I am getting $51.00 per acre for farmland in Karlsruhe ND. This has been the...
I am getting $51.00 per acre for farmland in Karlsruhe ND. This has been the amount for the past 2 years and is 80 acres. It is med to high land. Can I raise the rent? What is the going rate?
The average rental rate for cropland in McHenry County is $45.90 per acre for cropland. The range is $34 - $65 as reported by the residence of McHenry County. The 5 year average price per acre in $43.40/acre. Now does this mean that you should or shouldn't raise rent? I would say based on what commodity prices have done in the past couple of years and what has happened with average prices in other counties, the average rent went down for the first time in many years this past year as well as it dropped as a statewide average. If you are to raise rent, it should be based on the point that the land is worth more. I won't tell you to raise rent or not, but think this should be a conversation with you and your renter. I will try to help provide you with some numbers to help when you have that conversation.
Hope this helps. Let me know if you have any other questions.