By Blake Jackson
The University of Missouri Extension (MU Extension) is seeking input from Missouri landowners, farmers, ranchers, and hunters for the 2024 Missouri Cash Rental Rate Survey. This survey plays a vital role in understanding current rental rates and informing future land value trends.
Roughly 35% of Missouri's agricultural land is leased to renters, and this number is on the rise. The survey helps producers make informed decisions by providing insights into typical rental rates for various land uses.
"Knowing rental rates is crucial for farm management," explains Ben Brown, an MU Extension agricultural economist. "This survey is the only public source of such information in Missouri, and the more participants we have, the better."
The survey covers a wide range of rental agreements, including cropland, pasture, hunting grounds, buildings, hay land, and livestock stocking. The results are published on the MU Extension website and shared with local county offices.
"This information allows me to benchmark my practices against others," says Doug James, a Missouri farmer raising corn, soybeans, and cattle. "Accurate rental rate data is essential for making sound business decisions in today's agricultural climate."
Hunters can also benefit from the survey results. Jack Winn, a hunter from mid-Missouri, explains, "Knowing typical rates helps me assess the fairness of hunting lease offers."
The survey takes only 5-10 minutes to complete and is anonymous. Participants can submit their responses electronically or through paper surveys available at local MU Extension offices. The deadline for participation is July 15, 2024.
Landowners and tenants needing help interpreting the data for rental agreement decisions can contact MU Extension specialists. These specialists offer valuable knowledge and expertise on agricultural business matters.
Photo Credit: university-of-missouri
Categories: Missouri, Business