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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.

Suggested Citation

  • 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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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol14n03/v14p399.pdf
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    References listed on IDEAS

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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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    Cited by:

    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. 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.
    3. 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.
    4. 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.
    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.

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    JEL classification:

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

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