GARNETT — Understanding the price of agricultural land and how to construct lease agreements will be discussed at a Jan. 8 public meeting in Garnett.
The Frontier Extension District is hosting the meeting, which includes presentations by K-State economists Robin Reid and Megan Hughes.
One of Reid’s primary research projects has been land values in Kansas. Reid breaks out property sales on parcels of ag land from 2019 through 2024 to give producers an in-depth look at how much they could expect to pay or to receive from the sale of agricultural properties.
Hughes will join Reid in the discussion, but will focus more on the rental side of things including rental rates and the details of negotiating a lease.
“Rental rates are by far some of the most popular questions that come into the office,” said Ryan Schaub, Frontier District crop production and farm management agent.
“While we do have some resources to help determine the counties’ averages, we also try to share a range of prices that we hear are being used in new agreements. Many times, these new numbers can be quite different from the other resources we have,” said Schaub. “I typically try to explain the reasoning for the differences in numbers before going on to say that I tend to only do business with people I trust and that entering into rental agreements is doing business with those people.”
“Landowners always have to think about adjusting rental rates as land prices increase and they consider the opportunity cost of holding onto that property,” Schaub said.
To wrap up the evening, Roger McEowen, professor of agricultural law and taxation at Washburn University School of Law, will talk about components of a written lease agreement.
“The main take-home point will be to understand what all needs to be included in lease agreements to help ensure that each party knows what to expect from the other,” said Schaub.
The meeting will be held at the Garnett Community Building, North Lake Road in Garnett, starting with a meal at 5:30 p.m. RSVPs are requested and can be made with the Frontier Extension District Garnett office by calling 785-448-6826 or emailing Ryan Schaub at [email protected] by Monday, Jan. 6.
The event is expected to wrap up around 8 p.m. Ask questions or RSVP at 785-448-6826 or at [email protected].
