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The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors in America

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Abstract

This study considers the evolution and explosion growth of recreational hunting leases in America. The traditional European practice of leasing rural lands for the exclusive rights of tenants to hunt and fish is now an important revenue source for American agricultural land investors/owners. Hunting lease income can enhance value to the point that recreation becomes the highest and best use of rural land for both the market and income approaches to valuation. This study offers new perspectives for valuing the income component from recreational leases as a percentage of market value and proposes a hunting lease index for land owners and tenants to consider.

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  • John S. Baen, 1997. "The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors in America," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 399-414.
    • Handle: RePEc:jre:issued:v:14:n:3:1997:p:399-414
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    1. Richard C. Bishop, 1982. "Option Value: An Exposition and Extension," Land Economics, University of Wisconsin Press, vol. 58(1), pages 1-15.
    2. J. Walter Milon & Jonathan Gressel & David Mulkey, 1984. "Hedonic Amenity Valuation and Functional Form Specification," Land Economics, University of Wisconsin Press, vol. 60(4), pages 378-387.
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    1. Anwar Hussain & Ian A. Munn & Jerry Brashier & W. Daryl Jones & James E. Henderson, 2013. "Capitalization of Hunting Lease Income into Northern Mississippi Forestland Values," Land Economics, University of Wisconsin Press, vol. 89(1), pages 137-153.
    2. Henderson, Jason R. & Moore, Sean, 2006. "The Capitalization of Wildlife Recreation Income into Farmland Values," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(3), pages 1-14, December.
    3. Jerry L. Holechek & Hatim M. E. Geli & Andres F. Cibils & Mohammed N. Sawalhah, 2020. "Climate Change, Rangelands, and Sustainability of Ranching in the Western United States," Sustainability, MDPI, vol. 12(12), pages 1-24, June.
    4. Straka, Thomas J., 2011. "Contribution of Wildlife to the Value of U.S. Southern Forestland," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2011, pages 1-9, June.
    5. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    6. Hussain, Anwar & Munn, Ian A. & Loden, Emily K. & Grado, Stephen C. & Jones, Daryl W., 2005. "Factors Influencing Lease Revenue and Non-industrial Landowners' Willingness to allow Hunting Access," 2005 Annual meeting, July 24-27, Providence, RI 19326, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Sengupta, Sanchita & Osgood, Daniel E., 2002. "Valuation Of Ranchette Amenities: A Hedonic Approach," 2002 Annual Meeting, July 28-31, 2002, Long Beach, California 36547, Western Agricultural Economics Association.
    8. Jason Henderson & Sean Moore, 2005. "The impact of wildlife recreation on farmland values," Research Working Paper RWP 05-10, Federal Reserve Bank of Kansas City.
    9. Ian A. Munn & Anwar Hussain, 2010. "Factors Determining Differences in Local Hunting Lease Rates: Insights from Blinder-Oaxaca Decomposition," Land Economics, University of Wisconsin Press, vol. 86(1), pages 66-78.
    10. Eberle, Phillip & Wallace, Russ, 2008. "Recreational Leases as Means to Increase Landowner Income," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2008, pages 1-9.
    11. Shrestha, Ram K. & Alavalapati, Janaki R.R., 2004. "Effect of Ranchland Attributes on Recreational Hunting in Florida: A Hedonic Price Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(3), pages 1-10, December.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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