Cheyenne Chamber Says Housing Shortage Easing
The President and CEO of the Greater Cheyenne Chamber of Commerce says a housing shortage for both rentals and homes for sale seems to have eased in recent months
Dale Steenbergen notes a shortage of housing has been a concern for economic development efforts in Cheyenne for several years, and notes a 2014 study found lack of housing was a serious local issue.
But he says an increase in new housing combined with a decreased demand in recent months has led to an increased availability of both rental units and homes for purchase. He says a major factor in the decreased demand has been low oil prices and the resulting decrease in oilfield jobs in Laramie County.
Cheyenne Mayor Rick Kaysen said in August that around 1,500 new housing units were either being built or planned for the city over the next few years.
Steenbergen says that while he considers the increased availability to be a good thing as things stand right now, if current trends continue to the point where there is an oversupply of housing sitting vacant, that could be "problematic". He says the ideal situation is one where people needing housing can find it, but housing doesn't sit vacant for long periods.
He says the current situation isn't yet one of panic for property owners, but adds ''we'll be watching this situation carefully".