MANKATO, Minn. (KEYC) — Educators from the University of Minnesota Extension are visiting communities across Minnesota and talking to farmers and landlords about what it takes to reach a fair rental agreement for farmland.
The U of M’s Extension educators say determining a fair rental agreement is a challenge in today’s agriculture economy, as farmers deal with low corn and soybean prices.
“A lot of people who come to these workshops have land across the state, so they’re not necessarily right in their backyard to know what their neighbors are paying, ask the banks or whatever. So they have to come to these workshops to kind of get an idea of what the trends are and what they have been paying around the area,” explained Extension Educator Dave Gau.
The educators suggest $200 per acre as a fair agreement, which accounts for taxes, so landlords and farmers can both benefit.