Farmers Paying Higher Rental Rates in Iowa

Most farmers in Iowa are seeing a significant increase in what they’re paying for land rents in 2021. That’s according to a new survey from Iowa State University Extension and Outreach. The “Cash Rental Rates for Iowa 2021 Survey” shows that rental rates increased by an average of 4.5 percent, which equates to an increase of about $10 per acre. That’s pushed the total per-acre average rental price to $232. Land considered to be high quality saw an average increase of 3.9 percent from $257 to $267 per acre this year. Medium quality land saw a 4.5 percent increase, going from $223 an acre last year to $233 this year. An ISU Economist says this is the first substantial increase in cash rents since 2013, when rents peaked, and four years of declining rents and three years of relatively stable rents followed. The 2021 cash rent survey is based on more than 1,300 responses from Iowans about typical cash rental rates in their counties for land producing corn, soybean, hay, oats, and other land set aside as pasture. ISU Extension reminds producers and landowners it’s not intended to be a price-setter, but to provide something to share between landowners and tenants as they discuss rental rates in future negotiations.

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