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Debt (Details) (USD $)
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 1 Months Ended 1 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2014
property
Sep. 30, 2013
Dec. 31, 2013
property
Sep. 30, 2014
2014-SFR 2
Single family homes
property
Sep. 30, 2014
2014-SFR 2
Single family homes
property
Sep. 30, 2014
2014-SFR 1
Sep. 30, 2014
2014-SFR 1
May 31, 2014
2014-SFR 1
Note
Borrower
item
Sep. 30, 2014
2014-SFR 1
Fair Value
May 31, 2014
2014-SFR 1
Single family homes
item
property
Sep. 30, 2014
2014-SFR 1
Single family homes
Sep. 30, 2014
Senior Secured Revolving Credit Facility
Sep. 30, 2013
Senior Secured Revolving Credit Facility
Mar. 07, 2013
Senior Secured Revolving Credit Facility
Sep. 30, 2014
Senior Secured Revolving Credit Facility
Until March 2017
LIBOR
Sep. 30, 2014
Senior Secured Revolving Credit Facility
March 2017 and Thereafter
LIBOR
Proforma Debt Instrument                                
Gross proceeds from the sale of certificates $ 968,594,000 $ 0     $ 487,700,000         $ 481,000,000            
Debt instrument initial term       10 years       2 years   2 years            
Interest rate cap agreement strike rate           3.85% 3.85%                  
Interest rate cap agreement initial period             2 years                  
Number of floating rate components of loan               6                
Reference rate                     LIBOR          
Interest margin on reference rate (as a percent)                     1.54%          
LIBOR floor rate (as a percent)                   0.25%            
Ratio of monthly principal payment of loan               0.083                
Portion of principal amount for which monthly payment is required (as a percent)               1.00%                
Number of extension options                   3            
Period of extension options                   12 months            
Number of classes of certificates                   7            
Issuance costs for the sale of certificates         12,900,000         14,900,000            
Number of properties 30,877   23,268 4,487 4,487     3,852   3,852            
Loan amount       513,300,000 513,300,000     481,000,000                
Minimum debt yield required to be maintained (as a percent)               0.0668                
Effective percentage of interest rate cap agreements hedged as cash flow derivative           100.00% 100.00%                  
Estimated amount of loss to be reclassified as increase to interest expense over next 12 months           100,000 100,000                  
Interest rate cap agreement 49,000               50,000              
Weighted-average interest rate       4.42% 4.42%                      
Minimum coverage ratio         1.20                      
Period of debt service considered for debt coverage ratio         12 months                      
Payments for purchase of certificates 1,202,000 0     25,700,000                      
Net book value of collateral homes 5,117,743,000   3,861,422,000 697,800,000 697,800,000                      
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                       $ 82,000,000