Cell Tower Lease - going rate?

[Paul Haviland]

Hey everyone - I have a close friend who was approached by a company to place a cell tower on his land.  I believe they are now offering $1,100/month with a 5 year term. Included is the right to 3 separate 5 year extensions for a possible total term of 20 years. There is a modest rent increase/ year. The cell tower will be in semi-rural lower Michigan. 

I don’t know enough about this niche market to provide context and have provided a few resources to them, but was hoping someone in this great community would have some expertise and or additional resources I could steer them towards. 

Any details/information/5thoughts are appreciated. 

Cheers,

Paul