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Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating activities    
Net loss $ (10,304,000) $ (5,734,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 73,456,000 13,784,000
Noncash amortization of deferred financing costs 446,000 186,000
Noncash share-based compensation 1,144,000 453,000
Gain on remeasurement of equity method investment   (10,945,000)
Gain on disposition of discontinued operations   (904,000)
Provision for bad debt 2,385,000  
Remeasurement of Series E units 7,700,000  
Remeasurement of Preferred shares 598,000  
Equity in net income of unconsolidated ventures (17,000)  
Other changes in operating assets and liabilities:    
Rent and other receivables (2,029,000) 4,736,000
Restricted cash for resident security deposits (10,281,000) (13,572,000)
Prepaid expenses and other assets 6,028,000 (475,000)
Deferred leasing costs (3,503,000) (3,197,000)
Accounts payable and accrued expenses 7,884,000 9,954,000
Resident security deposit liability 10,281,000 13,102,000
Amounts payable to affiliates 4,882,000 (5,349,000)
Net cash provided by operating activities 88,670,000 2,039,000
Investing activities    
Cash paid for single-family properties (597,717,000) (1,293,745,000)
Escrow deposits for purchase of single-family properties 6,044,000 (18,227,000)
Change in restricted cash related to lender requirements (10,201,000)  
Cash acquired in non-cash business combinations   33,099,000
Net proceeds received from sale of discontinued operations   8,844,000
Investment in unconsolidated joint ventures (12,191,000)  
Distributions from unconsolidated joint venture   3,431,000
Investments in mortgage financing receivables (17,465,000)  
Improvements to single-family properties (91,427,000) (236,849,000)
Net cash used in investing activities (722,957,000) (1,503,447,000)
Financing activities    
Implied contribution by Sponsor for historical operations   517,000
Net proceeds from issuance of Class A common shares   703,497,000
Net proceeds from issuance of Preferred shares 189,433,000  
Proceeds from exercise of stock options 431,000  
Proceeds from asset-backed securitization 480,970,000  
Proceeds from credit facility 837,909,000 670,000,000
Payments on credit facility (731,909,000)  
Proceeds from bridge loan   115,000,000
Payments on bridge loan   (115,000,000)
Extinguishment of RJ1 note payable   (7,600,000)
Distributions to noncontrolling interests (11,805,000) (5,858,000)
Distributions to common shareholders (18,551,000)  
Distributions to preferred shareholders (7,790,000)  
Deferred financing costs (14,315,000) (4,940,000)
Net cash provided by financing activities 724,373,000 1,355,616,000
Net increase (decrease) in cash and cash equivalents 90,086,000 (145,792,000)
Cash and cash equivalents, beginning of period 148,989,000 397,198,000
Cash and cash equivalents, end of period 239,075,000 251,406,000
Supplemental cash flow information    
Cash payments for interest 8,473,000 448,000
Supplemental schedule of noncash investing and financing activities    
Receivables related to property acquisitions   1,261,000
Accounts payable and accrued expenses related to property acquisitions (4,076,000) 20,201,000
Accounts payable and accrued expenses related to deferred financing costs   3,333,000
Amounts payable to affiliates related to property acquisitions 647,000 2,278,000
Accrued distribution to noncontrolling interests 4,698,000  
Contribution of properties (see Note 10)    
Single-family properties, including related assets and liabilities   30,510,000
Additional paid-in capital   (384,221,000)
Due from affiliates   (2,508,000)
Acquisitions (see Note 11)    
Single-family properties   966,571,000
Cash and cash equivalents   33,099,000
Other net assets and liabilities   (36,760,000)
Deferred costs and other intangibles   133,195,000
Additional paid-in capital   (703,856,000)
Noncontrolling interest in consolidated subsidiaries   (39,321,000)
Series E Units
    
Acquisitions (see Note 11)    
Contingently convertible Series E units liability   (64,881,000)
Series C Convertible Units
    
Contribution of properties (see Note 10)    
Issuance of Series C convertible units to noncontrolling interest   390,016,000
Acquisitions (see Note 11)    
Issuance of Series C convertible units to noncontrolling interest   390,016,000
Class A common shares
    
Acquisitions (see Note 11)    
Class A common shares   (436,000)
Class B common shares
    
Contribution of properties (see Note 10)    
Issuance of common shares   7,959,000
Series D Convertible Units
    
Contribution of properties (see Note 10)    
Issuance of Series C convertible units to noncontrolling interest   (65,188,000)
Acquisitions (see Note 11)    
Issuance of Series C convertible units to noncontrolling interest   (65,188,000)
Class A Units
    
Contribution of properties (see Note 10)    
Issuance of Series C convertible units to noncontrolling interest   (221,934,000)
Acquisitions (see Note 11)    
Issuance of Series C convertible units to noncontrolling interest   $ (221,934,000)