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

Teton County's single-family rental market is highly concentrated in investor hands, with 4,879 SFR properties owned by landlords, making up 71.4% of the total SFR market of 6,829 properties. This high penetration rate highlights the significant role of investors in the local housing supply.

Individual landlords are the primary force within the investor market, owning 2,991 SFR properties, which represents 61.3% of the total investor-owned portfolio. In contrast, company landlords hold 2,208 properties, accounting for 45.3% of the investor-owned SFR in Teton County.

The investor landscape is dominated by individual entities, with 4,408 individual landlords compared to 2,194 company landlords. This 2:1 ratio (66.8% individual vs 33.2% company) further underscores the mom-and-pop nature of property ownership in the region.

A critical finding reveals that virtually all investor-owned properties, 4,874 out of 4,879 (99.9%), are rented. This demonstrates an extreme focus on income generation and a near-complete dedication to the rental market, indicating these properties are not held for owner-occupancy.

While 1,447 properties (29.7%) are financed, a substantial 3,432 properties (70.3%) are held outright as cash investments. This high proportion of cash purchases suggests strong financial positions among landlords and potentially lower leverage within their portfolios.

Despite reports of 0 landlord acquisitions in Q4 2025, the market prices for properties typically acquired by landlords in Teton County were significantly lower than those for traditional homeowners. The reported average landlord acquisition price of $686,686 was a substantial $344,064, or 33.4%, less than the average homeowner price of $1,030,750.

Analyzing historical trends, landlord market prices have shown considerable volatility. In Q2 2025, the landlord market price of $1,099,403 was 15.2% lower than the homeowner price of $1,296,750, a discount of $197,347. This contrasts with Q1 2025, which saw an extraordinary 81.1% theoretical discount for landlords ($417,620 vs $2,215,000 for homeowners).

The lack of recorded landlord purchases across all 2025 quarters (Q1-Q4) and the full years of 2024 and 2025, as well as the 2020-2023 period, is a critical observation from the acquisition data. While average prices are provided, they reflect market conditions rather than actual investor activity for these specific timeframes.

The average market price for properties typically acquired by landlords in 2025 stood at $734,628, down from $1,117,804 in 2024, representing a 34.3% decrease year-over-year. This notable decline suggests a softening of the market for investment-grade properties, even if no actual purchases were recorded.

Comparing the 2020-2023 pandemic-era average market price of $1,071,023 to the current 2025 average of $734,628, there's a significant implied price depreciation of $336,395, or 31.4%. This trend indicates a considerable shift in market valuation for SFR properties in Teton County following the post-pandemic boom.

Landlords played a dominant role in Teton County's Q4 2025 SFR market, responsible for 67 out of 80 total purchases, which equates to an impressive 83.8% of all SFR acquisitions. This signifies landlords as the primary buyer group in the current quarter, vastly outpacing non-landlord buyers who made only 17 purchases.

Mom-and-pop landlords (those with 1-10 properties, Tiers 01-04) entirely composed the purchasing activity, accounting for 100.0% of all landlord acquisitions in Q4 2025. This underscores their outsized influence and the complete absence of larger institutional investor activity in the market.

The single-property landlord tier (Tier 01) was overwhelmingly the most active, purchasing 58 properties, representing 86.6% of all landlord acquisitions. This highlights a robust entry point for new or expanding small-scale investors in Teton County, indicating a strong foundation of individual entrepreneurship in the rental market.

In terms of entities, 83 individual entities in Tier 01 made purchases, alongside 5 entities in Tier 02 and 6 entities in Tier 03-05. While the average properties per Tier 01 entity at 0.7 suggests some entities might be listed without a purchase, the high entity count still points to widespread participation by small landlords.

Medium-size landlords (Tiers 05-08) and institutional investors (Tier 09, 1000+ properties) showed no purchasing activity in Q4 2025, with 0 properties acquired by these larger investor groups. This further reinforces the mom-and-pop driven nature of the market, particularly for recent acquisitions.

Teton County's investor-owned SFR market is overwhelmingly dominated by mom-and-pop landlords (1-10 properties), who collectively control 99.6% of the 5,021 properties owned by investors. This signifies an extremely fragmented ownership structure, primarily driven by small, local investors.

The backbone of this market is the single-property landlord (Tier 01), who accounts for 4,323 properties, or 86.1% of the total investor-owned housing stock. This high concentration in Tier 01 indicates that first-time or single-investment landlords form the vast majority of the rental market.

Smaller multi-property landlords also contribute significantly: two-property owners (Tier 02) hold 502 properties (10.0%), and small landlords with 3-5 properties (Tier 03-05) control 160 properties (3.2%). These tiers, combined with single-property owners, cement the mom-and-pop influence.

Larger investor tiers (05-08) collectively own only a marginal share, with Tiers 05-08 (11-1000 properties) holding a mere 19 properties, representing 0.4% of the total. This includes 13 properties in Tier 05-08 (11-20), 3 properties in Tier 21-50, 2 properties in Tier 51-100, and 1 property in Tier 101-1000.

Institutional investors (Tier 09, 1000+ properties) have no presence in Teton County's SFR market, owning 0 properties. This starkly contrasts with narratives of institutional dominance often seen in other markets, emphasizing the unique, small-investor driven landscape of Teton County.

