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UNIVERSITY AG SPECIALISTS ISSUE REPORT ON HOW CASH RENTS CAN BE SET
Sep. 11, 2023
By Nick Paulson, Gary Schnitkey, and Jim Baltz, Department of Agricultural and Consumer Economics, University of Illinois and Carl Zulauf, Department of Agricultural, Environmental and Development Economics, Ohio State University
The National Agricultural Statistics Service (NASS) recently released state and county rents for 2023. The Illinois Society of Professional Farm Managers and Rural Appraisers released their projections of 2024 rents on professionally managed farmland. Overall, cash rents increased from 2022 to 2023. Results from the Illinois Society survey suggest that cash rents may decline slightly from 2023 to 2024.
Average 2022 Cash Rents in Illinois
The National Agricultural Statistics Service (NASS) reported the average cash rent for Illinois in 2023 at $259 per acre, up by $16 per acre from the 2022 level of $243 per acre (see Figure 1). The 2023 rent is another new record for Illinois, after the average in 2022 surpassed the previous high of $234 set in in 2013.
Cash rents vary across Illinois, as illustrated in Figure 2, which shows average county cash rents for non-irrigated cropland released by NASS on August 27. This year, NASS did not report cash rents for some major agricultural counties in Illinois. In Figure 2, rents for unreported counties were estimated based on a regression analysis, discussed below, relating rent levels to a county-level soil productivity index with agricultural district adjustment factors.
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