The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors in America
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.
Volume (Year): 14 (1997)
Issue (Month): 3 ()
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- 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.
- Richard C. Bishop, 1982. "Option Value: An Exposition and Extension," Land Economics, University of Wisconsin Press, vol. 58(1), pages 1-15.
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