The ownership landscape in Teton County reveals a significant shift in control as portfolio size increases. While individual investors predominantly own single-property (Tier 01) portfolios with 2,718 properties (59.2%), companies begin to gain ground rapidly in slightly larger tiers.

For two-property owners (Tier 02), individuals still maintain a majority, holding 284 properties (55.1%), compared to companies owning 231 properties (44.9%). This indicates that even at a modest two-property portfolio size, companies are substantial players.

The critical crossover point where companies become the majority owner occurs at the small landlord tier of 3-5 properties (Tier 03-05). Here, companies own 81 properties (50.6%), slightly surpassing individuals who own 79 properties (49.4%). This signals a strategic concentration of company ownership in expanding, albeit still relatively small, portfolios.

The current data provides a limited view, with specific individual and company ownership breakdowns only for Tiers 01, 02, and 03-05. Further data across higher tiers would be necessary to fully understand the extent of corporate dominance in larger portfolios, though the overall market is heavily mom-and-pop.

The data does not provide specific acquisition pricing differences between individual and company landlords within each tier, nor does it offer insights into growth patterns over time for these owner types. This limits a deeper analysis of their respective investment strategies and market dynamics.

Teton County exhibits a highly concentrated geographic distribution of investor-owned properties, with WY-Teton-83001 leading significantly. This zip code alone accounts for 3,038 landlord-owned properties, representing 69.2% of its total SFR market, making it the primary hub for investor activity in the county.

Following 83001, WY-Teton-83014 is the second most active sub-geography by count, with 1,296 investor-owned properties and a substantial ownership rate of 78.4%. Together, these two zip codes make up the vast majority of investor holdings in Teton County, indicating a strong regional focus.

While WY-Teton-83001 leads in total count, WY-Teton-83013 boasts the highest investor ownership percentage at an impressive 86.7%, though with a smaller absolute count of 150 properties. This highlights specific pockets within the county where nearly all SFR properties are investor-owned, regardless of overall market size.

Other high-percentage investor markets include WY-Teton-83011 at 82.8%, WY-Teton-83025 at 82.6%, WY-Teton-83014 at 78.4%, and WY-Teton-83012 at 69.7%. This indicates a pervasive and widespread investor presence across multiple Teton County zip codes, with many areas having over two-thirds of their SFR market in landlord hands.

The data for Section 10 does not provide details on acquisition prices by geographic region, limiting insights into how market values or investor strategies might vary across these highly concentrated areas. However, the high ownership rates suggest strong investment appeal throughout the county.

Landlords in Teton County have consistently maintained a strong net buyer position throughout 2025 and 2024, signaling continued expansion of their SFR portfolios. In Q4 2025 alone, landlords bought 94 properties while selling only 11, resulting in a net increase of 83 properties and an impressive buy/sell ratio of 8.55x.

This trend of aggressive accumulation is evident across the year: in Q3 2025, landlords bought 77 properties and sold 5 (a 15.4x ratio), and in Q2 2025, they bought 70 and sold 8 (an 8.75x ratio). This consistent pattern indicates sustained confidence and investment in the local housing market by landlords.

Cumulatively for Year 2025, landlords acquired 300 properties and divested 34, achieving a net gain of 266 properties with a buy/sell ratio of 8.82x. This level of activity reflects a significant ongoing portfolio expansion throughout the year.

Comparing to the previous year, Year 2024 also saw landlords as robust net buyers, purchasing 261 properties and selling 28, resulting in a net increase of 233 properties and a buy/sell ratio of 9.32x. The sustained high buy/sell ratios across multiple periods highlight a long-term strategy of accumulation rather than turnover.

There is no data provided for the percentage of transactions that occurred between landlords (inter-landlord sales) or for the average buy and sell prices. Additionally, institutional investors (1000+ tier) showed 0 transactions across all reported timeframes, indicating a complete absence of large-scale corporate buying or selling activity in Teton County.

Landlords were the dominant force in Teton County's Q4 2025 transaction market, participating in 94 out of 119 total SFR transactions, representing an overwhelming 79.0% share. This high participation rate indicates that landlord activity is a primary driver of market liquidity and property turnover.

The bulk of this transaction volume originated from mom-and-pop landlords (Tier 01-04), who collectively accounted for all 94 landlord transactions. Institutional investors (Tier 09, 1000+ properties) showed no transaction activity in Q4 2025, further emphasizing the grassroots nature of the market.

Single-property landlords (Tier 01) were by far the most active, conducting 83 transactions at an average purchase price of $726,150. This tier demonstrates substantial market entry and expansion by small-scale investors, often paying a higher average price compared to larger, more experienced individual tiers.

Among Tier 01 purchasers, 13 transactions (15.7%) involved properties bought from other landlords, suggesting a degree of inter-landlord trading within the single-property segment. This indicates some recycling of properties within the investor community, though the majority of buys are from non-landlord sellers.

Other small landlord tiers also contributed: two-property landlords (Tier 02) made 5 transactions at an average price of $200,963, and small landlords (Tier 03-05) conducted 6 transactions at an average price of $452,200. Notably, neither Tier 02 nor Tier 03-05 recorded any purchases from other landlords in Q4.