leasing land

[greenthumb]

I am curious to what people pay for leasing small amount of land. there is a ten acre parcel next to me that I would like to contact the owner about leasing for crops. I am not sure how to price it . most of it would be useable land. this is land in mid michigan I do know location plays a role I am sure.
thanks

 

[cowboydoc]

There are so many variables it would be impossible to say what that land should rent for. If it's actual farm ground you're probably looking at $80-200 per acre depending on what the fertility and what the bushel/acre that it makes. If it's just pasture it will rent for anywhere from $20-100/acre.

Ask around and see what ground like it is renting for around there.

 

[rancar]

In eastern upstate New York, I rent out 60 acres of cropland for hay and corn planting for $30/acre.

....Bob

 

[MossRoad]

When we first bought our property in Northern Indiana, we rented it out for between $35 and $65 per acre, depending on the quality of the crop that came off of it(corn). Bad yeild, $35 doller per acre minimum. Then some scale for additional $$ per acre bases on bushels per acre up to a maximum of $65 per acre. 1/2 was sandy, unproductive soil and the other was very nice adrian muck. Averaged out to around $45 per acre for 3 years. We terminated the lease when we saw some evidence of over application of herbicides.