The Yale was the low-lying lands of the Shire's Eastfarthing that lay along the northern side of the long road from Stock westwards to Tuckborough. This seems to have been a sparsely populated area, and in fact the map of the Shire in The Lord of the Rings marks only a single building here.
Yale is of course a well known surname derived from a Welsh place name. This fits right in with Tolkien's comment to the Dutch Translator, Max Schuchart, that there were "'Celtic' elements in Buckland and East-farthing names."  The modern meaning is 'fertile upland', based on the location of the best known "Yale," the commote of Iaal in Powys, the traditional home of the kings of Powys.