American Residential Properties (ARPI) 10-K 16 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Mar. 11, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	ARPI
Entity Registrant Name	American Residential Properties, Inc.
Entity Central Index Key	1548981
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,195,280
Entity Public Float			$599.70

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Investment in real estate:
Land	$249,151		$158,795
Building and improvements	1,042,954		627,881
Furniture, fixtures and equipment	9,508		6,930
Investment in real estate, gross	1,301,613		793,606
Less: accumulated depreciation	-58,010		-18,058
Investment in real estate, net	1,243,603		775,548
Mortgage financings	21,097		43,512
Cash and cash equivalents	21,270		24,294
Restricted cash	11,473		0
Acquisition deposits	2,561		282
Rents and other receivables, net	4,583		2,949
Deferred leasing costs and lease intangibles, net	3,391		2,454
Deferred financing costs, net	13,037		6,558
Investment in unconsolidated ventures	25,691		26,611
Goodwill	3,500		3,500
Other, net	10,567		8,494
Total assets	1,360,773		894,202
Liabilities:
Revolving credit facility	311,000		169,000
Exchangeable senior notes, net	102,188	[1]	99,377
Securitization loan, net	340,675		0
Accounts payable and accrued expenses	23,507		12,862
Security deposits	7,919		3,995
Prepaid rent	2,919		1,549
Total liabilities	788,208		286,783
American Residential Properties, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized; no shares issued and outstanding at December 31, 2014 and 2013	0		0
Common stock $0.01 par value, 500,000,000 shares authorized; 32,195,280 and 32,171,102 shares issued and outstanding at December 31, 2014 and 2013, respectively	322		322
Additional paid-in capital	628,662		628,210
Accumulated other comprehensive loss	-96
Accumulated deficit	-68,101		-31,122
Total American Residential Properties, Inc. stockholders’ equity	560,787		597,410
Non-controlling interests	11,778		10,009
Total equity	572,565		607,419
Total liabilities and equity	$1,360,773		$894,202
[1]	The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	32,195,279	32,171,102
Common stock, shares outstanding (in shares)	32,195,279	32,171,102

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Management services (related party)	$238	$393	$442
Interest and other	497	4,588	5,164
Total revenue	2,930	86,864	37,960
Expenses:
Property operating and maintenance	912	21,485	8,536
Real estate taxes	608	14,787	6,095
Homeowners’ association fees	330	2,145	1,170
Acquisition	760	937	3,890
Depreciation and amortization	1,804	47,298	22,193
General, administrative and other	4,837	15,023	16,374
Interest	0	22,664	5,113
Total expenses	9,251	124,339	63,371
Loss from continuing operations before equity in net (loss) income of unconsolidated ventures	-6,321	-37,475	-25,411
Equity in net (loss) income of unconsolidated ventures	83	-158	60
Net loss	-6,238	-37,633	-25,351
Net loss attributable to non-controlling interests	99	654	368
Net loss attributable to common stockholders	-6,139	-36,979	-24,983
Basic and diluted loss per share:
Net loss attributable to common stockholders (in dollars per share)	($0.53)	($1.15)	($0.92)
Weighted-average number of shares of common stock outstanding (in shares)	11,536,193	32,143,934	27,130,348
Self-managed rental revenue
Revenue:
Rental revenue	1,746	76,757	26,110
Preferred operator rental revenue
Revenue:
Rental revenue	$449	$5,126	$6,244

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net loss	($6,238)	($37,633)	($25,351)
Other comprehensive loss:
Change in unrealized loss on interest rate cap	0	-96	0
Comprehensive loss	-6,238	-37,729	-25,351
Comprehensive loss attributable to non-controlling interests	99	654	368
Comprehensive loss attributable to common stockholders	($6,139)	($37,075)	($24,983)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Non-Controlling Interests
In Thousands, except Share data, unless otherwise specified
Beginning Balance at Mar. 29, 2012	$0	$0	$0	$0	$0	$0	$0
Beginning Balance, Shares at Mar. 29, 2012		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		18,387,257
Issuance of common stock	347,035	184		346,851
Issuance of non-controlling interests	3,500						3,500
Net loss	-6,238					-6,139	-99
Other comprehensive loss	0
Stock-based compensation	1,934						1,934
Ending Balance at Dec. 31, 2012	346,231	184	0	346,851	0	-6,139	5,335
Ending Balance, Shares at Dec. 31, 2012		18,387,257
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		13,737,600
Issuance of common stock	265,893	137		265,756
Issuance of exchangeable notes	15,360			15,360
Net loss	-25,351					-24,983	-368
Other comprehensive loss	0
Stock-based compensation (in shares)		46,245
Stock-based compensation	5,286	1		243			5,042
Ending Balance at Dec. 31, 2013	607,419	322	0	628,210	0	-31,122	10,009
Ending Balance, Shares at Dec. 31, 2013		32,171,102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		32,736
Issuance of common stock	0			164			-164
Repurchase of common stock (in shares)		-8,558
Repurchase of common stock	-114			-114
Net loss	-37,633					-36,979	-654
Other comprehensive loss	-96				-96
Stock-based compensation	2,989			402			2,587
Ending Balance at Dec. 31, 2014	$572,565	$322	$0	$628,662	($96)	($68,101)	$11,778
Ending Balance, Shares at Dec. 31, 2014		32,195,280

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net loss	($6,238)	($37,633)	($25,351)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,804	47,298	22,193
Amortization of stock-based compensation	1,934	2,989	5,286
Amortization of deferred financing costs	0	6,173	1,728
Accretion of discount on senior exchangeable notes	0	2,811	266
Accretion of discount on securitization loan	0	116	0
Bad debt expense	49	2,514	1,908
Straight line rental revenue	-46	-303	-666
Equity in net loss (income) of unconsolidated ventures	-83	158	-60
Net (gain) on dispositions of real estate and other assets	0	-111	0
Distributions from unconsolidated ventures	83	0	60
Changes in operating assets and liabilities:
Restricted cash	0	-11,473	0
Rent and other receivables, net	-1,734	-3,845	-2,462
Due from related party	0	0	0
Deferred leasing costs and lease intangibles, net	-178	-6,898	-2,337
Other assets, net	-927	-3,074	-8,015
Accounts payable, accrued expenses and other liabilities	2,564	15,293	14,629
Net cash provided by (used in) operating activities	-2,772	14,015	7,179
Investing activities:
Improvements of real estate	-2,819	-52,755	-25,195
Property acquisitions, including acquired in-place leases	-216,417	-455,934	-553,434
Proceeds from the sale of real estate	0	959	0
Investment in mortgage financings	-14,410	-13,554	-66,621
Repayments from mortgage financings	1,385	35,969	36,134
Contributions to unconsolidated ventures	-10,156	0	-18,000
Distributions from unconsolidated ventures	96	762	1,449
Increase in acquisition deposits	-217	-2,279	-65
Net cash used in investing activities	-242,538	-486,832	-625,732
Financing activities:
Borrowings under revolving credit facility	0	470,000	378,000
Repayments of revolving credit facility	0	-328,000	-209,000
Proceeds from issuance of securitization loan		340,559
Proceeds from issuance of exchangeable senior notes	0	0	115,000
Repurchase of common stock	0	-114	0
Proceeds from issuance of common stock	371,222	0	288,471
Common stock issuance transaction costs	-24,187	0	-22,578
Deferred financing costs	0	-12,652	-8,771
Net cash provided by financing activities	347,035	469,793	541,122
Net (decrease) increase in cash and cash equivalents	101,725	-3,024	-77,431
Cash and cash equivalents-beginning of period	0	24,294	101,725
Cash and cash equivalents-end of period	101,725	21,270	24,294
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued expenses for additions to investments in real estate	634	1,860	1,215
Cash paid for interest, net of amount capitalized	0	12,950	2,390
Acquisition of management company business in exchange for operating partnership units	$3,500	$0	$0

