By:Barry Ward, Leader, Production Business Management
The Western Ohio Cropland Values and Cash Rents study was conducted from January through April in 2025. This opinion-based study surveyed professionals with a knowledge of Ohio’s cropland values and rental rates. Professionals surveyed were rural appraisers, agricultural lenders, professional farm managers, ag business professionals, OSU Extension educators, farmers, landowners, and government personnel.
The study results are based on 145 surveys. Respondents were asked to group their estimates based on three land quality classes: average, top, and bottom. Within each land-quality class, respondents were asked to estimate average corn and soybean yields for a five-year period based on typical farming practices. Survey respondents were also asked to estimate current bare cropland values and cash rents negotiated in the current or recent year for each land-quality class. Survey results were summarized for western Ohio with regional summaries (subsets of western Ohio) for northwest Ohio and southwest Ohio.
Results from the Western Ohio Cropland Values and Cash Rents Survey show cropland values in western Ohio are expected to increase in 2025 by 0.6 to 4.1 percent depending on the region and land class. Cash rents are expected to increase from 0.9 to 1.9 percent in 2025 depending on the region and land class. Decreasing profit margins continue to put downward pressure on cropland values and cash rents while still reasonable farm equity positions and increasing property taxes continue to support values and rents. Cropland values and cash rents are expected to increase minimally in 2025 although further decreases in crop prices and projected profit margins may put further downward pressure on both cropland values and rents.
Factors Affecting Land Values/Cash Rental Rates
Ohio cropland varies significantly in its production capabilities and, consequently, cropland values and cash rents vary widely throughout the state. Generally, western Ohio cropland values and cash rents differ from much of southern and eastern Ohio cropland values and cash rents. The primary factors affecting these values and rents are land productivity and potential crop return, and the variability of those crop returns. Soils, fertility and drainage/irrigation capabilities are primary factors that most influence land productivity, crop return and variability of those crop returns.
Other factors impacting land values and cash rents may include field size and shape, field accessibility, market access, local market prices, field perimeter characteristics and potential for wildlife damage, buildings and grain storage, previous tillage system and crops, tolerant/resistant weed populations, USDA Program Yields, population density, and competition for the cropland in a region. Factors specific to cash rental rates may include services provided by the operator and specific conditions of the lease.
Ultimately, supply and demand of cropland for purchase or rent determines the value or cash rental rate for each parcel. The expected return from producing crops on a farm parcel and the variability of that return are the primary drivers in determining the value or rental rate.
Western Ohio Results
Average Cropland
Survey results from Western Ohio for average producing cropland showed an average yield to be 188.7 bushels of corn per acre. Results showed that the value of average cropland in western Ohio was $11,604 per acre in 2024. According to survey data, average producing cropland is expected to be valued at $11,856 per acre in 2025. This is a projected increase of 2.2% percent.
Average cropland rented for an average of $232 per acre in 2024 according to survey results. Average cropland is expected to rent for $235 per acre in 2025 which amounts to a 1.3 percent increase in cash rent year-over-year. This 2025 rental rate projection of $235 per acre equates to a cash rent of $1.25 per bushel of corn produced. Rents in the average cropland category are expected to equal 2.0 percent of land value in 2025.
Top Cropland
Survey results indicated top performing cropland in western Ohio averaged 224.0 bushels of corn produced per acre and the average value of top cropland in 2024 was $13,935 per acre. According to this survey, top cropland in western Ohio is expected to be valued at $14,384 per acre in 2025. This is a projected increase of 3.2 percent.
Top cropland in western Ohio rented for an average of $289 per acre in 2024 according to survey results. Top cropland is expected to rent for an average of $293 per acre in 2025 (an increase of 1.4 percent) which equates to a cash rent of $1.31 per bushel of corn produced. Rents in the top cropland category are expected to equal 2.0 percent of land value in 2025.
Bottom Cropland
The survey summary showed the average yield for bottom performing cropland to be 157.7 bushels of corn per acre, with the average value of bottom cropland as $9,306 per acre in 2024. According to survey data, this bottom producing cropland is expected to be valued at $9,434 per acre in 2025. This is an increase of 1.4 percent.
Bottom cropland rented for an average of $185 per acre in 2024 according to survey results. Cash rent for bottom cropland is expected to average $187 per acre in 2025 which amounts to a 1.1 percent increase in cash rent year-over-year. This 2025 rent projection of $187 per acre equates to a cash rent of $1.19 per bushel of corn produced in 2025. Rents in the bottom cropland category are expected to equal 2.0 percent of land value in 2025.
Results from Western Ohio are included in Table 1 below:
Further survey results including details on the two sub-regions of the survey area, interest rate projections and other results are available in the full publications posted on the Fam Office site: https://farmoffice.osu.edu/farm-management-tools/farm-management-publications/cash-rents