Missouri rental rates have risen again in 2024, according to the latest “Cash Rental Rates in Missouri” survey conducted by the University of Missouri Extension. The survey, which gathered input from over 600 Missouri landowners and tenants, provided insights into rental rates for cropland, pastureland, hunting land, and farm facilities.
MU Extension’s Ben Brown, a specialist and organizer of the survey, stated, “Across the board, rental rates continue to increase in Missouri, but at a slower rate. If we compare rental rates to land values, we often see them follow on a short lag. Land values strengthened in recent years, and in turn, so have rental rates. However, due to lower commodity prices and potential negative cash flows in 2024 and 2025, we could see some downward pressure on rental rates.”
Survey results indicate a 2% increase in cash rental rates for dryland corn and soybeans from 2023. Wheat rental rates, however, saw a sharper increase of 11%. Rental rates for hay remained flat, likely due to the impact of widespread drought in 2023. Pastureland rental rates rose by over 10%, driven by forage scarcity across the state.
Hunting leases also saw growth, with rates increasing by an average of 6% from 2023. Missouri’s rich wildlife habitat continues to make it a popular destination for hunters nationwide. For landowners interested in leasing land for hunting, MU Extension offers a free resource titled “Landowners’ Guide to Lease Hunting in Missouri” available at this link.
Survey respondents reported an average tenure of 11 years for their cash rental agreements. More than three-quarters (82%) of respondents renegotiate their leases every one to five years, allowing both parties flexibility to adjust terms as needed.
As landowners and tenants prepare to negotiate leases for the coming year, access to up-to-date data and regional trends in rental rates can help both parties make informed decisions. MU Extension field specialist Katie Neuner emphasized the importance of localized insights, saying, “Both parties can come to the table equipped with knowledge by having access to recent data.”
For more information and a free download of the “Cash Rental Rates in Missouri” report, visit this link.
