Iowa farmers pay record cash rents in 2023
Iowa farmers are paying record high cash rents.
Iowa State University Extension economist Alejandro Plastina says the average cash rental rate increased nine percent from 2022 to 2023.
“Reaching a record high of $279 per acre as an overall average across the state. But we’ve seen that higher quality land saw higher percent increases.”
The previous record for Iowa was $270 per acre in 2013.
He tells Brownfield farmer profitability on rented land will be lower this year and likely next year too.
“But not to a point where it really hurts the ag economy with a lack of liquidity or solvency as we saw a number of years ago.”
Average cash rental rates in Iowa have risen 20 percent since 2021.