Bud you forgot that rentals come with cons as well as pros.  Rents don't always go up, often they are stagnant or even go down - it depends on the market.  Rents can also go unpaid either through vacancies or delinquency.  So no rents are not always coming in, month after month.

Rentals also come with expenses that can sometimes increase at a faster rate than the rent. 

Some rentals can place more demand on your time than others.  Not everyone wants to be a landlord or pay a manager.

Dividends can also be inflation proof and often increase at several multiples of the inflation rate.  Dividends contrary to your statement are not based on the entrails prior to the AGM.  But are typically managed on a quarterly or monthly basis.  On average I would say you are more likely to see a rental disruption in any given year than you are a dividend cut or suspension. 

Dividends also come with the benefit of requiring minimal effort to manage.

Bottom line for most people dividends are superior