total. Further down, small landlords (3-5 properties) own 143 properties (2.8%), and those with 6-10 properties hold 22 properties (0.4%), collectively rounding out the mom-and-pop dominance.

Institutional investors (Tier 09, 1000+ properties) have no recorded presence in Lincoln County, owning 0.0% of the investor-owned SFR properties. This complete absence challenges the national narrative of institutional takeover, at least within this specific county.

Mid-size landlord tiers (11-1000 properties) also have a minimal footprint, with Tier 11-20 owning 9 properties (0.2%), Tier 21-50 owning 7 properties (0.1%), and Tier 51-100 and Tier 101-1000 each owning just 1 property (0.0% respectively). This further reinforces the highly localized and small-investor driven nature of the Lincoln County market.

Due to the absence of specific tier pricing data, it is not possible to determine how acquisition prices vary by investor tier in Lincoln County. This limits insights into potential pricing advantages or disadvantages for different investor sizes.

Individual landlords predominantly own smaller portfolios in Lincoln County, holding 4,291 properties (85.3%) in the single-property tier and 291 properties (81.1%) in the two-property tier. This robust individual presence forms the bedrock of the local investor market.

A clear crossover point occurs within the small landlord segment: while individuals own 67.1% of properties in the 3-5 property tier, companies become the majority owners starting from the 6-10 property tier. Here, companies control 19 properties (86.4%) compared to just 3 properties (13.6%) held by individuals.

This trend of company dominance intensifies in slightly larger portfolios, with companies owning 8 properties (88.9%) in the 11-20 property tier, while individuals hold only 1 property (11.1%). This indicates that as portfolio size increases beyond five properties, company structures are increasingly favored for ownership.

The data suggests that individuals may prefer direct, smaller-scale investments, whereas larger portfolio accumulation or management may be more effectively executed under a company structure within Lincoln County.

Due to insufficient data, it is not possible to compare acquisition prices between individual and company landlords within each tier, or to assess specific growth patterns over time for these owner types in Lincoln County.

Investor-owned properties in Lincoln County, WY, show significant concentration in specific zip codes. WY-Lincoln-83127 leads by count with 1,354 investor-owned properties, representing a substantial 80.3% investor ownership rate within that sub-geography.

Close behind, WY-Lincoln-83110 has 937 investor-owned properties (64.3% ownership rate), and WY-Lincoln-83128 contains 880 investor-owned properties, demonstrating an extremely high 87.7% ownership rate. These three zip codes collectively represent a significant portion of Lincoln County's investor-held housing.

When analyzing by investor ownership percentage, WY-Lincoln-83119 stands out with the highest rate at 90.5%, indicating that over nine out of ten SFR properties in this area are investor-owned. This signals an exceptionally deep penetration of the rental market.

The top five sub-geographies by ownership percentage (WY-Lincoln-83119, 83128, 83122, 83116, 83114) all exhibit rates exceeding 83.7%. This indicates several micro-markets within Lincoln County where investor activity profoundly shapes the housing landscape, often leading to limited owner-occupancy.

While investor property counts and percentages vary across zip codes, specific acquisition price data for each sub-geography is not available. This prevents a detailed analysis of how regional market dynamics influence pricing strategies for investors in Lincoln County.

The strong correlation between high property counts and high ownership percentages in several top regions, such as WY-Lincoln-83128 (880 properties at 87.7% rate), suggests that in these areas, the total SFR inventory is significantly dominated by landlords rather than just having a high volume of transactions.

Landlords in Lincoln County, WY, consistently demonstrate a strong net buyer position across all reported timeframes. In 2025, they purchased 213 properties while selling only 12, resulting in an impressive buy-to-sell ratio of 17.75x, indicating significant portfolio expansion.

This trend extends to recent quarters: in Q4 2025, landlords bought 68 properties and sold 2; in Q3 2025, they acquired 72 properties and sold 3; and in Q2 2025, they purchased 48 properties while selling 5. These figures consistently show far more acquisitions than divestments, signaling confidence in the local market.

Comparing annual activity, landlords acquired 230 properties in 2024, slightly more than the 213 properties acquired in 2025, suggesting a minor moderation in buying volume but still maintaining a high level of activity. Sell transactions remained low year-over-year, with 15 in 2024 and 12 in 2025.

Due to the absence of data, it is not possible to analyze institutional investor (1000+ tier) transaction patterns or to determine the percentage of buy and sell transactions that occurred between landlords (inter-landlord trades). This limits the understanding of market liquidity and institutional influence.

Similarly, the average buy prices compared to average sell prices are not provided, preventing an assessment of potential implied profit margins or market valuation trends for landlord transactions in Lincoln County.

Landlords dominated transaction activity in Lincoln County, WY, during Q4 2025, accounting for 79.1% of all SFR transactions. Out of a total of 86 transactions, 68 involved landlords, showcasing their significant influence on market movement.

Mom-and-pop landlords (Tiers 01-04) were exclusively responsible for all 68 landlord transactions in Q4, with no recorded activity from institutional investors (Tier 09). This reinforces the localized and small-investor driven nature of the county's real estate market.

Single-property landlords (Tier 01) were particularly active, engaging in 67 transactions at an average purchase price of $413,800. This tier represents the vast majority of Q4 landlord activity, indicating continued market entry and expansion by smaller investors.

Inter-landlord trading was minimal for the most active segment, with only 2 transactions (3.0%) for Tier 01 being purchases from other landlords. This low percentage suggests that new properties are primarily entering landlord portfolios from traditional homeowners or new construction rather than through secondary market transactions between investors.

Due to a lack of data for other tiers, it is not possible to establish a comprehensive price spread across all investor tiers or to fully assess which tiers pay the most or least on average in Q4 2025. Tier 02, for instance, shows 1 transaction but no recorded average purchase price.

The high transaction volume from mom-and-pop tiers in Q4 2025 aligns with their dominant ownership distribution, indicating consistent activity from the largest segment of the investor market in Lincoln County.