WORTHINGTON — Average, median, 10% lowest average rents and 10% highest average rents are listed by county in the recently released publication, “Cropland Rental Rates for Minnesota Counties.”
The rental rates come from rents paid by farmers who participate in Adult Farm Management programs across Minnesota. This publication provides an historical perspective on rental rates paid by a group of Minnesota farmers and trends in those rental rates over the past five years.
The information is meant as a guide and starting point in discussions about rental rates. The information and data is not meant to establish, determine, set, fix or even hint at what actual rents should be. It is simply a reporting of historical land rental rates in Minnesota.
Historical rental data is included for years 2015 through 2019. Weighted average rental rates are listed by county for each year. The 2019 data also includes the median cash rent and the 10th and 90th percentile range, explained under “data results.”
There is really no way to statistically project future rental rates. Keep in mind the numbers listed are weighted averages. That means there are rents both above and below the numbers listed. Again, these numbers are merely a starting point.
Also included is the 2019 county rental data gathered by the USDA National Agricultural Statistics Service (NASS) in cooperation with the Minnesota Department of Agriculture. The USDA/NASS data is collected by mail-out survey, with 2020 results available in September. This document will be updated to include the new NASS numbers at that time.
The land rental data shown in the publication is extracted from FINBIN, a database of farm record summaries encompassing more than 2,000 Minnesota farms. The farmers participate in the Minnesota State College Farm Business Management program as well the Southwestern Minnesota Farm Business Management Association.
The rental rates are based on analysis of the financial records of participating farmers and represent the actual rents paid for the years listed.
To compile this report, rental rates are extracted for cash rented land. All row crop acres, small grain acres, canning crop acres etc. are included in the data analysis. Not included in the analysis are acres allocated to pasture, aftermath grazing, hay and haylage acres, CRP acres, fallow and prevented planted acres. Data is organized by county. Counties with a minimum of 10 farms with cash rented acreage are included. If a given county does not have rent data listed for 2015-2019, there were not enough farms reporting data.
To view the publication, visit https://bit.ly/3jscIpb.
Regional numbers are included in the publication and here to indicate the total percentage change in land rental rates for the last five years from 2015 through 2019. The last column is the change from 2018 to 2019.
As shown in the table, two of the eight regions had increased in the last five years, and one region had increased from 2018 to 2019. Minnesota as a whole declined by 7.5% over five years and declined 0.4% from 2018 to 2019.