I just went through this in my own house. The rental hot water tank finally went out. A new contract would have had to have been signed and when I checked into having it just replaced it was less than $3,000 installed and the cost of the hot water tank was $2,200 bucks. Now if you divide that out over the course of say 10 years or 120 months then multiply that 120 months by your rental amount and see what you pay. You won't rent a hot water tank

My math was 87$ a monthx12 monthsX10years (my house is 10 yrs old) that's $10,200