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2001 Central District Land Leasing Survey
Farm Business Management Update, February 2002
By Eric Eberly
During late fall 2001, Agriculture and Natural Resources Extension Agents in five Southside Virginia counties surveyed farmers on land rental values. Information from surveys is widely used by Extension Agents, landowners, tenants, agricultural lenders, and others. This information is a starting point for determining the fair market rental value for land in a county.
The results of the 2001 survey are summarized in the following tables. Averages are reported by county and for the region. All averages are weighted averages, meaning that larger tracts of land rented at a given rate have more influence on the overall average than a small parcel of land. Rental rates are reported for the following categories:
| Pasture | |
| Good Cropland | Land has the ability to average over 100 bushels of corn equivalent in a typical year |
| Average Cropland | Ability to average less than 100 bushels in corn equivalent in a typical year-this category also contains hay land |
| Whole Farm Leases | Higher value leases are typically include storage buildings |
Wide variations are seen in the rental rates by county and within a county. For instance, the rental rate for good crop land from one county to another ranged from $0 to $50.00 per acre. Within a county, the rental rate shows the same variability with a range from $0 to $50.00 per acre. The low-high range provides an excellent idea of the variability in rental rates that occur in a locality, and the number of respondents provides an idea of the accuracy of the data.
Though not reported in the guide, rental rates often involve more than just cash payment. Non-cash payment information was not reported because of the vast range of possibilities. Non-cash items include agreements on fence repair, use of minor facilities, sharing fertilizer and seeding expenses, barter, and exchange of properties, etc. In some instances, land is rented for what appears to be an abnormally low price. Often, intent behind the rental agreement is that the land remains in agriculture to take advantage of Land-Use taxation or that the tenant improves farmland that has become rundown by neglect or over use or both.
For more detailed information on land leases contact your Farm Business Management Agent or the Extension Agent located in your county.
| County | Pasture Land | |||
| Number Responding | Average per Acre | Low | High | |
| Appomattox | 1 | $17.00 | $17.00 | $17.00 |
| Bedford | 9 | $11.60 | $5.00 | $25.00 |
| Brunswick | 3 | $11.41 | $10.00 | $20.00 |
| Campbell | 16 | $12.19 | $0.00 | $17.00 |
| Cumberland | 17 | $12.39 | $0.00 | $25.00 |
| Region Average | 46* | $11.97 | $0.00 | $25.00 |
| County | Good Crop Land ( > 100 Bu. Corn Average Yield ) | |||
| Number Responding | Average per Acre | Low | High | |
| Appomattox | 2 | $10.00 | $10.00 | $10.00 |
| Bedford | 6 | $16.31 | $8.00 | $30.00 |
| Brunswick | 2 | $20.00 | $20.00 | $20.00 |
| Campbell | 14 | $19.24 | $0.00 | $50.00 |
| Cumberland | 5 | $19.78 | $10.00 | $20.00 |
| Region Average | 29* | $18.65 | $0.00 | $50.00 |
| County | Average Crop Land ( < 100 bu. Corn on Average) | |||
| Number Responding | Average per Acre | Low | High | |
| Appomattox | 1 | $15.00 | $15.00 | $15.00 |
| Bedford | 7 | $14.78 | $5.50 | $25.00 |
| Brunswick | 4 | $16.07 | $11.00 | $20.00 |
| Campbell | 11 | $12.10 | $0.00 | $27.00 |
| Cumberland | 3 | $7.94 | $0.00 | $17.00 |
| Region Average | 26* | $12.74 | $0.00 | $27.00 |
| County | Whole Farm | |||
| Number Responding | Average per Acre | Low | High | |
| Appomattox | 2 | $11.67 | $9.00 | $16.00 |
| Bedford | 4 | $11.45 | $9.32 | $42.00 |
| Brunswick | 1 | $23.00 | $23.00 | $23.00 |
| Campbell | 4 | $8.42 | $5.00 | $16.13 |
| Region Average | 11* | $11.78 | $5.00 | $42.00 |
*Number responding is total for region.
Contact the author at eeberly@vt.edu
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