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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the interest rate derivatives we entered into over the applicable periods:
Year Ended December 31,
Interest rate caps:(1)
202320222021
Notional amount (in thousands)$537,780 $776,500 $882,500 
Strike rate low end of range3.50 %3.50 %0.75 %
Strike rate high end of range5.25 %4.50 %4.00 %
Effective date range
January 2023 - December 2023
February 2022-December 2022January 2021 - September 2021
Termination date range
January 2024 - January 2026
May 2023- January 2025February 2022 - August 2024
Total cost of interest rate caps (in thousands)$5,051 $3,030 $200 
_______________
(1)    No instruments were designated as cash flow hedges.
Interest rate derivatives consisted of the following:
Interest rate caps: (1)
December 31, 2023December 31, 2022
Notional amount (in thousands)$778,280 $960,500 
Strike rate low end of range2.00 %2.00 %
Strike rate high end of range5.25 %4.50 %
Termination date range
January 2024 - January 2025
January 2023- January 2025
Aggregate principal balance on corresponding mortgage loans (in thousands)$777,693 $959,000 
_______________
(1)No instruments were designated as cash flow hedges.