Owning hunting land and leasing it – either to a club (annual) or as short-term bookings – can be a strong “real asset” play because you’re stacking three potential return streams:
- Lease income (cash flow)
- Land appreciation (often tied to ag + recreational demand)
- Optional upside from habitat improvements (food plots, timber, water control, access roads)
But the “best” state isn’t one-size-fits-all. The sweet spot is where hunter demand is high, public-land access is limited (so people pay to hunt private), wildlife quality is consistent, and purchase prices aren’t so high that yield collapses.
What makes a state good for hunting-lease ownership
1) Demand drivers
- Large hunter base + high participation: The USFWS’s national survey is the benchmark source for participation trends.
- Limited public hunting access: When there’s less public land, private leases become more valuable. Federal land totals and access context are covered by CRS and BLM reporting.
- Proximity to population: Leases within a few hours of major metros often command premiums.
2) Supply drivers
- States with lots of industrial timberland (often leased) and large contiguous tracts tend to support stable lease markets.
3) Property economics
USDA-NASS land value data helps ground the “what am I paying per acre?” question nationally and by state/region (cropland, pasture, and farm real estate).
4) Biological/regulatory risk
- CWD presence/expansion can influence hunter perceptions and regulations; it’s widespread across many states, and the best baseline maps/data come from USGS and the CDC.
- Season structure, bag limits, baiting rules, and firearm/archery culture affect lease demand and “huntability.”
The best states by strategy
A) Best “value + demand” whitetail lease states
These are states where land is often meaningfully cheaper than the Midwest trophy belt, but demand stays strong because private-land access matters and deer hunting is culturally huge.
Alabama
- Deep leasing culture (clubs are common), long seasons, and strong whitetail demand.
- Market commentary across leasing platforms/brokers commonly places many AL leases in a “mid-range per acre” band that’s accessible to many groups, supporting steady occupancy.
Mississippi
- Similar to Alabama: strong hunting culture, lots of private land, club leasing norms.
- Often competitive acquisition pricing relative to lease demand in the Southeast (varies heavily by Delta vs hill country).
Arkansas
- A rare combo state: whitetails + ducks.
- Arkansas is frequently a destination for waterfowl hunters; waterfowl population monitoring and harvest data infrastructure is robust nationally (USFWS harvest survey program).
Oklahoma
- Strong deer culture, plus multi-species opportunity in some areas.
- Often more affordable than trophy-crop Midwest states while still being drivable for major metros (DFW, Tulsa/OKC, KC edges).
B) Best “premium trophy” lease states
These states can command excellent lease rates, especially for managed whitetail properties – but buying in requires discipline because land prices can be steep.
Illinois
- Trophy reputation and intense demand for limited access.
- If you can buy right (or already own), trophy-focused leasing can be very strong, especially near agriculture + cover edges.
Iowa
- Elite trophy brand, but among the most expensive farmland markets in the U.S. (USDA-NASS places Iowa among top cropland and farm real estate values).
Kansas
- Strong trophy brand in many regions and central location.
Managed deer properties with proven age structure + habitat work.
C) Best “most leaseable overall” states
Texas
Texas is unique:
- Enormous hunting participation and a long list of species opportunities (deer, hogs, turkey, exotics in some regions).
- Private-land dominance historically supports pay-to-play access structures.
Texas is also actively expanding public hunting access in some ways, but the scale of private hunting remains central.
“Top 10” shortlist
If you want a simple shopping list to start underwriting, these states tend to show up repeatedly for hunting-lease viability:
- Alabama (value + mature lease culture)
- Mississippi (similar fundamentals to AL)
- Arkansas (deer + waterfowl diversification)
- Oklahoma (value + broad metro demand)
- Georgia (strong deer culture; good club market)
- Tennessee (strong regional demand; pasture values high in parts, so underwrite carefully)
- Texas (structural demand + species variety)
- Missouri (solid deer demand, often more affordable than IA/IL)
- Illinois (premium trophy demand; watch land basis)
- Kansas (premium trophy potential; management matters)
Underwriting template
When you’re deciding between, say, 800 acres in Alabama vs. 200 acres in Illinois, run the same quick model:
- All-in purchase price (land + closing + initial improvements)
- Realistic lease revenue (annual club lease or short-term bookings; don’t use best-case numbers)
- Operating costs (taxes, insurance, roads, gates, habitat, liability, caretaker)
- Vacancy / churn (club turnover, disputes, poor season years)
- Risk haircut for disease/regulatory uncertainty (CWD presence, local rules)
A common mistake is pricing leases off “internet averages.” Lease pricing is hyper-local (county + habitat + neighbors + access control). Use state-level data only as a starting point.