Illinois Farmland Rental Rates Remain Stable Amid Improved Return Outlook

Average cash rents for farmland in Illinois declined slightly in 2026, according to data from the USDA. The statewide average rent fell from $264 per acre in 2025 to $261 per acre in 2026. This marks the second consecutive year of decline in rental rates.

County-level averages varied across the state, with higher rents reported in central and northern Illinois and lower rents in southern Illinois. Four counties in central Illinois saw average cash rents exceed $330 per acre, while six counties had average rents below $150 per acre.

The return outlook for 2027 has improved due to higher corn and soybean prices, but expected returns remain below longer-term averages. Professional farm managers expect slight declines in rental rates for the upcoming year, ranging from $3 to $5 per acre across all land quality classes. However, these expectations were based on survey responses collected before the recent commodity price rally.

The Illinois crop budgets for 2027 suggest improved return prospects due to higher corn and soybean prices, but expected returns remain below longer-term averages. The relatively small declines in rental rates are consistent with the tight margin environment facing grain and oilseed producers since 2023.