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U of M Extension: What is a Fair Farm Rental Agreement?

Submitted by U of M Extension
Crookston Times

    Landlords, farmers, and agri-business professionals should make plans to attend the informative meetings being held across Minnesota online. These free meetings are being provided by the University of Minnesota Extension. Farm land rental rates are the largest input cost the farmer has.  Determining a fair farm rent agreement is a challenge in today’s economy.

    Negotiating a fair rental agreement that satisfies the land owner and the farmer is a challenge. Ag Business Management Extension educators David Bau, Nathan Hulinsky, and Amber Roberts will provide several ways, including factsheets and worksheets to determine a fair farm land rental rate for both parties.

    Topics covered at the meetings will include local historic and projected farmland rental rate trends, current farm land values and sales, and a worksheet that will help determine a fair rental agreement. Input costs for 2020 will be presented along with current 2020 corn and soybean prices. Worksheets will examine 2021 costs and what is affordable rent that a farmer will be able to pay in 2021, the rate of return to the landlord at current market values, and examine flexible rental agreements.

    The meetings will be held     virtually, therefore you will need to pre-register:  

    • November 30, 2020 (NW MN Regional focus) at 10 am:

Registration link: z.umn.edu/CrookstonLandRent2020:

    • December 2, 2020 (Polk and Norman County focus) at 1 pm:

Registration Link: z.umn.edu/PolkNormanLandRent2020

    For more information, contact:  Heather Dufault, Local Extension Educator for Polk & Norman Counties at pohl0024@umn.edu  or on the extension cell phone at 218-280-1129.

    For more news from U of M Extension, visit www.extension.umn.edu/news or contact Extension Communications at extnews@umn.edu. University of Minnesota Extension is an equal opportunity educator and employer.