Land Lease Rates

Well, it just goes to prove that it never hurts to ask.

My cousin's farm has been growing up in the fences with less and less maintenance each year for the past several years. I began putting up his hay about 3 years ago, so the hay fields are in decent shape and the cows have been keeping the pastures clean.
I have asked him at the beginning of each year for atleast the past 3-4 years if he wanted to lease the land. He finally came up to me yesterday morning after church and said he was done with it and he was ready for me to take it over. I am getting it for free for the rest of this year, and will begin leasing it next year. It is less than 1 mile from my house which is on the backside of my parents farm. Dad hasn't leased any land in 15 years or more, and I never have. He said the last time he did, people were getting around $30/acre. I am just trying to get an idea of what to expect.

So, with all of that said, the question is...
What is the going rate, per acre, for leasing land. It will be roughly 150 acres of clean perimeter fenced pastures and hay fields in NE Alabama. The perimeter fences are 5 strand high tensile, that we built probably 10 years ago, but are almost completely grown up. There is no cross fencing. There is a 40x60 hay barn with two 16 ft lean-tos on it. There is a corral and loading chute close to the barn.

Thanks
Scott

Stop by your County Extension Office. In South Dakota the Extension Service collects and reports average lease rates annually by growing areas of the State. Might also ask local land appraiser and ag banker(s).

If tennant or landlord supplies fencing material and/or labor should affect lease rate as well. Might consider weed control same way as to which (tenant versus landlord) supplies chemical and labor to apply it.

In my area for pasture it is not uncommon for landowner to supply fencing materials and pesticides (fertilizer?) while tenant supplies labor/application.

Ag land leasing varies tremendously by area. Local customs within a State will also vary. Ask around....local coffee gathering place?

Another suggestion when dealing with family, keep detailed records (written lease)to eliminate future disagreements and/or arguments. I can already see a potential trouble spot. If your cousin dies suddenly the heirs might "wonder" why you got it for free for awhile. Also eliminates potential for "selective memory" on all sides.

Thanks for the reply John. Your reply made me realize I should give a little more info.

As I am not familiar with traditional leasing practices, I will say how this one will be conducted. He is trying to wipe his hands clean of any responsibility with anything that goes on out there. They have a small cabin on the back side that they use when they go hunting, other than that I will have free reign of the land and 100% responsibility for all maintenance and improvements.

I hope this helps on reasonable pricing ideas.
Thanks