WORTHINGTON — At the end of last year, several Farmland Rental Rate workshops were offered virtually due to COVID-19. Several originally scheduled, in-person sessions were changed to virtual as well. If you would like to watch a recorded video from one of these sessions, they can be found at z.umn.edu/LandRentVideos
The materials presented at the workshops, can be found at: http://bit.ly/3nWd4FP. Here you can find a statewide map with rental rates, a spreadsheet by county of cropland rental rates and
worksheets for landlords and farmers to fill out, to help determine what is a fair rental rate for 2021. Also listed are pasture rental rates.
In the table here, you can see the average rent paid by farmers in the adult farm management programs within 14 counties of southwest Minnesota. The estimated rents for 2020 and 2021 are listed in the last two columns.
The 2020 and 2021 estimated rental rates were determined using FINBIN actual rental data through 2019.
Trends from FINBIN for rents from 2018 to 2019 changed by a negative .4%. Using a decline of .4% multiplied by the 2019 rental rates determined an estimate for 2020. The 2021 estimate used the estimated 0% change in rents from 2019 to 2020, based on USDA estimated rents.