Open PRAIRIE: Open Public Research Access Institutional Repository and Information Exchange
Abstract
Leasing of farmland has existed in one form or another at least since feudal times. It has been extensively used in the United States since the post Civi1 War era. Tenant farmers or sharecroppers were once considered a lower socio-economic class subject to exploitation by powerful landowners. More recently, farmland rental has been considered the first rung on the tenure ladder , used extensively by landless persons attempting to become farm operators. This tenure ladder led eventually to full ownership and operation of farmland. The primary objective of this research effort is to reveal some of the major characteristics of farmland rental agreements and the farmland rental market in South Dakota. Specific objectives are to: 1. Examine the structural characteristics of the farmland rental market in South Dakota, including the characteristics of landlords and tenants. 2. Examine the relationship of characteristics of farmland rental market participants to rental agreement terms. 3. Test for significant differences in lease terms by region and by cropping pattern in South Dakota. 4. Examine the ability of the farmland rental market to respond to sport term changes in uncertainty and financial conditions and the types of adjustments that are occurring. 5. Examine terms of rental agreements: a) for presence of conditions for efficient use of resources, and b) to determine if rental agreements distribute costs and returns approximately as output is shared