Companys_Organization_and_Oper

Company's Organization and Operations	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company's Organization and Operations	Company’s Organization and Operations
	As used in these consolidated financial statements and related notes, the terms “American Residential Properties, Inc.,” the “Company,” “us,” “we” and “our” refer to American Residential Properties, Inc. We are an internally managed real estate company organized as a real estate investment trust, or REIT, that acquires, owns and manages single-family homes as rental properties. We own all of our assets and conduct substantially all of our operations through (i) American Residential Properties OP, L.P., a Delaware limited partnership, or our Operating Partnership, in which we have a 98.2% interest as of December 31, 2014 and for which, through our wholly owned subsidiary, American Residential GP, LLC, we serve as sole general partner, and (ii) American Residential Properties TRS, LLC, or our TRS, which is our taxable REIT subsidiary. We have elected to be taxed as a REIT for federal income tax purposes. As a REIT, we will generally not be subject to federal income taxes to the extent that we currently distribute all of our taxable income to our stockholders and meet other specific requirements.
	We were incorporated in Maryland in March 2012 and completed our initial private offering of our common stock in May 2012, raising net proceeds of approximately $208.7 million. In December 2012 and January 2013, we raised an additional approximately $139.1 million of net proceeds from a follow-on private offering of our common stock and a private placement of our common stock. We contributed the net proceeds from these offerings and the sale of shares to our founders at incorporation to our Operating Partnership in exchange for an aggregate of 18,424,857 units of limited partnership interest in our OP units.
	We completed our initial public offering, or our IPO, in May 2013, in which we issued and sold 13,700,000 shares of our common stock at a public offering price of $21.00 per share, and we received approximately $265.1 million of net proceeds, after deducting the underwriting discounts and commissions, structuring fee and other offering expenses payable by us.
	As of December 31, 2014, we own 8,893 properties in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, North Carolina, Ohio, South Carolina, Tennessee and Texas.
	The Company’s December 31, 2014 consolidated financial statements and results of operations include a comparison to the period from March 30, 2012 (inception) through December 31, 2012 and to the year ended December 31, 2013 . We were formed on March 30, 2012 (inception) and had no operating activity before May 11, 2012. We consider May 11, 2012, the closing date of our initial private offering and of our acquisition of the ARM assets, to be the date on which we first commenced investment activities.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	Basis of Accounting and Principles of Consolidation
	The accompanying consolidated financial statements include the accounts of American Residential Properties, Inc., our Operating Partnership and the wholly owned subsidiaries of our Operating Partnership. All majority-owned subsidiaries are consolidated and included in our consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP.
	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
	Investment in Real Estate
	Property acquired not subject to an existing lease is accounted for as an asset acquisition, with the property recorded at the purchase price, including acquisition costs, and allocated between land and building and improvements based upon their relative fair values at the date of acquisition. Property acquired with an existing lease is recorded as a business combination. For properties acquired through portfolio transactions, we determine whether the acquisition qualifies as a business combination based on the nature and status of the properties as of the acquisition date. A portfolio comprised of properties that are substantially leased at acquisition is treated as a business combination. A portfolio comprised of properties that are substantially vacant at acquisition is treated as an asset acquisition. For property acquisitions accounted for as business combinations, the land, building and improvements and the existing lease are recorded at fair value at the date of acquisition, with acquisition costs expensed as incurred.
	Fair value is determined under the guidance of ASC Topic 820, Fair Value Measurements, primarily based on unobservable market data inputs, which are categorized as Level 3 inputs. In making estimates of fair values for purposes of allocating purchase price, we utilize our market knowledge and published market data. Our real estate portfolio is depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 5 to 27.5 years.
	We have acquired portfolios of leased properties from established local operators, or preferred operator, that retain day-to-day management responsibilities pursuant to a longer-term lease. In these arrangements, the preferred operator is responsible for all property-related expenses and we receive payments from the preferred operator that escalate over the term of the lease. In-place lease intangibles associated with homes managed by preferred operators are valued based on management’s estimates of lost rent and carrying costs. In-place lease intangibles associated with the acquisition of self-managed homes are valued based on management’s estimate of lost rent during the time it would take to locate a tenant and execute a lease if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining initial term of the related lease. The leases reflect market rental rates.
	We incur costs to prepare our acquired properties to be rented. These costs (including direct internal costs) are capitalized and allocated to building costs. Costs related to the restoration or improvement of our properties (including direct internal costs) that improve and extend their useful lives are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary repairs and maintenance are expensed as incurred.
	Impairment of Long-Lived Assets
	We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows from the property against its net carrying amount. We prepare our future undiscounted cash flow analysis using estimates based on current rental rates, renewals and occupancy, operating expenses and inputs from our annual planning process and historical performance. When preparing these estimates, we consider each property’s historical results, current operating trends and current market conditions. These estimates may be impacted by variable factors, including inflation, expected rental rates, the general health of the economy and market competition. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value, we consider both recent comparable homes sales and the use of discounted projected future cash flows. The rates used to discount projected future cash flows reflect market discount rates. No impairments were recorded during the years ended December 31, 2014 or 2013 or for the period from March 30 (inception) to December 31, 2012, respectively.
	Revenue Recognition
	We lease single-family residences we own and manage directly to tenants who occupy the properties under operating leases, generally, with terms of one year. We perform credit investigations on prospective tenants and obtain security deposits. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Properties that are subject to longer-term operating arrangements with preferred operators are leased to the operator for a minimum of five to ten years with renewal options. These operators are responsible for taxes, insurance and maintenance of the properties under the terms of the operating arrangements. Under our preferred operator lease agreements, we earn base rental revenue paid monthly, with contractual minimum annual rent increases on each anniversary of the lease commencement date. We recognize rental revenue on a straight-line basis over the term of the lease. We also earn percentage rents on a quarterly basis equal to a fixed percentage of the gross revenue the preferred operator collects from its residential sub-tenants who occupy the homes. Percentage rental revenue is recorded when the gross revenue collected from the sub-tenants is known and the amount can be calculated.
	Mortgage Financings
	We hold mortgage financing receivables for investment. The receivables are carried at cost, net of related unamortized premiums or discounts, if any. The mortgage loans are secured by single-family homes.
	Interest income on mortgage financings is recognized on the effective interest method applied on a loan-by-loan basis. Direct costs, if any, associated with funding loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the terms of the related loans using the effective interest method.
	Mortgage loans as of December 31, 2014 and 2013 include approximately $21.0 million and $42.1 million of short-term loans with weighted-average interest rates of approximately 11.9% and 11.8%, and weighted-average remaining terms of approximately 100 and 106 days, respectively, and approximately $0.1 million and $1.4 million in long-term loans with weighted-average interest rates of approximately 8.0% and 8.0% and weighted-average remaining terms of approximately 28 and 29 years, respectively.
	Cash and Cash Equivalents
	Cash and cash equivalents are held in depository accounts with financial institutions that are members of the Federal Deposit Insurance Corporation, or the FDIC. Cash balances with institutions may be in excess of federally insured limits or may be invested in time deposits that are not insured by the institution or the FDIC or any other government agency. We have not realized any losses in such cash investments and we believe that these investments are not exposed to any significant credit risk. Cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. Such investments are stated at cost, which approximates fair value.
	Restricted Cash
	Restricted cash primarily consists of funds that are restricted as to withdrawal or use under the terms of certain contractual agreements, which include payments of real estate taxes, insurance, interest, management fees and tenant security deposits.
	Acquisition Deposits
	We have made earnest money deposits relating to offers to purchase rental properties. If the offers to purchase rental properties are not accepted, the deposits will be returned to us.
	Rents and Other Receivables, Net
	We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants, preferred operators or borrowers to make required rent or other payments. This allowance is estimated based on payment history and current credit status. If a tenant, preferred operator or borrower fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent, interest or principal and deferred rent. We generally do not require collateral or other security from our tenants, other than security deposits. Mortgage loans are secured by single-family homes. If estimates of collectability differ from the cash received, then the timing and amount of our reported revenue could be impacted.
	Our rents and other receivables for self-managed and preferred operator homes are presented net of an allowance for doubtful accounts in our consolidated balance sheet of approximately $0.5 million and $0.6 million, respectively, for a total of $1.1 million as of December 31, 2014. As of December 31, 2013, the allowances for doubtful accounts for our rents and other receivables for self-managed and preferred operator homes were $0.6 million and $1.1 million, respectively, for a total of $1.7 million.
	We recorded a provision for doubtful accounts for self-managed homes and preferred operator homes of approximately $1.6 million and $0.9 million, respectively, for a total of approximately $2.5 million for the year ended December 31, 2014. We recorded a provision for doubtful accounts for self-managed and preferred operator homes of approximately $1.1 million and $0.8 million, respectively, for a total of $1.9 million for the year ended December 31, 2013. We recorded a provision for doubtful accounts for self-managed and preferred operator homes of approximately $37,000 and $12,000, respectively, for the period from March 30, 2012 (inception) through December 31, 2012.
	Deferred Leasing Costs and Lease Intangibles, Net
	Deferred leasing commissions and other direct costs associated with leasing our properties (including direct internal costs) and in-place lease intangibles are capitalized and amortized on a straight-line basis over the terms of the related leases.
	Deferred Financing Costs, Net
	Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations.
	Investments in Unconsolidated Ventures
	Investments in ventures are generally accounted for under the equity method of accounting when we exercise significant influence over the venture but we do not serve as managing member or control the venture. Net income (loss) allocations are included in the investment balance along with the contributions made and distributions received over the life of the investment. In October 2012, we invested approximately $5.5 million in Flat Iron VI LLC, a joint venture in which our equity interest is approximately 78% of the total amount invested. In December 2012, we invested approximately $4.7 million in Siphon Draw LLC, a joint venture in which our equity interest is approximately 80% of the total amount invested. In May 2013, we invested approximately $18.0 million in Red Rock River LLC, a joint-venture in which our equity interest is approximately 62% of the total amount invested. Each of these joint ventures used invested funds to purchase portfolios of residential mortgage loans.
	Goodwill
	Goodwill represents the estimated fair value of the real estate acquisition and management platform acquired from ARM (Note 9). Goodwill has an indefinite life and, accordingly, we do not amortize this asset but instead analyze it on an annual basis for impairment. ASC 350, Intangibles - Goodwill and Other, permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results. No impairments have been recorded for the years ended December 31, 2014, 2013 or for the period from March 30, 2012 (inception) through December 31, 2012.
	Other Assets, Net
	Other assets include prepaid expenses, deposits, other receivables and other miscellaneous assets, including office property and equipment. Office property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets of three to seven years.
	Income Taxes
	We have elected to be taxed as a REIT under Sections 856 to 860 of the Code. We believe that we have operated in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our stockholders equal or exceed our REIT taxable income.
	Qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code related to the percentage of income that we earn from specified sources, the percentage of our assets that fall within specified categories, the diversity of our capital stock ownership, and the percentage of our earnings that we distribute. Accordingly, no assurance can be given that we will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state and local income and franchise taxes, and our TRS will be subject to federal, state and local taxes on its income. Franchise taxes are included in general and administrative expenses in the accompanying consolidated statements of operations.
	We have elected to treat our TRS as a taxable REIT subsidiary. Certain activities that we undertake will be conducted in our TRS, such as third-party property management and non-customary services for our tenants and holding assets that we cannot hold directly. Our TRS is subject to both federal and state income taxes.
	We determine whether any tax position taken or expected to be taken meet the "more-likely-than-not" threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2014 and 2013, we concluded that there is no tax liability relating to uncertain income tax positions. Our policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2014 or 2013.
	We file federal, state and local income tax returns. Federal and state tax returns filed for 2013 and 2012 are still subject to examination. We believe that we have appropriate support for the income tax positions taken on our tax returns. We have net operating loss carryforwards for income tax purposes at December 31, 2014 and 2013. These losses would be available to reduce future taxable income or distribution requirements until they expire, which varies by jurisdiction but generally is not more than 20 years from the tax year in which they originate. Based on all available evidence, we cannot conclude it is more likely than not these attributes will be utilized in the future and thus a valuation allowance has been recorded against them.
	Stock-Based Payments
	We have awarded stock-based compensation to certain employees and members of our Board of Directors in the form of long-term incentive plan, or LTIP, units and restricted shares of our common stock (Note 7). We estimate the fair value of the awards and recognize this value over the requisite vesting period. For LTIP units, the fair value is based on the market value of our common stock on the date of grant and a discount for lack of marketability estimated by a third-party consultant.
	Earnings (Loss) Per Share
	Basic earnings (loss) per share, or EPS, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed by dividing net loss attributable to common stockholders as adjusted for dilutive securities, by the weighted-average number of shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive securities include unvested restricted shares of our common stock, OP units, vested and unvested LTIP units and exchangeable senior notes. We intend to satisfy our exchange obligation for the principal amount of the exchangeable senior notes to the exchanging note holders entirely in cash. As we intend to settle the principal amount of the exchangeable senior notes in cash, the "if-converted" method to include debt in diluted EPS is not applicable and the treasury stock method is being used and as our stock price is below the conversion price, there is no impact.
	Segment Reporting
	ASC Topic 280, Segment Reporting, established standards for the manner in which public enterprises report information about operating segments. We view our operations as one reportable segment with activities related to leasing and operating single-family homes as rental properties.
	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the FASB or the SEC. We adopt the new pronouncements as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and therefore we believe will have minimal, if any, impact on our financial position or results of operations upon adoption.
	In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has adopted the provisions of this ASU, effective January 1, 2014, with an immaterial impact, and anticipates that the majority of property sales will not be classified as discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.
	In August 2014, the FASB issued ASU No 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments on an entity's ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and is not expected to have an impact on the Company's financial position, results of operations or cash flows.

