WASHINGTON, D.C. (RFD NEWS) — More than 2.1 million landlords rented out U.S. farmland in 2024 — reinforcing how aging ownership and heavy reliance on leased ground could shape land access and expansion decisions for producers.
The USDA’s Tenure, Ownership, and Transition of Agricultural Land survey found that landlords rented out 347.8 million acres, generating about $34 billion in rental income. Roughly 87 percent are non-operating landlords who do not farm the land themselves.
For working farmers, the structure reinforces dependence on rented ground. Nearly four out of five rented acres are controlled by non-operating landlords, keeping leases central to access to cropland and pasture.
Regionally, the Plains hold the largest share of rented farmland at about 149 million acres — 43 percent of the total. The Midwest has the most landlords, with nearly 800,000 managing rental ground.
Looking ahead, relatively little land is expected to change hands soon. Less than 5 percent of farmland is projected to transition through sales or gifts in the next five years, with many acres instead moving through trusts or wills.
Bryan Combs with the USDA’s National Agricultural Statistics Service (NASS) joined us on Thursday’s Market Day Report to provide a closer look at the latest survey data and what it reveals about farmland ownership and rental trends.
In his interview with RFD News, Combs outlined the background of the TOTAL survey and the scope of data it collects. He also reviewed key findings from the report and how they compare to past data. He also discussed additional insights from the report, including findings on farmland transfer and ownership trends, and addressed how the results compared to previous reports and if there were any surprises.
Lastly, Combs shared how these findings could influence the U.S. agricultural sector as producers and landowners navigate evolving market conditions.
The farmland market is seeing a tightening supply in certain regions, leaving buyers and sellers seeking guidance as they navigate limited inventory and shifting market conditions. David Klein with the American Society of Farm Managers and Rural Appraisers (ASFMRA) also joined us on Market Day Report this week with an update from Illinois, where activity in the farmland market continues to draw attention.
In his interview with RFD NEWS, Klein discussed current farmland real estate trends across the state, including recent sale results and observations. He also offered insight for viewers watching farmland auctions online, explaining key signals that may indicate whether a property is likely to sell that day.
Finally, Klein shared guidance for those navigating the market, emphasizing the importance of understanding current conditions and staying informed.
