Farm rents could see smaller increases next year

While it seems like the price of everything is going up, farmland rents could see smaller increases next year.

Economists with Iowa State University say the outlook for 2024 is mixed and expect increases of less than 5 percent. Some say there could even be decreases.

In Iowa, average rents rose nearly 9 percent this year over last, and that is on top of a 10 percent increase in 2022.

In Nebraska this year, cash rental rates for dryland crops rose between 7 and 11 percent.

This all comes as USDA predicts a 16 percent drop in farm income.