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Debt (Details) (USD $)
3 Months Ended 6 Months Ended 1 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2014
property
Jun. 30, 2014
property
Dec. 31, 2013
property
Jun. 30, 2014
Fair Value
May 31, 2014
Single family homes
property
Jun. 30, 2014
Single family homes
Jun. 30, 2014
Senior Secured Revolving Credit Facility
Sep. 30, 2013
Senior Secured Revolving Credit Facility
Mar. 07, 2013
Senior Secured Revolving Credit Facility
Jun. 30, 2014
Senior Secured Revolving Credit Facility
Until March 2017
LIBOR
Jun. 30, 2014
Senior Secured Revolving Credit Facility
March 2017 and Thereafter
LIBOR
Proforma Debt Instrument                      
Gross proceeds from the sale of certificates   $ 480,970,000     $ 481,000,000            
Issuance costs for the sale of certificates         14,900,000            
Number of properties 27,173 27,173 23,268   3,852            
Debt instrument initial term         2 years            
Number of extension options         3            
Period of extension options         12 months            
Monthly Principal payment (as a percent)         1.00%            
LIBOR floor rate (as a percent)         0.25%            
Interest rate cap agreement initial period   2 years                  
Interest rate cap agreement strike rate 3.85% 3.85%                  
Effective percentage of interest rate cap agreements hedged as cash flow derivative 100.00%                    
Estimated amount of loss to be reclassified as increase to interest expense over next 12 months 50,000 50,000                  
Interest rate cap agreement 33,000 33,000   30,000              
Reference rate           LIBOR          
Interest margin on reference rate (as a percent)           1.54%          
Credit facility amount, maximum               800,000,000 500,000,000    
Percentage of properties used to calculate borrowing base             50.00%        
Debt instrument, description of variable rate                   30 day LIBOR 30 day LIBOR
Debt instrument, basis spread on variable rate (as a percent)                   2.75% 3.125%
Debt covenant, minimum liquidity requirement             15,000,000        
Debt covenant, minimum liquidity requirement for cash and cash equivalents             7,500,000        
Maximum leverage ratio             1.0        
Debt covenant, minimum required tangible net worth (as a percent)             85.00%        
Debt covenant, percentage of additional equity capital raised on or after September 30, 2013 that is used in calculation of tangible net worth             85.00%        
Borrowings outstanding             $ 481,000,000