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Property and Equipment
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment PROPERTY AND EQUIPMENT
Property and equipment consist of the following (in thousands):
December 31,
   20232022
         
Rental properties$43,324 $29,833 
Computer software and equipment3,946 3,894 
Leasehold improvements1,722 1,466 
Furniture and fixtures2,091 1,060 
Machinery and equipment231 127 
Total property and equipment51,314 36,380 
Less: Accumulated depreciation(5,792)(3,383)
Property and equipment, net$45,522 $32,997 
During the year ended December 31, 2023, we transferred $13.5 million of home assets from real estate inventory to rental properties within property and equipment, net. We are lessors of the homes representing these home assets. Our leasing contracts are typically for terms of one year.
Depreciation expense incurred for the years ended December 31, 2023, 2022 and 2021 was $2.4 million, $1.6 million and $1.1 million, respectively.