Lease_Intangibles

Lease Intangibles	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	Lease Intangibles
	Our identifiable intangible assets as of December 31, 2014 and 2013 are summarized as follows (amounts in thousands):
		December 31,
		2014			2013
	Acquired in-place leases	$	327		$	1,823
	Less: accumulated amortization	(222		)	(1,039		)
	Intangible lease assets, net	$	105		$	784
	The impact of the amortization of acquired in-place leases on our depreciation and amortization expense is approximately $1.1 million, $4.2 million and $0.5 million for the years ended December 31, 2014 and 2013 and for the period March 30, 2012 (inception) through December 31, 2012, respectively.
	Our estimate of future amortization of the acquired in-place lease intangible assets in our balance sheet at December 31, 2014 is as follows (amounts in thousands):
		Amortization
	2015	$	103
	2016	2
	Total amortization	$	105

Debt

Debt	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt	Debt
	The following table details the Company's debt as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Credit Facility	$	311,000		$	169,000
	Exchangeable senior notes	115,000			115,000
	Securitization Loan	342,241			—
	Total debt before unamortized discount	768,241			284,000
	Less: Total unamortized discount on debt	(14,378		)	(15,623		)
	Total debt	$	753,863		$	268,377
	Senior Secured Revolving Credit Facility
	In January 2013, we entered into a $150 million senior secured revolving credit facility, or the Original Credit Facility, with a syndicate of major national banks. In September 2013, we entered into an amended and restated $290 million senior secured revolving credit facility, or the Credit Facility, with a syndicate of major national banks, which amended and restated in its entirety the $150 million Original Credit Facility. In October 2013 and December 2013, we entered into joinder agreements further expanding the Credit Facility to $380 million. In June 2014, we exercised the accordion feature, increasing our borrowing capacity to $500 million and we also amended the Credit Facility to increase the size of the accordion feature to allow further increases of the borrowing capacity to an aggregate maximum of $750 million, subject to meeting certain criteria and obtaining additional commitments from the lenders. The amount available for us to borrow under the Credit Facility is subject to limitations governed by calculations based on the cost, value and debt yield supported by our properties that form the borrowing base of the Credit Facility. The credit agreement requires us to comply with various financial covenants as well as customary affirmative and negative covenants that restrict our ability to, among other things, incur debt and liens, make investments, dispose of properties and make distributions. The Credit Facility is secured by our ownership interest in American Residential Leasing Company, LLC, which is a wholly owned subsidiary of our Operating Partnership. The Credit Facility contains certain financial covenants, including a maximum leverage ratio, a minimum tangible net worth, a minimum fixed charge coverage ratio and a minimum liquidity. As of December 31, 2014, we were in compliance with all of the financial covenants of the Credit Facility.
	The Credit Facility had a maturity date of January 2015 with an optional one-year extension. Effective January 18, 2015, the maturity date under the Credit Facility was extended to January 18, 2016. Borrowings under the Credit Facility bear interest, at our option, at either the one-month, two-month, three-month or six-month Eurodollar rate or the base rate, plus, in each case, a spread based on a ratio of total indebtedness to total asset value (each as defined in the credit agreement that governs the Credit Facility) ranging from less than or equal to 45% to greater than 55%. The Eurodollar rate for an interest period is the London Interbank Offered Rate, or LIBOR, for a term equivalent to such period plus a spread ranging from 2.50% to 3.25% (determined as described in the preceding sentence) and the base rate for any day is a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America's "prime rate" for such day and (c) the one-month Eurodollar rate plus 1.00% plus a spread ranging from 1.50% to 2.25% (determined as described in the preceding sentence). We are also required to pay a quarterly fee on the unused portion of the Credit Facility at a rate of between 0.35% and 0.45% per annum, based on the actual daily unused balance during a fiscal quarter. For the years ended December 31, 2014, and 2013 the Company incurred non-utilization fees of $0.7 million and $0.5 million, respectively.
	Prior to the completion of our IPO on May 14, 2013, $109.0 million was outstanding under the Original Credit Facility. Proceeds from the IPO were utilized to repay the entire outstanding balance. In August 2014, proceeds from the closing of the Securitization transaction were used to pay down the balance of the Credit Facility. Following such repayment, the outstanding borrowings under the Credit Facility were approximately $146 million. As of December 31, 2014 and 2013, $311.0 million and $169.0 million was outstanding under the Credit Facility, respectively, bearing interest at a weighted-average rate of 3.0%, with remaining availability of $152.8 million at December 31, 2014. As of February 28, 2015, we borrowed an additional $32.0 million.
	As of December 31, 2014 and 2013, we have incurred $6.7 million and $5.0 million, respectively, in financing costs in connection with the Credit Facility, which are included in deferred financing costs, net on the accompanying consolidated balance sheets. These costs are being amortized to interest expense over the remaining initial term of the Credit Facility. Accumulated amortization of these deferred financing costs was $6.4 million and $1.7 million for the years ended December 31, 2014 and 2013, respectively.
	Exchangeable Senior Notes
	In November 2013, we issued and sold $115.0 million aggregate principal amount of 3.25% Exchangeable Senior Notes due 2018 (the “Notes”). The Notes are senior unsecured obligations of the Operating Partnership and rank equally in right of payment with all other existing and future senior unsecured indebtedness of the Operating Partnership. Interest is payable in arrears on May 15 and November 15 of each year, beginning May 15, 2014, until the maturity date of November 15, 2018. The Operating Partnership’s obligations under the Notes are fully and unconditionally guaranteed by the Company. The Notes bear interest at a rate of 3.25% per annum and contain an exchange settlement feature, which provides that the Notes may, under certain circumstances, be exchangeable for cash, shares of our common stock or a combination of cash and shares of our common stock, at the option of the Operating Partnership, based on an initial exchange rate of 46.9423 shares of our common stock per $1,000 principal amount of Notes. At the initial exchange rate, the Notes are exchangeable for our common stock at an exchange price of approximately $21.30 per share of our common stock, representing an approximately 22.5% premium over the last reported sale price of our common stock on November 21, 2013, which was $17.39 per share.
	Prior to the close of business on the business day immediately preceding August 15, 2018, the Notes will be exchangeable at the option of the holders only under the following circumstances: (1) during any calendar quarter beginning after December 31, 2013 (and only during such quarter) if the closing sale price per share of our common stock is more than 130% of the then-current exchange price for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter; (2) during the five consecutive business-day period following any five consecutive trading-day period in which the trading price per $1,000 principal amount of Notes was less than 98% of the product of the closing sale price per share of our common stock multiplied by the then-current exchange rate; or (3) upon the occurrence of specified corporate transactions described in the Indenture. On or after August 15, 2018, the Notes will be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date. Subject to its election to satisfy its exchange obligations entirely in shares of our common stock, upon exchange, the Operating Partnership will pay or deliver, as the case may be, to exchanging holders in respect of each $1,000 principal amount of notes being exchanged a settlement amount either solely in cash, solely in shares or in a combination of cash and shares of our common stock.
	In connection with the issuance of the Notes, we recorded approximately $99.1 million within exchangeable senior notes on the accompanying consolidated balance sheet, based on the fair value of the instrument using a straight-debt rate of 6.5% at the time of issuance, and approximately $15.4 million in additional paid-in-capital, net of $0.5 million in financing costs, in the accompanying consolidated statements of equity. The difference between the $115.0 million face amount and the $99.1 million will be accreted over the five year period ended November 15, 2018. As of December 31, 2014 and 2013, the unaccreted discount was $12.8 million and $15.6 million, respectively. We incurred $3.8 million in financing costs, of which $2.6 million and $3.3 million are included in deferred financing costs, net on the accompanying consolidated balance sheets as of December 31, 2014 and 2013, to be amortized to interest expense over the term of the Notes. We amortized $0.7 million and $0.1 million of deferred financing costs for the years ended December 31, 2014 and 2013, respectively.
	The following table details the debt and equity components recognized related to the 3.25% Notes (in thousands):
		December 31,
		2014			2013
	Principal amount	$	115,000		$	115,000
	Unamortized discount	(12,812		)	(15,623		)
	Net carrying amount	102,188			99,377
	Additional paid in capital	15,360			15,360
	Securitization Loan
	In August 2014, the Company completed a securitization transaction resulting in $340.6 million in total gross proceeds before issuance costs of $10.9 million. The transaction involves the issuance and sale of single-family rental pass-through certificates that represent beneficial ownership interests in a loan, or the Securitization Loan, secured by 2,876 homes transferred to a newly formed entity, ARP 2014-1 Borrower, LLC (the "Borrower"), an indirect subsidiary and consolidating entity, from the Company's portfolio of single-family properties. The loan has an initial term of two years, with three successive 12-month extension options providing there are no events of default, resulting in a fully extended maturity date of September 9, 2019, and requires that we maintain certain covenants, including, but not limited to, a minimum debt yield on the collateral pool of properties. The effective weighted average of the fixed-rate spreads is 2.11% plus 1-month LIBOR. As of December 31, 2014, the Company was in compliance with all covenants under the loan agreement. The net balance at December 31, 2014, was $340.7 million, which is net of unamortized discount of $1.6 million. Approximately $10.9 million in financing costs will be amortized over five years, which is included in deferred financing costs, net on the accompanying consolidated balance sheets. We amortized $0.8 million of deferred financing costs for the year ended December 31, 2014.
	Derivative and Hedging Activities
	As part of certain lender requirements in connection with the Securitization Loan, we entered into an interest rate cap agreement with an aggregate notional amount of $342.2 million and LIBOR-based strike rate equal to 3.12% for the initial two year term of the Securitization Loan to hedge against interest rate fluctuations. This interest rate cap agreement was formally designated as a cash flow hedge at inception and will be regularly assessed for effectiveness on an on-going basis. During the year ended December 31, 2014, our interest rate cap agreement was 100% effective as a cash flow hedge and, as a result, changes in fair value have been classified in accumulated other comprehensive loss. These amounts will subsequently be reclassified into earnings in the period which the hedged transaction affects earnings. The fair value of our interest rate cap agreement is estimated to be $0.1 million as of December 31, 2014 and has been included in other assets, net in the accompanying consolidated balance sheets. The interest rate cap is valued using Level 2 observable market-based inputs, including interest rate curves.
	Maturities
	Future scheduled debt principal payments as of December 31, 2014 are as follows (amounts in thousands):
		Total Debt
	2015	$	—
	2016 (1)	311,000
	2017	—
	2018	115,000
	2019	342,241
	Thereafter	—
	Total debt	$	768,241
	______________
	-1	In January 2015, we exercised the one year extension on the Credit Facility.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share
	Basic net income or loss attributable to common stockholders is computed by dividing reported net income or loss attributable to common stockholders by the weighted-average number of common and contingently issuable shares outstanding during each period.
	A reconciliation of our net loss per share is as follows (amounts in thousands, except share and per-share amounts):
		Year Ended							March 30, 2012 (inception) to December 31,
		December 31,
		2014				2013			2012
	Net loss attributable to common stockholders	$	(36,979	)		$	(24,983	)	$	(6,139	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,143,934				27,130,348			11,536,193
	Net loss per share of common stock, basic and diluted	$	(1.15	)		$	(0.92	)	$	(0.53	)
	For all periods presented, no potentially dilutive securities were included in computing loss per share of common stock as their effect would be anti-dilutive. Potentially dilutive securities excluded were OP units, vested LTIP units, unvested LTIP units and unvested restricted shares of common stock. The weighted-average numbers of shares of potentially dilutive securities were as follows:
		Year Ended						March 30, 2012 (inception) to December 31,
		December 31,
		2014			2013			2012
	OP and vested LTIP units	569,166			400,055			185,490
	Unvested LTIP units	518,715			353,512			471,219
	Unvested restricted stock	44,097			28,204			—
	Potentially dilutive shares	1,131,978			781,771			656,709

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity
	On May 14, 2013, we completed our IPO of 13,700,000 shares of our common stock at a public offering price of $21.00 per share, and we received approximately $265.1 million of net proceeds, after deducting the underwriting discounts and commissions, structuring fee and other offering expenses payable by us.

