| Updated June, 2008 |  |
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File C2-10 |
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Cash Rental Rates for Iowa 2008 Survey
William Edwards, extension economist, 515-294-6161, wedwards@iastate.edu, Darnell Smith, extension program specialist, 515-294-8122, darnell@iastate.edu
| For more explanation of Iowa State University's Cash Rental Rates Survey, listen to the presentation available here. |
The cash rental rates presented in this publication are the result of a survey of farmers, landowners, lenders, real estate brokers, and professional farm managers. They supplied information based on their best judgments about typical cash rental rates for high, medium, and low quality cropland in their counties, as well as for land devoted to hay production, oats, and pasture. Information about individual parcels of land was not collected.
Responses received in 2008 were more variable than in most years. This variability is likely due to the volatility of corn and soybean prices in the past two years and led to a wide range of opinions about typical rents in some counties. Responses are probably more representative of rental rates that have been recently negotiated than for longer term agreements.
The rental rates summarized in this bulletin do not reflect the value of any buildings or storage structures, manure application contracts, or seed production contracts. Counties were grouped into areas as shown on the map below. Data for some similar counties were combined when only a small number of responses was received.
Circumstances such as the following may justify a higher or lower rent in specific cases:
- Small size or unusual shape of fields
- Presence of terraces or creeks that affect the time it takes to plant and harvest
- Difficult or restricted access to fields
- High or low fertility levels or Ph index
- Existence of contracts for growing seed or specialty grains, or application of manure
- Above average local grain prices due to proximity to biofuel plants or feed mills
- USDA program variables, such as crop bases and assigned yields
- Longevity of the lease
- Other services performed by the tenant
The cooperation and assistance of the landowners, farmers, and agribusiness people who responded to this survey are greatly appreciated. The distribution of the 960 respondents was 33% tenants, 20% landowners, 9% professional managers, 17% lenders, and 21% other professions or multiple occupations.
The tables of estimated cash rental rates are presented in the accompanying "pdf" file that you can access by clicking here or on the icon above.
Historic Farmland Cash Rental Rate Surveys (pdf):