Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements, which expire on various dates through 2021.

Rent expense related to our operating leases for the years ended December 31, 2016, 2015 and 2014, was as follows (in thousands):



	For the Years Ended December 31,
	2016			2015			2014
Rent expense	$	2,124		$	2,099		$	1,867
Less: income from subleases	(187		)	(9		)	(11		)
Net rent expense	$	1,937		$	2,090		$	1,856

Future lease obligations under our operating leases as of December 31, 2016, were as follows (in thousands):



Year
2017	$	1,159
2018	925
2019	522
2020	278
2021	138
Total lease commitments	3,022
Less: income from subleases	(768		)
Net lease commitments	$	2,254

As of December 31, 2016 and 2015, we had commitments to acquire 203 and 12 single-family properties, respectively, with an aggregate purchase price of $41.7 million and $1.7 million, respectively.

As of December 31, 2016, the Company had sales in escrow for approximately 57 of our single-family properties for an aggregate selling price of $6.6 million.

We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $0.7 million, $0.5 million and $0.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

We are involved in various legal and administrative proceedings that are incidental to our business. We believe these matters will not have a materially adverse effect on our financial position or results of operations upon resolution.