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Strong cash rents reported in Iowa, across Corn Belt

A farm real estate specialist says cash rental rates have been strong across parts of the Corn Belt.

Jim Rothermich, vice president of Iowa Appraisal, says, “I picked up several results here lately and I was surprised how high the cash rents were.”

A recent report from Iowa State University, the Cash Rental Rates for Iowa 2024 Survey, found the overall cash rent average in the state at $279 per tillable acre in 2024 – up from $222 per tillable acre in 2020. The highest average came in District 1 in the northwest corner of the state at $304 per tillable acre.

Rothermitch tells Brownfield cash rents could soften as the farmland market begins to show signs of slowing down. “Cash rents typically have a time lag behind land prices,” he said. “It might be next year before we start seeing them trending down.”

Respondents to the Iowa State survey included farm operators, landowners, professional farm managers, and ag lenders.

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