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Agriculture is the largest industry in Virginia and the state ranks in the top 10 nationally for the production of several crops including Tobacco, Apples, Peanuts, and Turkeys. Overall the state ranks 29th in total agricultural sales in the US. There are more than 43,000 farms in Virginia with an average size of 180 acres covering 30% of the state's total land area.

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Farmland Rental Rates

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virginia Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the virginia have risen from an average of $36 per acre in 1999 to $59 per acre in 2019. This represents an increase of $22 over this time period with an average implied capitalization rate of 1.1%.

$59

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.019941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019$ 0$ 15$ 30$ 45$ 60$ 75Highcharts.com

1.1%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.0199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820190 %0.5 %1 %1.5 %2 %2.5 %Highcharts.com

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