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Old 11-18-2010, 06:54 PM   post #1 of 16
hemjon38
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Smile What's the going rent price for farmland??

I am considering making an offer on a 50+ farm near our current house, so kids get to stay in the same schools and all. If I tap some serious savings, I can make the initial downpayment, but monthly payments would still be tough.

I grew up with about 40 head of white faced herfords, but in all honesty Dad did the work. Now, 25 years after leaving home, I want to farm. Even my wife is interested in the idea.

Given my current job I'm about 3 years from being in a "farming position," so my question -

I'm in central Pennsylvania. Can anyone give me an idea of the going rate for renting out farmland? Can this at least help make payments for the first couple of years?
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Old 11-18-2010, 07:05 PM   post #2 of 16
Upper5Percent
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Default Re: What's the going rent price for farmland??

Land values vary dramatically depending on LOCATION, LOCATION, LOCATION...
Not knowing which towns you are near in central PA you are, you could log in here to check numbers...
http://www.loopnet.com/xNet/mainsite...FRhO5QodGQpFYA

What state is the land currently in?...Is it fallow, under crops, under hay or what? When you rent out farm land...you have to make sure that the renter does NOT just suck the nutrients out of your soil without providing fertilizers, etc.

Are you looking at a turn key operation or are you going to have to acquire equipment as well?

AG Equipment can run your monthly bill UP DRAMATICALLY...

Contact your local AG extension agent to help you prepare your business plan BEFORE you get to far down the road...
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Old 11-18-2010, 09:21 PM   post #3 of 16
Tencubed
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Default Re: What's the going rent price for farmland??

I have no idea what the situation is in your area. Here I would suggest you contact the farmers that boarder or are near to you and see if they are interested in cropping the land along with their own. Here that amount of land would be hard to rent out due to the small acerage involved.

You can depend on some income in most cases but keep in mind that some years are better than others and sometimes crops fail to the point of not even paying the land taxes.

Mike
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Old 11-18-2010, 09:50 PM   post #4 of 16
Walt 2002
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Default Re: What's the going rent price for farmland??

Ditto. Common practice here is for farmer/owner to split seed, fertilizer, proceeds 50/50
Owner pays taxes of course. Some owners just take 1/3, pay taxes and farmer furnishes all else.

Cash rental is becoming more prevalent, and it varies from $100 - $140 per A.

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Old 11-18-2010, 10:01 PM   post #5 of 16
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Default Re: What's the going rent price for farmland??

friend of mine near here rents out 40acres for $200 a month year round. so $2400 a year.
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Old 11-18-2010, 10:18 PM   post #6 of 16
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Default Re: What's the going rent price for farmland??

$150.00 to $225.00 per acre in this area.
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Old 11-19-2010, 06:59 AM   post #7 of 16
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Default Re: What's the going rent price for farmland??

Any where from 100-150 an acre here. Farmer supplies all seed and nutrients.
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Old 11-19-2010, 07:14 AM   post #8 of 16
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Default Re: What's the going rent price for farmland??

This will also depend on the type of soil. Sandy/rocky soil will not bring as much. Good soil can bring sometimes 50 more an acre. Are the fields small or is this one larger plot? That also makes a differance as to ease of farming as todays equipment is much larger than in the past.
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Old 11-24-2010, 02:57 PM   post #9 of 16
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Default Re: What's the going rent price for farmland??

Sure a problem when trying to combine 50 acres. The smallest that i was on with everyone was 80 acres and it was a traffic jam. 4 combines, two grain buggies. We always did it last and called it 'the final touch".
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Old 11-24-2010, 04:16 PM   post #10 of 16
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Default Re: What's the going rent price for farmland??

Sounds like my brother is not charging enough. He has 40 acres, with his house, shop and lawn on about an acre, and rents the rest out to a guy for hay. I think the hay farmer gives him something like $400 per year, and a processed deer.
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Old 11-24-2010, 04:20 PM   post #11 of 16
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Default Re: What's the going rent price for farmland??

Quote:
Originally Posted by D-Dogg View Post
Sounds like my brother is not charging enough. He has 40 acres, with his house, shop and lawn on about an acre, and rents the rest out to a guy for hay. I think the hay farmer gives him something like $400 per year, and a processed deer.
Hay ground and 200 bushel per ac. corn ground are 2 different things
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Old 11-25-2010, 03:52 PM   post #12 of 16
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Default Re: What's the going rent price for farmland??

We are in NW Illinois. We put a bid of $235.00 in on 100 acres adjacent to our farm, and did not get it. Went for $245.00 and the winning farmer lives 25 miles away. We could have just driven over the old fence line. We heard that the winner wanted a 3 year contract also, and the owner said no, 1 year rebid.
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Old 11-26-2010, 01:24 PM   post #13 of 16
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Default Re: What's the going rent price for farmland??

we just had 450 acres go for over $400 in central Illinois but thats prime black dirt. Not sure what PA's soil type is. Its all relevant to what kind of crop and how many crops you can take off the property.
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Old 11-26-2010, 03:47 PM   post #14 of 16
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Default Re: What's the going rent price for farmland??

Computing a Cropland Cash Rental Rate
http://www.extension.iastate.edu/pub...ons/fm1801.pdf
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Old 01-30-2011, 01:24 AM   post #15 of 16
oldtractorz
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Default Re: What's the going rent price for farmland??

in my area good land is $50 acre but going rate for most is $30-35 a acre and most farmer give the land owner 2 choices either pay rent or sign the farm number to the land over for them to get cheaper taxes
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