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Commitments and contingencies

12 Months Ended

Dec. 31, 2014

Commitments and contingencies

Commitments and contingencies

Note 13. Commitments and contingencies

        As part of our operations, we lease office space for our corporate and property management offices under non-cancelable operating lease agreements.

        Rent expense related to our operating leases for the years ended December 31, 2014 and 2013, was as follows (in thousands):

		For the Years Ended December 31,
		2014			2013
Rent expense		$	1,867		$	809
Less: income from subleases			(11	)		—
​	​	​	​	​	​	​	​
Net rent expense		$	1,856		$	809
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

        Future lease obligations under our operating leases as of December 31, 2014, were as follows (in thousands):

Year		Amount
2015		$	1,818
2016			1,632
2017			892
2018			183
2019			4
Thereafter			—
​	​	​	​	​
Total lease commitments			4,529
Less: income from subleases			(428	)
​	​	​	​	​
Net lease commitments		$	4,101
​	​	​	​	​
​	​	​	​	​

        In connection with the renovation of single-family properties after they are purchased, the Company enters into contracts for the necessary improvements. As of December 31, 2014 and 2013, the Company had aggregate outstanding commitments of $4.1 million and $1.5 million, respectively, in connection with these contracts.

        As of December 31, 2014 and 2013, we had commitments to acquire 703 and 536 single-family properties, respectively, with an aggregate purchase price of $110.9 million and $75.5 million, 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.

        We have a retirement savings plan pursuant to Section 401(k) of the Internal Revenue 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 Internal Revenue Code. In addition to employee contributions, we have elected to provide company contributions (subject to statutory limitations), which amounted to approximately $0.3 million, $0.2 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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The entire disclosure for commitments and contingencies.

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