Land auctions in 2022 certainly broke records for per-acre sale prices. Now, cash rents echo the trend even as the concept remains relatively new. As landowners auction their acres to the highest bidder, farmers assess how much value they can get from the land. The cash rent auction concept piques interest from around the country, as it allows farmers to grow their operation transparently, usually with lower risk and up-front financial obligations.

But how high are cash rent prices climbing? A recent cash rent auction of 450 acres drew attention as the price tag was more than $660 per acre. Comparatively, the National Agricultural Statistics Service (NASS) reports cash rent for Illinois in 2022 was $243/acre, a record for the state. Some farmers fear the growing interest from landowners could drive up costs further, a potential deal breaker if commodity prices crumble.

Read more on cash rent prices and trends here.