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North Dakota pasture value increases in 2022; Apartment for rent in cash – Jamestown Sun

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The value of North Dakota pastures has risen sharply across the state with an overall increase of about 11.5%, says Bryon Parman, agricultural finance specialist at Dakota State University Extension. North (NDSU). The state’s average price per acre fell from $972 per acre in 2021 to $1,080 per acre in 2022, according to county-level data compiled from the North Dakota Department of Trust Lands annual survey released online at https://bit.ly/2Qn2UCR.

Due to insufficient data, rental rates for Northeast, North Red River Valley and South Red River Valley are not reported here.

All regions, except the central-south region, increased by more than 10%. The largest increase occurred in the North West region at 16.7%, while the South East increased by almost 15.5%. The central-east and south-west regions both increased between 12% and 13%, while the central-north increased by just over 10%.

“The only reported region that did not see a large increase was the South Central region, with an increase of nearly 1%,” says Parman. “However, in previous years it was the only region to show consistent gains, while other regions experienced ups and downs.”

North Dakota’s most expensive pasture remains in the southeast at $1,559 per acre, followed by the south-central region at $1,137 per acre. The mid-east was $1,119 per acre in 2022, followed by the south-west region at $1,033 per acre. The Northwest and North Central regions remain below $1,000 per acre at $751 and $890 per acre, respectively.

Estimated average values ​​per acre of pasture in North Dakota from 2017 to 2022.

Contribution / North Dakota State University

Pasture cash rents remained unchanged statewide, remaining at $21 per acre in 2022, which was the same as 2021. However, some areas of the state saw increases while d others recorded declines. Regions in North Dakota that have seen an increase in pasture cash rents include the North Central, Southwest, and East Central regions. The North-Central region increased by 4.5%, the South-West by 6.3% and the East-Central by 2.6%.

Other regions posted declines, including the northwest, south-central and southeast regions. The northwest decreased by 5.4%, the center-south by 0.85% and the southeast by 3.6%. The combination of increases and decreases in regional rental rates canceled out so the statewide rate remained at $21 per acre.

“While it is common for rental rates and pasture values ​​to move in different ways in the data, such that values ​​may increase in double digits while rental rate increases are in the lower single digits, it is less common for values ​​to rise so remarkably while rents remain unchanged (or possibly falling),” Parman said.

“This is likely due to the drought that North Dakota experienced in 2021, with some areas continuing to be affected in 2022,” Parman says. “Land purchases are a longer-term investment and recent rainfall amounts have less of a short-term impact, while rental rates may indeed be impacted by available or anticipated forage amounts.”