Farmers across the country paid an average of $141 per acre to rent cropland in 2021, which is $2 more than last year and $7 more than five years ago. That’s according to an annual survey by the National Agricultural Statistics Service. In the Corn Belt Iowa had the highest cash rent average for cropland at $233 an acre, $3 higher than in 2020. Iowa State University Extension Ag Economist Dr. Wendong Zhang says the cash rents followed farmland values closely.
He says having cash rents follow farmland values is supported by their recent survey of farm managers and ag lenders.
Zhang expects the farmland values and cash rents to stay at the same level in the near future that they’re currently experiencing.
Of the top five states, Iowa had the highest cash rent average followed by Illinois, Indiana, Nebraska and Minnesota.
