Cropland cash rental rates have increased in recent years (Figure 1). The 2023 national rate was $155 per acre, up $16 or 12% from 2020. Considering a longer perspective, cash rents also increased from 2010 to 2015 before falling in 2016. The national rates in 2023 were $42 per acre, or 38%, higher than the 2010 to 2012 average.

But where have cash rental rates increased the most?

Figure 1. U.S. Average Cropland Cash Rent. Data Source: USDA NASS and AEI.ag Calculations.

County-Level data

Figure 1 shows county-level changes in the cash rental rate for non-irrigated cropland between 2010 and 2023. While the data are highly variable, a few points stand out.

First, cash rents didn’t increase in every county or region of the county. Roughly 25% of reporting counties observed declines. These declines were most common in the southern Great Plains and Southeast.

Second, many counties (40%) saw cash rental rates increase by more than 15%. This was especially the case in the middle of the Corn Belt (Iowa and Illinois), along with Minnesota and Missouri.

 

Figure 2. Change in Cropland Rental Rates, Non-Irrigated, 2023 versus 2020. Data Source: USDA NASS and AEI.ag Calculations.

Figure 3 shows the county-level changes since the early 2010s. Again, counties in Oklahoma, Texas, and throughout the Southeast were more likely to report declines in cash rents. This occurred in 11% of counties.

At the other extreme, one-third of counties saw cash rental rates increase by more than 50%. What stands out is that very few of these counties were in Iowa or Illinois. Instead, cash rents increased the most throughout the northern Great Plains, eastern Corn Belt, and the Northern Crescent (MN, WI, MI, PA, NY).

 

Figure 3. Change in Cropland Rental Rates, Non-Irrigated, 2023 versus Average of 2010-2012. Data Source: USDA NASS and AEI.ag Calculations.

 

Wrapping it up

To answer the question “Where have cash rents increased the most?” you need to be specific about the timeframe. Since 2020, cash rents have jumped sharply throughout the Midwest, especially in Iowa and Illinois. When considering the changes since the early 2010s, the adjustments in Iowa and Illinois have lagged neighboring regions, such as the northern Great Plains, eastern Corn Belt, and Minnesota, Wisconsin, and Michigan – to name a few specific states.

Still curious? Don’t miss our recent articles looking at where farmland values have changed the most, farm property taxes turning higher, and Randy Dickhut’s summary of Q1 2024 farmland market activity.