New USDA report shows farmland rental price trends over past year
A new report from the US Department of Agriculture shows the average rental price for non-irrigated farmland increased in 36 Michigan counties over the past year.
John LaPorte is a Farm Business Management Educator with MSU Extension. He says land prices have been on an upward trend since the beginning of the pandemic.
But LaPorte says this latest survey shows that Michigan farmers need to watch price trends on a county-by-county level, as opposed to on the national or state level:
"what we're seeing now as prices have kind of softened in some ways, it's, it's still a little bit of a mixed bag for different counties. So it really depends which county you're in."
The report also says 22 counties across Michigan saw the average rental price for non-irrigated farmland decrease from this time last year.