From the Wyo Stays team. Educational information, not financial advice.
The headline answer: a well-run short-term rental in a good Sheridan location usually out-earns the same property as a long-term lease — often substantially. But "usually" is carrying weight, so here are the honest trade-offs.
Short-term rental — higher ceiling, higher effort. - Upside: materially higher gross revenue in a good location; flexibility to use it yourself; STR tax advantages; you can raise rates with the market. - Cost: more hands-on (or a management fee), furnishing and setup, higher operating costs, and seasonality to manage.
Long-term rental — steadier, simpler, lower. - Upside: predictable monthly income, one tenant, minimal turnover, lower operating cost. - Cost: a fixed lease rate you can't flex with demand, tenant/vacancy risk, and standard (not STR) tax treatment.
The middle path: mid-term. Furnished 30-plus-day stays split the difference — better than a long-term lease, steadier than nightly. (See The Mid-Term Rental Strategy Guide.)
The real decision isn't just gross revenue — it's revenue after effort and risk, matched to your goals. A hands-off owner might rationally choose the lower, simpler number. An owner optimizing for return will usually choose STR (or a blend) and either put in the work or hire it out.
→ Run your property's numbers with the Earnings Estimator, or → get a free evaluation and we'll model both. ```