University of Missouri Extension researchers invite Missouri landowners, farmers, ranchers and hunters to participate in the 2024 Missouri Cash Rental Rate Survey to inform land value trends and aid decision-making.
Roughly 35% of Missouri crop, pasture and woodland acreage is leased to renters every year. Rented acreage has increased recently, as more land has transitioned to the next generation, interest rates have incentivized land investments and interest in carbon markets and working land conservation has surged, said MU Extension agricultural economist Ben Brown.
“Every producer wants to know three things: what the weather is going to do, the future price of grain or livestock and the going rate for land. This assessment helps with the latter,” Brown said. “The results from this survey can help MU Extension provide information relevant to today’s farm managers, hunters, ranchers and landowners. It is the only public source of this information in the state, and more Missourians participating in the survey will increase the accuracy and value of the findings.”
The 2024 Missouri Cash Rental Rate Survey collects rental agreement information for cropland, pasture, woodland hunting, building and facility rental, hay ground, livestock stocking rates and future expectations. The results will be published on the MU Extension website and available at county extension centers.
“As a producer, having this aggregated information of local markets allows me to compare my management practices to other producers’ practices,” said Doug James, a Missouri corn, soybean and cattle producer. “In today’s agricultural environment, the applied farm management information supplied by the University of Missouri is crucial to the many business decisions I have to make.”
Hunters can use the survey results summary to gauge an appropriate rate to pay for hunting privileges. Mid-Missouri hunter Jack Winn said, “Hunting lease evaluation includes land quality, habitat viability, contract specifications and available species. The resources from the Missouri Cash Rental Rate Survey provide guidance for tenants when assessing hunting leases.”
Participants can complete the anonymous survey in 5-10 minutes at https://bit.ly/MORentalRates. Paper surveys are also available at county extension centers. Brown encourages Missourians to submit responses before the deadline of July 15, 2024.
Landowners and tenants with questions about how to use data to make decisions about rental agreements can contact an MU Extension specialist for assistance.
“Accurate rental rate summaries give educators information regarding local markets to assist both tenants and landowners in this very important decision,” said Katie Neuner, MU Extension agricultural business specialist in Lafayette County. “Working with an MU Extension specialist allows producers access to knowledge and expertise that can be hard to find elsewhere.”
Source : missouri.edu