Land rents are still being negotiated through the winter months, says Iowa Extension and Outreach Field Specialist Tim Eggers. “It’s a common misperception that rents are set before the lease termination deadline of Sept. 1,” he says.
“In past years the questions have usually eased up by now, but they just keep coming,” says Iowa Extension Program Specialist Ann Johanns.
“Landlords or tenants who want to change their existing lease, whether it is oral or written, need to provide a notice of lease termination to the other party prior to Sept. 1,” Eggers says. “However, the leasing year doesn’t begin until March 1. Many lease rates and conditions are negotiated after harvest and even in the winter.”
With a fluctuating market, how do you decide a fair price for the land?
One tool is Iowa State University Extension and Outreach Ag Decision Maker’s leasing page. It contains spreadsheet decision tools for tailoring your decisions to your particular situation, flexible-lease pointers and historic rental rates since 2007.
Other tools that may be of interest are: