5% would probably rent land here, it depends on what you use for a value.  Land values are in a bit of a flux currently.  Regardless, it means nothing without considering risk.  The return on ground which is 90% likely to produce a crop must be much higher then on ground which is 50% likely to produce a crop, because a greater percentage of the crop value is the result of the land rather then the risk taken by the operator. 

Every time one of these discussions has been on here, cash rent in the higher producing areas has been undervalued compared to in more marginal areas.  When the topic was visited last year, the difference between expected return per acre "there" and expected return per acre "here" was greater then the entire rent being paid "there", according to the numbers given by people in different areas...so, if we got our land for free, you would still expect to clear more above expenses then we would....and yet, for some reason, we pay rent.