This paper analyses the tenancy problem in a dynamic setup and addresses two long-standing issues: inefficiency and lack of investment. It considers the problems that the tenant, with a shorter-term interest in the farm than the landlord, might overexploit the land to maximize immediate returns even at the cost of future damages, and under-supply long-run productivity improving investments in land. I show that the efficient (first-best) levels of input use and investment can be achieved (both in the steady state and in transition) by a suitable share contract which, by dampening incentives to maximize current returns, addresses the land exploitation problem, and by an appropriate cost allocation rule which can address the investment problem.