It is also important to remember that land rent prices vary tremendously from county to county. In Michigan, the higher productivity soils tend to command a higher price. This includes tile drained or irrigated areas where specialty crops are grown, such as sugar beets and vegetables. Other factors can impact the price that farmers are willing and able to pay for land rent. Some of these factors can include field size, access, soil type, soil fertility, previous cropping history and proximity to their farm operation.
Your field’s individual factors and county location may mean USDA’s average is not a perfect fit for your farmland. But it may be helpful to see rental rates for neighboring counties and consider differences in agriculture being produced in those locations.
The 2024 data indicates a mixture of changes across Michigan counties.
For non-irrigated counties (see Figure 1):
- 30 counties saw rental rate averages increase (down from 36 in 2023).
- 17 counties saw rental rate averages decrease (down from 22 in 2023).
- One county saw no change in their average rental rate.
- The remaining counties did not have values to report.
or irrigated counties (see Figure 2):
- Seven counties saw rental rate averages increase.
- One county saw rental rate averages decrease.
- The remaining counties did not have values to report.
Pasture acres were largely absent in the 2023 report due to a lack of survey responses. In 2024, only one county was listed, with no change in rent value.
The data for this report can be accessed on the USDA NASS website.
MSU Extension has several resources to assist in determining a reasonable rental rate and help in preparing for rent negotiations.
Source : msu.edu