by Dave Bau, Extension educator
At the end of last year, several Farmland Rental Rate Workshops were held virtually due to the COVID-19 virus. 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 for various locations across the state, they can be found at z.umn.edu/2020LandRentRecordings.
The materials presented at the workshops can be found at: https://extension.umn.edu/business/farmland-rent-and-economics. 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 a fair rental rate is for 2021 for farmland or pasture.
In the table below, you can see the average rent for fourteen counties in southwest Minnesota, paid by farmers in the adult farm management programs. 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 0.4 percent. The decline of 0.4 percent multiplied by the 2019 rental rates was used to determine an estimate for 2020. The 2021 estimate used the estimated zero percent change in rents from 2019 to 2020, based on USDA estimated rents, to determine 2021 rents.
|
Counties |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 Est. |
2021 Est. |
|
Brown |
154 |
176 |
207 |
208 |
211 |
205 |
210 |
207 |
179 |
195 |
194 |
194 |
|
Cottonwood |
148 |
164 |
174 |
196 |
200 |
192 |
196 |
184 |
187 |
193 |
192 |
192 |
|
Jackson |
157 |
167 |
209 |
219 |
223 |
213 |
214 |
195 |
205 |
196 |
195 |
195 |
|
Lincoln |
163 |
167 |
168 |
165 |
168 |
159 |
155 |
175 |
149 |
172 |
171 |
171 |
|
Lyon |
140 |
168 |
185 |
218 |
223 |
222 |
197 |
202 |
198 |
192 |
191 |
191 |
|
Martin |
181 |
210 |
254 |
274 |
272 |
255 |
245 |
234 |
232 |
233 |
232 |
232 |
|
Murray |
154 |
168 |
237 |
265 |
268 |
238 |
230 |
225 |
220 |
208 |
207 |
207 |
|
Nicollet |
169 |
197 |
223 |
251 |
263 |
245 |
231 |
223 |
206 |
216 |
215 |
215 |
|
Nobles |
146 |
168 |
182 |
207 |
202 |
200 |
201 |
191 |
191 |
191 |
190 |
190 |
|
Pipestone |
136 |
150 |
223 |
219 |
236 |
213 |
229 |
202 |
208 |
216 |
215 |
215 |
|
Redwood |
158 |
173 |
187 |
211 |
213 |
207 |
198 |
197 |
203 |
199 |
198 |
198 |
|
Rock |
180 |
193 |
232 |
202 |
205 |
195 |
190 |
190 |
201 |
190 |
189 |
189 |
|
Sibley |
192 |
203 |
245 |
262 |
263 |
250 |
252 |
237 |
232 |
219 |
218 |
218 |
|
Watonwan |
165 |
177 |
218 |
256 |
239 |
238 |
225 |
215 |
214 |
215 |
214 |
214 |
|
Average |
160 |
177 |
210 |
225 |
228 |
217 |
212 |
206 |
202 |
203 |
202 |
202 |
