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.
The farmland market is seeing 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) joined us on Wednesday’s Market Day Report 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.
