New bulletin on renting farmland available from MSU Extension
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EmailBulletin E-3427 offers guidance on navigating the land renting process.
After your knowledge as a farmer, land is arguably your farm’s second most vital asset. Whether you raise crops or livestock, all production activities can be traced back to the need for land. This need makes securing access to farmland a critical part of managing your business.
But negotiating to rent farmland can be challenging and overwhelming. Other farms may be competing for that same property. Landowners may not fully understand production activities or the ways they influence land values. Market trends might create pressure to offer high rent payments. You may also feel uneasy about sharing details of your farm business.
Introducing the latest bulletin from Michigan State University Extension’s Beginning Farmer DEMaND Series: E-3427 Introduction to Renting Farmland
This publication offers guidance on how to navigate through the rental process and reduce anxiety that often comes with it. The bulletin reviews starting points for determining value and factors affecting farmland value. It also presents ways of finding average county rental rates and types of lease agreements. The document also offers guidance on approaching rent negotiations with landowners. From preparing for first-time meetings to setting the stage for easier renewal conversations.
For beginning farmers, renting farmland is a common method of establishing a farm business. Compared to purchasing farmland, renting is often much more affordable and a good fit for farmers with limited startup funds. Renting also allows you to trial your enterprises without the high investment and long-term commitment that comes with purchasing.
Download the latest bulletin in the Beginning Farmer DEMaND (Developing and Educating Managers and New Decision-makers) series today!
The Beginning Farmer DEMaND Series helps the next generation of farm operators learn about financial and business management strategies. These strategies will help develop them into managers and decision-makers on the farm. Whether representing a transition of generations, from an employee to owner, or a new entrant to the business, the DEMaND series can offer assistance. Visit the series website for articles, bulletins, webinar recordings and more!
