2001 Land Rental Guide for the Northern Piedmont
Farm Business Management Update, February 2002
By John E. Howe
The results of a rental survey completed in 2001 are provided in this report. Forty-two farmland owners and farmers who rented farmland provided information for this survey. The rental data is based on 75 different parcels of land as reported in the surveys. The surveys returned had rental information for Culpeper, Rappahannock, Fauquier, Orange, Madison, Prince William, and Loudoun Counties.
The survey results are reported for four categories: pasture, good cropland, average cropland, and the whole farm. The results shown include the average, median, mode, and range of rental values.
|Table 1: Pasture Rental Information|
|Average Rent Per Acre||$15.80|
|Median Rent Per Acre||$15.00|
|Mode Rent Per Acre||$10.00|
|Rental Range Per Acre||$5.55 to $28.00|
|Number of Responses in Data Set||21|
|Table 2: Cropland Information|
|Average Cropland*||Good Cropland**|
|Average Rent Per Acre||$19.00||$23.10|
|Median Rent Per Acre||$18.00||$24.50|
|Mode Rent Per Acre||$25.00||$30.00|
|Rental Range Per Acre||$10.00 to $28.00||$10.00 to $30.00|
|Number of Responses in Data Set||11||15|
*Average Cropland: land that would normally yield less than 100 bushels of corn/acre.
**Good Cropland: land that is capable of growing over 100 bushels of corn/acre.
Average: is the mathematical average of the rental values for that category.
Median: is the middle value of the rental value distribution for that category.
Mode: is the most frequently occurring in rental values for that category.
The survey included information on whole farm leases. As a general rule the per acre rental rates for whole farms were within the range of rates reported for pasture and crops as separate categories. For planning purposes it is recommended that you use the lease rates for pasture and cropland plus the value of buildings to be leased when determining an equitable leasing rate.
A number of people who completed surveys indicated that they paid no rent for the pasture, cropland, or the entire farm. These responses were not included in the calculations of the averages, medians, modes, or ranges of the rental values. Some of the respondents indicated that no rent was charged in exchange for maintenance of the property or for other reasons. The number of responses that indicated no rental payments is listed in Table 3.
|Table 3: Farm Rental Arrangements With No Cash Payments|
|Whole Farm Rentals||1|
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