The USDA Farmland Cash Rent Report is a listing of the county rental rates dating from 2011-2022. The information was obtained from the USDA's National Agricultural Statistics Service (NASS) and is based on their survey results from producers.
For 2022, the average farmland cash rental rate received by landowners in Michigan ranged from a low of $20 per acre in Alger and Delta counties, to a high of $231 per acre in Huron County for non-irrigated cropland based on producer survey results.
For irrigated cropland, producers reported average cash rental values ranging from a low of $117 per acre in Mecosta County to a high of $317 per acre in Allegan County for 2022.
It’s important to remember that land rent prices vary tremendously not only from state to state, but also from county to county. In Michigan, the higher productivity soils that are tile drained in areas where specialty crops are grown (such as sugarbeets and vegetables) tend to command a higher price.
Other factors such as field size, access, soil type, soil fertility, previous cropping history, fencerows, telephone poles, wet spots, and proximity to their farm operation all impact the price that farmers are willing and able to pay for land rent.
In Michigan, higher productivity soils tend to command a higher price. This includes tile-drained or irrigated areas where specialty crops are grown, such as sugarbeets and vegetables.
Looking at the USDA Farmland Cash Rent Report will give you a place to start but may not reflect the actual value of farmland in your area.
Additional resources are also available through the MSU Extension's Farm Business Management webpage on land, energy leasing, and contracts, found here.