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MSU releases new cash rental rate resources

An extension educator says cash rental rates in Michigan are highly reflective of local dynamics.

Jon LaPorte with Michigan State University tells Brownfield, “Some counties actually saw a little bit of a dip down in their rental rates where others definitely saw a huge increase.”

Irrigated farmland had the highest rental values in 2022 which LaPorte says is likely because of the diverse mix of crops grown.  In some counties, rates are nearly double what they were 10 years ago.  In others, the rates are down from 2021.

“There may be some differences going on locally that are kind of keeping that market pressure down that aren’t really following the trends,” he says.

LaPorte says a larger cropping rotation has also increased the length of rental contracts.