Stock_Compensation

Stock Compensation	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation	Stock Compensation
	We award stock-based compensation to certain employees and members of our Board of Directors through the American Residential Properties, Inc. 2012 Equity Incentive Plan, or our 2012 Equity Incentive Plan. Under our 2012 Equity Incentive Plan, the Compensation Committee of our Board of Directors has the ability to grant nonqualified stock options, incentive stock options, restricted shares of our common stock, restricted stock units, dividend equivalents, stock appreciation rights and other awards to our officers, employees, directors and other persons providing services to our Operating Partnership and its subsidiaries. The number of shares of our common stock available for grant under our 2012 Equity Incentive Plan is subject to an aggregate limit of 1,500,000 shares. Our 2012 Equity Incentive Plan expires on May 11, 2022, except as to any grants which are then outstanding. As of December 31, 2014, there were 472,128 shares of our common stock available for grant under our 2012 Equity Incentive Plan.
	We recorded stock-based compensation cost of approximately $3.0 million and $5.3 million as part of general, administrative and other expense in the consolidated statements of operations for the years ended December 31, 2014 and 2013, respectively. The stock-based compensation cost recorded during the period March 30, 2012 (inception) through December 31, 2012 was $1.9 million.
	LTIP Units
	Under our 2012 Equity Incentive Plan, we may grant LTIP units. LTIP units are a special class of partnership interests in our Operating Partnership with certain restrictions, which are convertible into OP units, subject to satisfying vesting and other conditions. LTIP unit holders are entitled to receive the same distributions as holders of our OP units (only if we pay such distributions) on the unvested portion of their LTIP units. The vesting of LTIP units is determined at the time of the grant and may be based on performance criteria. Any unvested LTIP units are forfeited, except in limited circumstances, as determined by the Compensation Committee of our Board of Directors, when the recipient is no longer employed by us or when a director leaves our Board of Directors for any reason. LTIP units may be subject to full or partial accelerated vesting under certain circumstances, as described in the applicable award agreement.
	Service-Based LTIP Units
	Service-based LTIP units are valued at fair value on the date of grant and compensation expense is recognized over the vesting period, which approximates a straight-line basis. These shares generally vest over three years based on continued service or employment. We valued the service-based LTIP units at a per-unit value equivalent to the per-share offering price of our common stock sold in our private and public offerings less a discount for lack of marketability estimated with the assistance of a third-party consultant for grants issued prior to our IPO. Subsequent to our IPO, we valued the service-based LTIP units at the per-share market close trading price of our common stock on the date of grant less a discount for lack of marketability estimated with the assistance of a third-party consultant.
	The following table summarizes information about the service-based LTIP units outstanding as of December 31, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance at December 31, 2012	10,490		493,432		503,922		$	17
	Granted	—		35,261		35,261		$	16.72
	Vested	340,285		(340,285	)	—		$	17.04
	Converted	(834	)	—		(834	)	$	17
	Forfeited	—		(14,166	)	(14,166	)	$	17
	Balance, December 31, 2013	349,941		174,242		524,183		$	16.98
	Granted	—		70,274		70,274		$	15.63
	Vested	90,467		(90,467	)	—		$	16.76
	Converted	(17,967	)	—		(17,967	)	$	17
	Forfeited	—		(4,166	)	(4,166	)	$	17
	Balance, December 31, 2014	422,441		149,883		572,324		$	16.67
	Upon the completion of our IPO in May 2013, a total of 262,460 service-based LTIP units vested in accordance with the 2012 Equity Incentive Plan.
	Total unrecognized compensation cost related to unvested service-based LTIP units was approximately $1.3 million as of December 31, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.4 years, subject to the stated vesting conditions.
	Market-Based LTIP Units
	In November 2013, we issued 338,094 LTIP units, of which up to 50% will vest based on the percentage increase of the Company’s total stockholder return, or TSR, beginning on May 14, 2013 (the date of the closing of our initial public offering), and up to 50% will vest based on the relative outperformance of our TSR as compared to the percentage change of the SNL US REIT Equity Index, or the Index, over the same period. The market-based LTIP awards were valued on the date of grant using a Monte Carlo simulation method. The aggregate grant date fair value of the market-based LTIP units was $1.9 million.
	In June 2014, we issued 39,136 LTIP units, of which up to 100% will vest based on the percentage increase of the Company's TSR beginning on January 1, 2014. The market-based LTIP awards were valued on the date of grant using a Monte Carlo simulation method. The aggregate grant date fair value of the market-based LTIP units was $0.4 million.
	The following table summarizes information about the market-based LTIP units outstanding as of December 31, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2012	—		—		—		$	—
	Granted	—		338,094		338,094		$	5.58
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, December 31, 2013	—		338,094		338,094		$	5.58
	Granted	—		39,136		39,136		$	10.12
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, December 31, 2014	—		377,230		377,230		$	6.05
	Total unrecognized compensation cost related to unvested market-based LTIP units totaled approximately $1.3 million as of December 31, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 3.2 years, subject to stated vesting conditions.
	Restricted Stock
	Under our 2012 Equity Incentive Plan, we may grant restricted shares of our common stock. Restricted shares of our common stock are valued at the per-share market close trading price of our common stock on the date of the grant and compensation expense is recognized over the vesting period, which approximates a straight-line basis. These shares generally vest over three years based on continued service or employment.
	The following table summarizes information about the shares of restricted common stock outstanding as of December 31, 2014:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2012	—		$	—
	Granted	47,327		$	21
	Vested	(5,042	)	$	21
	Forfeited	(1,916	)	$	21
	Unvested at December 31, 2013	40,369		$	21
	Granted	17,944		$	17.98
	Vested	(20,178	)	$	20.11
	Forfeited	(3,838	)	$	19.33
	Unvested at December 31, 2014	34,297		$	20.14
	Total unrecognized compensation cost related to unvested shares of restricted common stock totaled approximately $0.5 million as of December 31, 2014, and is expected to be recognized in general, administrative and other expense over a weighted-average period of approximately 1.5 years, subject to stated vesting conditions.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of fair value defined in ASC 820-10, Fair Value Measurements, are as follows:
	•	Level 1—Valuations based on quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access.
	•	Level 2—Valuations based on quoted market prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
	•	Level 3—Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which are typically based on the reporting entity’s own assumptions.
	Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based upon market conditions and perceived risks as of December 31, 2014 and 2013. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.
	Our financial instruments include cash and cash equivalents, restricted cash, acquisition deposits, rents and other receivables and accounts payable and accrued expenses. We consider the carrying amounts of these instruments to approximate fair value because of their short-term nature.
	Our mortgage financings, the Credit Facility, the Notes and the Securitization Loan are also financial instruments, and we estimated their fair value based on market quotes for comparable instruments or discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair value of the Credit Facility using Level 2 assumptions approximate the carrying amounts. The estimated fair values of our mortgage financing receivables using Level 3 assumptions approximates the carrying amount. In 2014 we entered into an interest rate cap designated as a cash flow hedge to reduce our exposure to interest rate risk. See Note 4 for disclosures on the fair value of our interest rate cap.
	The fair value of our Notes and the Securitization Loan using Level 2 assumptions is as follows (amounts in thousands):
			31-Dec-14				31-Dec-13
			Fair Value		Carrying Value		Fair Value		Carrying Value
	Exchangeable Senior Notes (1)		$	116,581	$	102,188	$	99,377	$	99,377
	Securitization Loan (2)		$	340,675	$	340,675	$	—	$	—
	(1)    The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.
	(2)    The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.6 million.

Transactions_With_Related_Part

Transactions With Related Parties	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
Transactions With Related Parties	Transactions With Related Parties
	In connection with the closing of our initial private offering on May 11, 2012, we acquired from ARM the proprietary, vertically integrated real estate acquisition and management platform that Mr. Schmitz and Ms. Hawkes developed in exchange for 175,000 OP units, valued at $3.5 million, representing a 1.5% limited partnership interest in our Operating Partnership, and approximately $85,000 in cash. The OP units were valued at $20.00 per unit, equivalent to the offering price per share of our common stock sold in our initial private offering.
	Prior to February 2013, we earned management services fees from ARM pursuant to a cancellable sub-management agreement for the provision of real estate management services to ARM. These services allowed ARM to fulfill its obligations to ARP Phoenix Fund I, LP, or Phoenix Fund, pursuant to a management agreement between ARM and Phoenix Fund. The general partner of Phoenix Fund is ARP Phoenix Fund I GP, LLC, which is owned by Mr. Schmitz and Ms. Hawkes. These services included property restoration, leasing and property management and disposition services with respect to the properties owned by Phoenix Fund. Under the sub-management agreement, ARM was required to reimburse our TRS for the actual expenses incurred by our TRS to perform its obligations under the sub-management agreement, plus a fee of 1.0% of the gross rental revenue earned from Phoenix Fund with respect to the properties managed by ARM.
	In February 2013, ARM, Phoenix Fund and our TRS terminated the property management and sub-management agreements for the provision of real estate management services to Phoenix Fund, and our TRS entered into a management agreement directly with Phoenix Fund, pursuant to which our TRS performs the same services to Phoenix Fund for a fee in an amount equal to 6.0% of the gross rental revenue received by Phoenix Fund with respect to the properties managed by our TRS.
	We earned approximately $0.4 million and $0.4 million during the years ended December 31, 2014 and 2013, respectively, under the prior and current management agreements, which are included in management services (related party) in our consolidated statements of operations. Accounts receivable of approximately $20,000 and $43,000 due from Phoenix Fund are included in rents and other receivables, net in our consolidated balance sheets at December 31, 2014 and 2013, respectively.
	Phoenix Fund purchased 150,000 shares of our common stock in our initial private offering.

NonControlling_Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Non-Controlling Interests
	Non-controlling common units of our Operating Partnership relate to the interest in our Operating Partnership that is not owned by us and are presented as non-controlling interests in the equity section of our consolidated balance sheets.
	Non-controlling common units of our Operating Partnership have essentially the same economic characteristics as shares of our common stock as they share equally in the net income or loss and distributions of our Operating Partnership. Our limited partners have the right to redeem all or part of their non-controlling common units of our Operating Partnership following the one-year anniversary of issuance. At the time of redemption, we have the right to determine whether to redeem the non-controlling common units of our Operating Partnership for cash, based upon the fair value of an equivalent number of shares of our common stock at the time of redemption, or exchange them for unregistered shares of our common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distribution and similar events. In the event of a termination or liquidation of us and our Operating Partnership, it is expected that in most cases each common unit would be entitled to a liquidating distribution equal to the amount payable with respect to each share of our common stock. As of December 31, 2014, there were 597,441 outstanding non-controlling common units of our Operating Partnership, representing an approximate 1.8% ownership interest in our Operating Partnership. These units are comprised of 175,000 units issued in connection with our acquisition of the assets and management platform from ARM and 422,441 vested LTIP units. As of December 31, 2013, there were 524,941 outstanding non-controlling common units of our Operating Partnership, representing an approximate 1.6% ownership interest in our Operating Partnership. These units are comprised of 175,000 units issued in connection with our acquisition of the assets and management platform from ARM and 349,941 vested LTIP units.
	Net income or loss attributable to non-controlling common units of our Operating Partnership is allocated based on their relative ownership percentage of the Operating Partnership during the period. The non-controlling ownership interest percentage is determined by dividing the number of non-controlling common units outstanding by the total of the shares of our common stock and non-controlling units outstanding at the balance sheet date. The issuance or redemption of additional shares of our common stock or common units results in changes to our limited partners’ ownership interest in our Operating Partnership, as well as our net assets. As a result, all equity-related transactions result in an allocation between stockholders’ equity and the non-controlling common units of our Operating Partnership in the consolidated balance sheet to account for any change in ownership percentage during the period. Our limited partners’ weighted-average share of our net loss was 1.7% and 1.5% for the years ended December 31, 2014 and 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies
	Operating Leases
	We enter into operating lease agreements to provide office space for our corporate and support offices. Approximate future minimum obligations under the operating leases as of December 31, 2014 are as follows (amounts in thousands):
		Future Minimum Operating Lease Payments
	2015	$	832
	2016	813
	2017	825
	2018	839
	2019	—
	Thereafter	—
	Total	$	3,309
	Rent expense was approximately $800,000, $516,000 and $81,000 for the years ended December 31, 2014 and 2013, and the period March 30, 2012 (inception) through December 31, 2012, respectively, and is included within property operating and maintenance and general, administrative and other expenses on our consolidated statements of operations.
	Litigation
	From time to time, we are subject to potential liability under various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal claims that would have a material effect on our consolidated financial statements and therefore no accrual is required as of December 31, 2014.
	Accepted Purchase Offers
	As of December 31, 2014, we have committed to purchase single-family homes for a total purchase price of approximately $14.2 million. These are offers to purchase rental properties that were accepted by the sellers but had not closed as of December 31, 2014. As of December 31, 2013, we had committed to purchase single-family homes for a total purchase price of approximately $24 million, which were offers to purchase rental properties that were accepted by the sellers but did not close until 2014.
	Homeowners’ Association Fees
	Certain of our properties are located in communities that are subject to homeowners’ association, or HOA, fees. These fees are generally billed monthly and are subject to annual fee adjustments. The fees cover the costs of maintaining common areas and are generally paid for by us. HOA fees were approximately $2.1 million, $1.2 million and $0.3 million for the years ended December 31, 2014, 2013, and the period March 30, 2012 (inception) through December 31, 2012, respectively.
	Concentrations
	As of December 31, 2014, approximately 57% of our properties were located in Texas, Arizona and Georgia. This concentration may expose us to greater economic risks than if we owned a more geographically dispersed portfolio.
	Tenant Security Deposits
	As of December 31, 2014, we had $7.9 million in tenant security deposits. These security deposits are refundable, net of any charges or fees, upon expiration of the underlying leases. As of December 31, 2013, we had $4.0 million in tenant security deposits.

Rental_Revenue

Rental Revenue	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Rental Revenue	Rental Revenue
	Our properties are leased to tenants under operating leases with initial expiration dates ranging from 2015 to 2023. Our leases on self-managed properties are leased to residential tenants with a term of generally one year, where the tenant is responsible for the payment of the property utilities and we are responsible for the payment of the property taxes, insurance, homeowners' association fees and property operating and maintenance costs (including ordinary repairs and maintenance). Our longer-term operating leases with preferred operators have lease terms with a minimum of five to ten years with renewal options. The operators/lessees under these longer-term leases are responsible for all property-level operating expenses, including taxes, insurance and maintenance, and other similar expenses of the property. The future minimum rental revenue to be received from tenants or lessees as of December 31, 2014 is as follows (amounts in thousands):
		Future Minimum
		Rental Revenue
	2015	$	55,889
	2016	7,088
	2017	5,945
	2018	410
	2019	418
	Thereafter	1,483
	Total	$	71,233

Selected_Quarterly_Financial_I

Selected Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Selected Quarterly Financial Information (Unaudited)
	The following table sets forth our unaudited consolidated quarterly financial information for 2014 and 2013. We believe that we have included all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of our selected quarterly data.
	The calculation of basic and diluted per share amounts for each quarter is based on the weighted average shares outstanding for that period; consequently, the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per share. (amounts in thousands, except per-share amounts)
		For the Quarter Ended
		Dec. 31, 2014			Sept. 30, 2014			30-Jun-14			Mar. 31, 2014			Dec. 31, 2013			Sept. 30, 2013			30-Jun-13			Mar. 31, 2013
	Total revenue	$	25,171		$	23,485		$	20,754		$	17,454		$	13,236		$	11,069		$	8,408		$	5,247
	Net loss	(12,770		)	(9,327		)	(7,742		)	(7,794		)	(8,517		)	(4,588		)	(8,187		)	(4,059		)
	Net loss attributable to common stockholders	(12,539		)	(9,162		)	(7,609		)	(7,669		)	(8,378		)	(4,515		)	(8,071		)	(4,019		)
	Net loss per share attributable to common stockholders:
	Basic and diluted (loss)/earnings per share	$	(0.39	)	$	(0.28	)	$	(0.24	)	$	(0.24	)	$	(0.26	)	$	(0.14	)	$	(0.31	)	$	(0.22	)

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	For the period from January 1, 2015 to February 28, 2015, we acquired 123 single-family homes for a total purchase price of approximately $21.7 million and have contracted to acquire 30 single-family homes for a total purchase price of approximately $5.5 million.

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III- Real Estate and Accumulated Depreciation
	AMERICAN RESIDENTIAL PROPERTIES, INC.
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	As of December 31, 2014
	(dollar amounts in thousands)
							Encumbrances							Initial Cost to Company(2)				Cost Capitalized Subsequent to Acquisition (Improvements)		Gross Amounts
																				as of December 31, 2014
	Metropolitan Statistical Area/Metro Division		State		Number of Homes		Number of Encumbered Homes			Encumbrances(1)				Land		Depreciable Property		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation(3)		Date of Acquisition
	Anderson		IN		3		—			$	—			$	58	$	284	$	45	$	58	$	329	$	387	$	17	2013-2014
	Atlanta-Sandy Springs-Marietta		GA		1,062		56			6,214				29,742		114,360		10,786		29,742		125,146		154,888		3,484		2012-2014
	Austin-Round Rock		TX		19		16			1,981				576		2,353		242		576		2,595		3,171		171		2013
	Bakersfield		CA		5		2			238				155		442		50		155		492		647		50		2012
	Cape Coral-Fort Myers		FL		138		—			—				581		5,435		836		581		6,271		6,852		499		2012
	Charleston-North Charleston		SC		15		—			—				453		1,336		138		453		1,474		1,927		104		2013-2014
	Charlotte-Gastonia-Concord		NC-SC		376		127			14,376				12,152		45,348		2,763		12,152		48,111		60,263		1,779		2013-2014
	Chicago-Naperville-Joliet		IL		511		—			—				13,423		52,150		—		13,423		52,150		65,573		3,535		2012-2014
	Cincinnati-Middletown		OH		84		—			—				3,025		10,313		575		3,025		10,888		13,913		636		2013-2014
	Corpus Christi		TX		240		104			13,231				7,645		34,986		2,693		7,645		37,679		45,324		1,703		2013-2014
	Dallas-Fort Worth-Arlington		TX		1,093		456			53,555				32,910		133,781		12,231		32,910		146,012		178,922		6,635		2012-2014
	Deltona-Daytona Beach-Ormond Beach		FL		6		—			—				59		538		23		59		561		620		40		2013
	Denver-Aurora		CO		3		—			—				132		418		68		132		486		618		39		2013
	Durham		NC		11		4			441				347		1,179		75		347		1,254		1,601		43		2013-2014
	GA Nonmetropolitan Area		GA		14		2			239				368		1,832		176		368		2,008		2,376		50		2013-2014
	Greensboro-High Point		NC		19		13			1,107				430		1,317		84		430		1,401		1,831		106		2013
	Houston-Sugar Land-Baytown		TX		1,106		437			48,441				29,398		124,801		8,234		29,398		133,035		162,433		7,786		2013-2014
	Indianapolis-Carmel		IN		535		—			—				4,777		26,322		4,263		4,777		30,585		35,362		2,000		2013-2014
	Jacksonville		FL		9		—			—				153		1,011		133		153		1,144		1,297		82		2013-2014
	Jacksonville		NC		3		—			—				106		317		13		106		330		436		19		2013
	Lakeland		FL		89		11			1,088				2,049		9,885		1,037		2,049		10,922		12,971		346		2013-2014
	Las Vegas-Paradise		NV		68		45			4,818				1,348		5,246		859		1,348		6,105		7,453		688		2012-2013
	Los Angeles-Long Beach-Santa Ana		CA		24		16			1,852				923		2,422		435		923		2,857		3,780		319		2012
	Modesto		CA		51		—			—				1,299		3,601		1,262		1,299		4,863		6,162		689		2012
	Nashville-Davidson-Murfreesboro-Franklin		TN		644		173			20,078				22,771		79,196		7,432		22,771		86,628		109,399		2,936		2013-2014
	NC Nonmetropolitan Area		NC		24		—			—				455		1,425		102		455		1,527		1,982		107		2013-2014
	Orlando-Kissimmee		FL		346		30			3,096				9,201		44,008		4,607		9,201		48,615		57,816		1,344		2013-2014
	AMERICAN RESIDENTIAL PROPERTIES, INC.
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	As of December 31, 2014
	(dollar amounts in thousands)
							Encumbrances							Initial Cost to Company(2)				Cost Capitalized Subsequent to Acquisition (Improvements)		Gross Amounts
																				as of December 31, 2014
	Metropolitan Statistical Area/Metro Division		State		Number of Homes		Number of Encumbered Homes			Encumbrances(1)				Land		Depreciable Property		Depreciable Property		Land		Depreciable Property		Total		Accumulated Depreciation(3)		Date of Acquisition
	Phoenix-Mesa-Scottsdale		AZ		1,380		808			99,788				39,114		149,802		12,161		39,114		161,963		201,077		13,680		2012-2013
	Raleigh-Cary		NC		240		95			11,865				8,291		26,156		1,919		8,291		28,075		36,366		1,560		2013-2014
	Riverside-San Bernardino-Ontario		CA		213		171			26,967				8,900		24,547		5,168		8,900		29,715		38,615		3,933		2012-2013
	Rome		GA		2		—			—				23		68		22		23		90		113		9		2013
	San Antonio		TX		112		78			8,792				3,192		13,195		1,347		3,192		14,542		17,734		877		2013-2014
	Sarasota-Bradenton-Venice		FL		7		—			—				201		1,130		85		201		1,215		1,416		39		2014
	Tampa-St. Petersburg-Clearwater		FL		30		2			199				1,000		3,709		375		1,000		4,084		5,084		189		2013-2014
	TN Nonmetropolitan Area		TN		100		15			2,198				4,012		16,000		1,189		4,012		17,189		21,201		418		2013-2014
	TX Nonmetropolitan Area		TX		4		3			334				127		510		66		127		576		703		42		2013
	Wilmington		NC		73		36			4,349				2,805		8,498		678		2,805		9,176		11,981		546		2013-2014
	Winston-Salem		NC		234		176			16,994				6,950		21,506		863		6,950		22,369		29,319		1,510		2013-2014
					8,893		2,876			$	342,241			$	249,151	$	969,427	$	83,035	$	249,151	$	1,052,462	$	1,301,613	$	58,010
	(1) Encumbrances include properties secured under the Securitization Loan.
	(2) All properties acquired to date for cash and no debt has been incurred. Excludes $327 of acquired in-place leases.
	(3) Except for amounts attributed to land, real estate related assets are depreciated over their estimated useful lives of 5 to 27.5 years using the straight-line method.
	AMERICAN RESIDENTIAL PROPERTIES, INC.
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	(amounts in thousands)
	A summary of activity for investment in real estate and accumulated depreciation is as follows:
				Year Ended December 31,							Period from March 30, (inception) to December 31,
				2014			2013				2012
	Change in investment in real estate:
	Balance, beginning of period		$	793,606		$	217,973			$	—
	Acquisitions (1)		455,453			549,201				214,520
	Improvements		53,400			26,432				3,453
	Dispositions		(846		)	—				—
	Balance, end of period		$	1,301,613		$	793,606			$	217,973
Change in accumulated depreciation:
	Balance, beginning of period		$	(18,058	)	$	(1,277	)		$	—
	Depreciation expense		(40,014		)	(16,781		)		(1,277		)
	Dispositions		62			—				—
	Balance, end of period		$	(58,010	)	$	(18,058	)		$	(1,277	)
(1) Excludes $327 and $1,823 of acquired in-place leases for the year ended December 31, 2014 and 2013, respectively.

Schedule_IV_Mortgage_Loans_on_

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate
	AMERICAN RESIDENTIAL PROPERTIES, INC.
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
	As of December 31, 2014
	(dollar amounts in thousands)
	Mortgages			Stated Interest Rate		Final Maturity Date (1)		Periodic Payment Terms		Face Amount of Mortgages				Carrying Amount of Mortgages
	Mortgage financings secured by single family homes			11.0-12.0%		Mar-2015 to May-2018		Interest		$	21,040			$	21,040
	Long-term mortgage financings secured by single-family homes			8	%	Feb-43		30-year Amortization		$	96			$	56
	(1) Reflects scheduled maturity of the investment and does not consider any options to extend beyond the scheduled maturity.
							Year Ended December 31,
							2014				2013
	Reconciliation of Mortgage Loans on Real Estate
	Balance, beginning of period						$	43,512			$	13,025
		Additions during period:
			New Mortgage Loans				13,554				66,621
		Deductions during period:
			Collections of principal				(35,969		)		(36,134		)
	Balance, end of period						$	21,097			$	43,512

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements include the accounts of American Residential Properties, Inc., our Operating Partnership and the wholly owned subsidiaries of our Operating Partnership. All majority-owned subsidiaries are consolidated and included in our consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP.
Use of Estimates	Use of Estimates
	The preparation of consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Investment in Real Estate	Investment in Real Estate
	Property acquired not subject to an existing lease is accounted for as an asset acquisition, with the property recorded at the purchase price, including acquisition costs, and allocated between land and building and improvements based upon their relative fair values at the date of acquisition. Property acquired with an existing lease is recorded as a business combination. For properties acquired through portfolio transactions, we determine whether the acquisition qualifies as a business combination based on the nature and status of the properties as of the acquisition date. A portfolio comprised of properties that are substantially leased at acquisition is treated as a business combination. A portfolio comprised of properties that are substantially vacant at acquisition is treated as an asset acquisition. For property acquisitions accounted for as business combinations, the land, building and improvements and the existing lease are recorded at fair value at the date of acquisition, with acquisition costs expensed as incurred.
	Fair value is determined under the guidance of ASC Topic 820, Fair Value Measurements, primarily based on unobservable market data inputs, which are categorized as Level 3 inputs. In making estimates of fair values for purposes of allocating purchase price, we utilize our market knowledge and published market data. Our real estate portfolio is depreciated using the straight-line method over the estimated useful lives of the respective assets, ranging from 5 to 27.5 years.
	We have acquired portfolios of leased properties from established local operators, or preferred operator, that retain day-to-day management responsibilities pursuant to a longer-term lease. In these arrangements, the preferred operator is responsible for all property-related expenses and we receive payments from the preferred operator that escalate over the term of the lease. In-place lease intangibles associated with homes managed by preferred operators are valued based on management’s estimates of lost rent and carrying costs. In-place lease intangibles associated with the acquisition of self-managed homes are valued based on management’s estimate of lost rent during the time it would take to locate a tenant and execute a lease if the property were vacant, considering current market conditions and costs to execute similar leases. In estimating lost rent and carrying costs, management considers market rents, real estate taxes, insurance, costs to execute similar leases (including leasing commissions) and other related costs. The value assigned to in-place leases is amortized on a straight-line basis as a component of depreciation and amortization expense over the remaining initial term of the related lease. The leases reflect market rental rates.
	We incur costs to prepare our acquired properties to be rented. These costs (including direct internal costs) are capitalized and allocated to building costs. Costs related to the restoration or improvement of our properties (including direct internal costs) that improve and extend their useful lives are capitalized and depreciated over their estimated useful lives. Expenditures for ordinary repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
	We evaluate our long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows from the property against its net carrying amount. We prepare our future undiscounted cash flow analysis using estimates based on current rental rates, renewals and occupancy, operating expenses and inputs from our annual planning process and historical performance. When preparing these estimates, we consider each property’s historical results, current operating trends and current market conditions. These estimates may be impacted by variable factors, including inflation, expected rental rates, the general health of the economy and market competition. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value, we consider both recent comparable homes sales and the use of discounted projected future cash flows. The rates used to discount projected future cash flows reflect market discount rates.
Revenue Recognition	Revenue Recognition
	We lease single-family residences we own and manage directly to tenants who occupy the properties under operating leases, generally, with terms of one year. We perform credit investigations on prospective tenants and obtain security deposits. Rental revenue, net of any concessions, is recognized on a straight-line basis over the term of the lease, which is not materially different than if it were recorded when due from tenants and recognized monthly as it is earned. Properties that are subject to longer-term operating arrangements with preferred operators are leased to the operator for a minimum of five to ten years with renewal options. These operators are responsible for taxes, insurance and maintenance of the properties under the terms of the operating arrangements. Under our preferred operator lease agreements, we earn base rental revenue paid monthly, with contractual minimum annual rent increases on each anniversary of the lease commencement date. We recognize rental revenue on a straight-line basis over the term of the lease. We also earn percentage rents on a quarterly basis equal to a fixed percentage of the gross revenue the preferred operator collects from its residential sub-tenants who occupy the homes. Percentage rental revenue is recorded when the gross revenue collected from the sub-tenants is known and the amount can be calculated.
Mortgage Financings	Mortgage Financings
	We hold mortgage financing receivables for investment. The receivables are carried at cost, net of related unamortized premiums or discounts, if any. The mortgage loans are secured by single-family homes.
	Interest income on mortgage financings is recognized on the effective interest method applied on a loan-by-loan basis. Direct costs, if any, associated with funding loans are offset against any related fees received and the balance, along with any premium or discount, is deferred and amortized as an adjustment to interest income over the terms of the related loans using the effective interest method.
Cash and Cash Equivalents	Cash and Cash Equivalents
	Cash and cash equivalents are held in depository accounts with financial institutions that are members of the Federal Deposit Insurance Corporation, or the FDIC. Cash balances with institutions may be in excess of federally insured limits or may be invested in time deposits that are not insured by the institution or the FDIC or any other government agency. We have not realized any losses in such cash investments and we believe that these investments are not exposed to any significant credit risk. Cash equivalents consist of highly liquid investments with original maturities of three months or less when acquired. Such investments are stated at cost, which approximates fair value.
Restricted Cash and Acquisition Deposits	Restricted Cash
	Restricted cash primarily consists of funds that are restricted as to withdrawal or use under the terms of certain contractual agreements, which include payments of real estate taxes, insurance, interest, management fees and tenant security deposits.
	Acquisition Deposits
	We have made earnest money deposits relating to offers to purchase rental properties. If the offers to purchase rental properties are not accepted, the deposits will be returned to us.
Rents and Other Receivables, Net	Rents and Other Receivables, Net
	We maintain an allowance for doubtful accounts for estimated losses that may result from the inability of tenants, preferred operators or borrowers to make required rent or other payments. This allowance is estimated based on payment history and current credit status. If a tenant, preferred operator or borrower fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent, interest or principal and deferred rent. We generally do not require collateral or other security from our tenants, other than security deposits. Mortgage loans are secured by single-family homes. If estimates of collectability differ from the cash received, then the timing and amount of our reported revenue could be impacted.
Deferred Leasing Costs and Lease Intangibles, Net	Deferred Leasing Costs and Lease Intangibles, Net
	Deferred leasing commissions and other direct costs associated with leasing our properties (including direct internal costs) and in-place lease intangibles are capitalized and amortized on a straight-line basis over the terms of the related leases.
Deferred Financing Costs, Net	Deferred Financing Costs, Net
	Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with obtaining debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures
	Investments in ventures are generally accounted for under the equity method of accounting when we exercise significant influence over the venture but we do not serve as managing member or control the venture. Net income (loss) allocations are included in the investment balance along with the contributions made and distributions received over the life of the investment.
Goodwill	Goodwill
	Goodwill represents the estimated fair value of the real estate acquisition and management platform acquired from ARM (Note 9). Goodwill has an indefinite life and, accordingly, we do not amortize this asset but instead analyze it on an annual basis for impairment. ASC 350, Intangibles - Goodwill and Other, permits us to assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. We also have the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the two-step goodwill impairment test. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss by comparing the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Impairment charges, if any, are recognized in operating results.
Other Assets, Net	Other Assets, Net
	Other assets include prepaid expenses, deposits, other receivables and other miscellaneous assets, including office property and equipment. Office property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets of three to seven years.
Income Taxes	Income Taxes
	We have elected to be taxed as a REIT under Sections 856 to 860 of the Code. We believe that we have operated in such a manner as to satisfy the requirements for qualification as a REIT. Accordingly, we will not be subject to federal income tax, provided that we qualify as a REIT and our distributions to our stockholders equal or exceed our REIT taxable income.
	Qualification and taxation as a REIT depends upon our ability to meet the various qualification tests imposed under the Code related to the percentage of income that we earn from specified sources, the percentage of our assets that fall within specified categories, the diversity of our capital stock ownership, and the percentage of our earnings that we distribute. Accordingly, no assurance can be given that we will be organized or be able to operate in a manner so as to qualify or remain qualified as a REIT. If we fail to qualify as a REIT in any taxable year, we will be subject to federal and state income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates, and we may be ineligible to qualify as a REIT for four subsequent tax years. Even if we qualify as a REIT, we may be subject to certain state and local income and franchise taxes, and our TRS will be subject to federal, state and local taxes on its income. Franchise taxes are included in general and administrative expenses in the accompanying consolidated statements of operations.
	We have elected to treat our TRS as a taxable REIT subsidiary. Certain activities that we undertake will be conducted in our TRS, such as third-party property management and non-customary services for our tenants and holding assets that we cannot hold directly. Our TRS is subject to both federal and state income taxes.
	We determine whether any tax position taken or expected to be taken meet the "more-likely-than-not" threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2014 and 2013, we concluded that there is no tax liability relating to uncertain income tax positions. Our policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2014 or 2013.
	We file federal, state and local income tax returns. Federal and state tax returns filed for 2013 and 2012 are still subject to examination. We believe that we have appropriate support for the income tax positions taken on our tax returns. We have net operating loss carryforwards for income tax purposes at December 31, 2014 and 2013. These losses would be available to reduce future taxable income or distribution requirements until they expire, which varies by jurisdiction but generally is not more than 20 years from the tax year in which they originate. Based on all available evidence, we cannot conclude it is more likely than not these attributes will be utilized in the future and thus a valuation allowance has been recorded against them.
Stock-Based Payments	Stock-Based Payments
	We have awarded stock-based compensation to certain employees and members of our Board of Directors in the form of long-term incentive plan, or LTIP, units and restricted shares of our common stock (Note 7). We estimate the fair value of the awards and recognize this value over the requisite vesting period. For LTIP units, the fair value is based on the market value of our common stock on the date of grant and a discount for lack of marketability estimated by a third-party consultant.
Earnings (Loss) Per Share	Earnings (Loss) Per Share
	Basic earnings (loss) per share, or EPS, is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed by dividing net loss attributable to common stockholders as adjusted for dilutive securities, by the weighted-average number of shares of common stock outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Potentially dilutive securities include unvested restricted shares of our common stock, OP units, vested and unvested LTIP units and exchangeable senior notes. We intend to satisfy our exchange obligation for the principal amount of the exchangeable senior notes to the exchanging note holders entirely in cash. As we intend to settle the principal amount of the exchangeable senior notes in cash, the "if-converted" method to include debt in diluted EPS is not applicable and the treasury stock method is being used and as our stock price is below the conversion price, there is no impact.
Segment Reporting	Segment Reporting
	ASC Topic 280, Segment Reporting, established standards for the manner in which public enterprises report information about operating segments. We view our operations as one reportable segment with activities related to leasing and operating single-family homes as rental properties.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the FASB or the SEC. We adopt the new pronouncements as of the specified effective date. Unless otherwise discussed, these new accounting pronouncements include technical corrections to existing guidance or introduce new guidance related to specialized industries or entities and therefore we believe will have minimal, if any, impact on our financial position or results of operations upon adoption.
	In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals are presented as discontinued operations and modifies related disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years with early adoption permitted. The Company has adopted the provisions of this ASU, effective January 1, 2014, with an immaterial impact, and anticipates that the majority of property sales will not be classified as discontinued operations.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its financial statements.
	In August 2014, the FASB issued ASU No 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments on an entity's ability to continue as a going concern within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and is not expected to have an impact on the Company's financial position, results of operations or cash flows.
Fair Value Measurements	Fair Value Measurements
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of fair value defined in ASC 820-10, Fair Value Measurements, are as follows:
	•	Level 1—Valuations based on quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access.
	•	Level 2—Valuations based on quoted market prices for similar assets or liabilities, quoted market prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
	•	Level 3—Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which are typically based on the reporting entity’s own assumptions.
	Companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based upon market conditions and perceived risks as of December 31, 2014 and 2013. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.
	Our financial instruments include cash and cash equivalents, restricted cash, acquisition deposits, rents and other receivables and accounts payable and accrued expenses. We consider the carrying amounts of these instruments to approximate fair value because of their short-term nature.
	Our mortgage financings, the Credit Facility, the Notes and the Securitization Loan are also financial instruments, and we estimated their fair value based on market quotes for comparable instruments or discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair value of the Credit Facility using Level 2 assumptions approximate the carrying amounts. The estimated fair values of our mortgage financing receivables using Level 3 assumptions approximates the carrying amount.

Lease_Intangibles_Tables

Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Identifiable Intangible Assets	Our identifiable intangible assets as of December 31, 2014 and 2013 are summarized as follows (amounts in thousands):
		December 31,
		2014			2013
	Acquired in-place leases	$	327		$	1,823
	Less: accumulated amortization	(222		)	(1,039		)
	Intangible lease assets, net	$	105		$	784
Future Amortization	Our estimate of future amortization of the acquired in-place lease intangible assets in our balance sheet at December 31, 2014 is as follows (amounts in thousands):
		Amortization
	2015	$	103
	2016	2
	Total amortization	$	105

Debt_Tables

Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table details the Company's debt as of December 31, 2014 and 2013 (in thousands):
		December 31,
		2014			2013
	Credit Facility	$	311,000		$	169,000
	Exchangeable senior notes	115,000			115,000
	Securitization Loan	342,241			—
	Total debt before unamortized discount	768,241			284,000
	Less: Total unamortized discount on debt	(14,378		)	(15,623		)
	Total debt	$	753,863		$	268,377
Schedule of Debt and Equity Components	The following table details the debt and equity components recognized related to the 3.25% Notes (in thousands):
		December 31,
		2014			2013
	Principal amount	$	115,000		$	115,000
	Unamortized discount	(12,812		)	(15,623		)
	Net carrying amount	102,188			99,377
	Additional paid in capital	15,360			15,360
Schedule of Interest Expense Related to Debt
Future scheduled debt principal payments	Future scheduled debt principal payments as of December 31, 2014 are as follows (amounts in thousands):
		Total Debt
	2015	$	—
	2016 (1)	311,000
	2017	—
	2018	115,000
	2019	342,241
	Thereafter	—
	Total debt	$	768,241
	______________
	-1	In January 2015, we exercised the one year extension on the Credit Facility.

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Reconciliation of Net Loss per Share	A reconciliation of our net loss per share is as follows (amounts in thousands, except share and per-share amounts):
		Year Ended							March 30, 2012 (inception) to December 31,
		December 31,
		2014				2013			2012
	Net loss attributable to common stockholders	$	(36,979	)		$	(24,983	)	$	(6,139	)
	Weighted-average number of shares of common stock outstanding:
	Basic and diluted	32,143,934				27,130,348			11,536,193
	Net loss per share of common stock, basic and diluted	$	(1.15	)		$	(0.92	)	$	(0.53	)
Weighted-Average Number of Shares of Potentially Dilutive Securities	The weighted-average numbers of shares of potentially dilutive securities were as follows:
		Year Ended						March 30, 2012 (inception) to December 31,
		December 31,
		2014			2013			2012
	OP and vested LTIP units	569,166			400,055			185,490
	Unvested LTIP units	518,715			353,512			471,219
	Unvested restricted stock	44,097			28,204			—
	Potentially dilutive shares	1,131,978			781,771			656,709

Stock_Compensation_Tables

Stock Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Service-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding	The following table summarizes information about the service-based LTIP units outstanding as of December 31, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance at December 31, 2012	10,490		493,432		503,922		$	17
	Granted	—		35,261		35,261		$	16.72
	Vested	340,285		(340,285	)	—		$	17.04
	Converted	(834	)	—		(834	)	$	17
	Forfeited	—		(14,166	)	(14,166	)	$	17
	Balance, December 31, 2013	349,941		174,242		524,183		$	16.98
	Granted	—		70,274		70,274		$	15.63
	Vested	90,467		(90,467	)	—		$	16.76
	Converted	(17,967	)	—		(17,967	)	$	17
	Forfeited	—		(4,166	)	(4,166	)	$	17
	Balance, December 31, 2014	422,441		149,883		572,324		$	16.67
Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding	The following table summarizes information about the market-based LTIP units outstanding as of December 31, 2014:
		Total Vested		Total Unvested		Total		Weighted-Average
		Units		Units		Outstanding		Grant Date Fair
						Units		Value (Per Unit)
	Balance, December 31, 2012	—		—		—		$	—
	Granted	—		338,094		338,094		$	5.58
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, December 31, 2013	—		338,094		338,094		$	5.58
	Granted	—		39,136		39,136		$	10.12
	Vested	—		—		—		$	—
	Converted	—		—		—		$	—
	Forfeited	—		—		—		$	—
	Balance, December 31, 2014	—		377,230		377,230		$	6.05
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding	The following table summarizes information about the shares of restricted common stock outstanding as of December 31, 2014:
		Number of		Weighted-Average
		Shares		Grant Date Fair
				Value (Per Share)
	Unvested at December 31, 2012	—		$	—
	Granted	47,327		$	21
	Vested	(5,042	)	$	21
	Forfeited	(1,916	)	$	21
	Unvested at December 31, 2013	40,369		$	21
	Granted	17,944		$	17.98
	Vested	(20,178	)	$	20.11
	Forfeited	(3,838	)	$	19.33
	Unvested at December 31, 2014	34,297		$	20.14

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The fair value of our Notes and the Securitization Loan using Level 2 assumptions is as follows (amounts in thousands):
		31-Dec-14				31-Dec-13
		Fair Value		Carrying Value		Fair Value		Carrying Value
	Exchangeable Senior Notes (1)	$	116,581	$	102,188	$	99,377	$	99,377
	Securitization Loan (2)	$	340,675	$	340,675	$	—	$	—
	(1)    The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.
	(2)    The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.6 million.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Operating Lease Payments	Approximate future minimum obligations under the operating leases as of December 31, 2014 are as follows (amounts in thousands):
		Future Minimum Operating Lease Payments
	2015	$	832
	2016	813
	2017	825
	2018	839
	2019	—
	Thereafter	—
	Total	$	3,309

Rental_Revenue_Tables

Rental Revenue (Tables)	12 Months Ended
	Dec. 31, 2014
Leases [Abstract]
Schedule of Future Minimum Rental Revenue	The future minimum rental revenue to be received from tenants or lessees as of December 31, 2014 is as follows (amounts in thousands):
		Future Minimum
		Rental Revenue
	2015	$	55,889
	2016	7,088
	2017	5,945
	2018	410
	2019	418
	Thereafter	1,483
	Total	$	71,233

Selected_Quarterly_Financial_I1

Selected Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table sets forth our unaudited consolidated quarterly financial information for 2014 and 2013. We believe that we have included all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of our selected quarterly data.
	The calculation of basic and diluted per share amounts for each quarter is based on the weighted average shares outstanding for that period; consequently, the sum of the quarters may not necessarily be equal to the full year basic and diluted net income per share. (amounts in thousands, except per-share amounts)
		For the Quarter Ended
		Dec. 31, 2014			Sept. 30, 2014			30-Jun-14			Mar. 31, 2014			Dec. 31, 2013			Sept. 30, 2013			30-Jun-13			Mar. 31, 2013
	Total revenue	$	25,171		$	23,485		$	20,754		$	17,454		$	13,236		$	11,069		$	8,408		$	5,247
	Net loss	(12,770		)	(9,327		)	(7,742		)	(7,794		)	(8,517		)	(4,588		)	(8,187		)	(4,059		)
	Net loss attributable to common stockholders	(12,539		)	(9,162		)	(7,609		)	(7,669		)	(8,378		)	(4,515		)	(8,071		)	(4,019		)
	Net loss per share attributable to common stockholders:
	Basic and diluted (loss)/earnings per share	$	(0.39	)	$	(0.28	)	$	(0.24	)	$	(0.24	)	$	(0.26	)	$	(0.14	)	$	(0.31	)	$	(0.22	)

Companys_Organization_and_Oper1

Company's Organization and Operations (Details) (USD $)	0 Months Ended		1 Months Ended		2 Months Ended	12 Months Ended
	14-May-13	11-May-12	31-May-13	31-May-12	Jan. 31, 2013	Dec. 31, 2014	14-May-13
						Property
Summary Of Organization And Operations [Line Items]
Number of properties						8,893
Operating Partnership interest		1.50%				98.20%
Issuance of common stock (in shares)	13,700,000		13,700,000
Common stock, offering price per share	$21		$21				$21
Net proceeds from private placement				$208,700,000	$139,100,000
Business acquisition exchange of units		175,000
Business acquisition cash consideration		85,000
Net proceeds from issuance of common stock	$265,100,000		$265,100,000
Limited partnership interest
Summary Of Organization And Operations [Line Items]
Common stock issued					18,424,857

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	9 Months Ended	12 Months Ended		1 Months Ended			6 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2012	Dec. 31, 2012	31-May-13	Sep. 30, 2012
Summary Of Significant Accounting Policies [Line Items]
Impairment of long-lived assets	$0	$0	$0
Mortgage loans		21,097,000	43,512,000
Mortgage loans	13,025,000	21,097,000	43,512,000		13,025,000
Cash held with designated brokers to facilitate acquisition of properties		11,473,000	0
Allowance for doubtful accounts for rents and other receivables		1,100,000	1,700,000
Provision for doubtful accounts	49,000	2,514,000	1,908,000
Goodwill impairments recorded	0	0	0
Tax liability relating to uncertain income tax positions		0	0
Accrual for interest or penalties		0	0
Flat Iron VI LLC
Summary Of Significant Accounting Policies [Line Items]
Investment in joint-venture				5,500,000
Equity interest in joint-venture, percentage				78.00%
Siphon Draw LLC
Summary Of Significant Accounting Policies [Line Items]
Investment in joint-venture					4,700,000
Equity interest in joint-venture, percentage	80.00%				80.00%
Red Rock River LLC
Summary Of Significant Accounting Policies [Line Items]
Investment in joint-venture						18,000,000
Equity interest in joint-venture, percentage						62.00%
Short Term Loans Receivable
Summary Of Significant Accounting Policies [Line Items]
Mortgage loans		21,000,000	42,100,000
Mortgage loans, weighted-average interest rate		11.90%	11.80%
Mortgage loans, weighted-average remaining term		100 days	106 days
Long Term Loans Receivable
Summary Of Significant Accounting Policies [Line Items]
Mortgage loans, weighted-average interest rate		8.00%	8.00%
Mortgage loans, weighted-average remaining term		28 years	29 years
Mortgage loans		100,000	1,400,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives of assets in real estate portfolio		5 years
Lease terms		5 years
Minimum | Office property and equipment
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives of assets in real estate portfolio		3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives of assets in real estate portfolio		27 years 6 months
Lease terms		10 years
Maximum | Office property and equipment
Summary Of Significant Accounting Policies [Line Items]
Estimate useful lives of assets in real estate portfolio		7 years
Self-Managed Homes
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts for rents and other receivables		500,000	600,000
Provision for doubtful accounts	12,000	1,600,000	1,103,000
Preferred Operator Homes
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts for rents and other receivables		600,000	1,100,000
Provision for doubtful accounts	37,000	900,000	805,000				0
Cash and cash equivalents
Summary Of Significant Accounting Policies [Line Items]
Cash held with designated brokers to facilitate acquisition of properties			$0

Lease_Intangibles_Identifiable

Lease Intangibles - Identifiable Intangible Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets, Net [Abstract]
Acquired in-place leases	$327	$1,823
Less: accumulated amortization	-222	-1,039
Intangible lease assets, net	$105	$784

Lease_Intangibles_Additional_I

Lease Intangibles - Additional Information (Details) (Acquired in-place leases, USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Acquired in-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization of acquired in-place leases	$0.50	$1.10	$4.20

Lease_Intangibles_Future_Amort

Lease Intangibles - Future Amortization (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
2015	$103
2016	2
Intangible lease assets, net	$105	$784

Debt_Schedule_of_Debt_Details

Debt - Schedule of Debt (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013		Nov. 30, 2013
Debt Instrument [Line Items]
Total debt before unamortized discount	$768,241,000	$284,000,000
Less: Total unamortized discount on debt	-14,378,000	-15,623,000
Total debt	753,863,000	268,377,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt before unamortized discount	311,000,000	169,000,000
Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Total debt before unamortized discount	115,000,000	115,000,000		115,000,000
Less: Total unamortized discount on debt	-12,812,000	-15,623,000
Total debt	102,188,000	99,377,000	[1]	99,100,000
Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Debt Instrument [Line Items]
Total debt before unamortized discount	342,241,000	0
Less: Total unamortized discount on debt	($1,600,000)
[1]	The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.

Debt_Senior_Secured_Revolving_

Debt - Senior Secured Revolving Credit Facility Additional Information (Details) (USD $)	12 Months Ended		0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2015	Jun. 30, 2014	Sep. 30, 2013	Aug. 31, 2013	14-May-13	Jan. 31, 2013
Debt Instrument [Line Items]
Line of credit facility maturity period	2015-01
Revolving credit facility	$311,000,000	$169,000,000
Deferred financing costs	6,700,000	5,000,000
Amortization of deferred financing costs	6,400,000	1,700,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Senior secured revolving credit facility, current maximum borrowing capacity		380,000,000			290,000,000			150,000,000
Senior secured revolving credit facility, maximum borrowing capacity				500,000,000
Senior secured revolving credit facility, accordion feature, higher borrowing capacity option				750,000,000
Optional one-year extension	1 year
Non utilization fees	700,000	500,000
Revolving credit facility						146,000,000	109,000,000
Weighted average interest rate	3.01%
Amounts available under Credit Facility	152,800,000
Revolving Credit Facility [Member] | LIBOR
Debt Instrument [Line Items]
Description of variable rate basis	LIBOR
Revolving Credit Facility [Member] | Federal Funds Rate
Debt Instrument [Line Items]
Description of variable rate basis	Federal Funds Rate
Basis spread on variable rate	0.50%
Revolving Credit Facility [Member] | Prime Rate
Debt Instrument [Line Items]
Description of variable rate basis	prime rate
Revolving Credit Facility [Member] | One-month Eurodollar
Debt Instrument [Line Items]
Description of variable rate basis	one-month Eurodollar
Basis spread on variable rate, first component	1.00%
Minimum | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of total indebtedness to total asset value	45.00%
Interest rate over LIBOR rate on revolving credit facility	2.50%
Quarterly fee on unused portion of credit facility	0.35%
Minimum | Revolving Credit Facility [Member] | One-month Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate, second component	1.50%
Maximum | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Ratio of total indebtedness to total asset value	55.00%
Interest rate over LIBOR rate on revolving credit facility	3.25%
Quarterly fee on unused portion of credit facility	0.45%
Maximum | Revolving Credit Facility [Member] | One-month Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate, second component	2.25%
Subsequent Event [Member]
Debt Instrument [Line Items]
Additional borrowing from line of credit facility			$32,000,000

Debt_Exchangeable_Senior_Notes

Debt - Exchangeable Senior Notes Additional Information (Details) (USD $)	9 Months Ended	12 Months Ended			1 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013		Nov. 30, 2013	Nov. 21, 2013
Debt Instrument [Line Items]
Principal amount		$768,241,000	$284,000,000
Long-term debt		753,863,000	268,377,000
Issuance of exchangeable notes			15,360,000
Unamortized discount		14,378,000	15,623,000
Deferred financing costs		6,700,000	5,000,000
Deferred financing costs, net		13,037,000	6,558,000
Amortization of deferred financing costs	0	6,173,000	1,728,000
Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount		115,000,000	115,000,000		115,000,000
Interest rate		3.25%			3.25%
Initial exchange rate		0.0469423
Exchange price per share		$21.30
Premium over the last reported sales price of common stock		22.50%
Common stock sale price (usd per share)						$17.39
Principal amount, basis for exchange		1,000
Long-term debt		102,188,000	99,377,000	[1]	99,100,000
Fair value assumption, interest rate percentage					6.50%
Issuance of exchangeable notes		15,360,000	15,360,000		15,400,000
Financing costs					500,000
Unamortized discount		12,812,000	15,623,000
Deferred financing costs		3,800,000
Deferred financing costs, net		2,600,000	3,300,000
Amortization of deferred financing costs		$700,000	$100,000
Share cap exchange rate		0.0575043
Quarter after December 31, 2013 | Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Percentage of closing sales price per share over current exchange price		130.00%
Trading days		20
Consecutive trading days		30 days
Five consecutive business days | Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Percentage of closing sales price per share over current exchange price		98.00%
Consecutive trading days		5 days
[1]	The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.

Debt_Schedule_of_Exchangeable_

Debt - Schedule of Exchangeable Notes Debt and Equity Components (Details) (USD $)	1 Months Ended	12 Months Ended
	Nov. 30, 2013	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Principal amount		$768,241,000	$284,000,000
Unamortized discount		-14,378,000	-15,623,000
Total debt		753,863,000	268,377,000
Additional paid in capital			15,360,000
Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Debt Instrument [Line Items]
Principal amount	115,000,000	115,000,000	115,000,000
Unamortized discount		-12,812,000	-15,623,000
Total debt	99,100,000	102,188,000	99,377,000	[1]
Additional paid in capital	$15,400,000	$15,360,000	$15,360,000
Interest rate	3.25%	3.25%
[1]	The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.

Debt_Securitization_Loan_Addit

Debt - Securitization Loan Additional Information (Details) (USD $)	1 Months Ended	12 Months Ended
	Aug. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	Home
Debt Instrument [Line Items]
Proceeds from issuance of securitization loan		$340,559,000
Unamortized discount		14,378,000	15,623,000
Number of single family homes sold to affiliate	2,876
Amortization of deferred financing costs		6,400,000	1,700,000
Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of securitization loan	340,600,000	340,675,000
Unamortized discount		1,600,000
Debt issuance cost	10,900,000
Debt instrument term	2 years
Number of successive 12-month extensions	3
Amortization period of financing costs		5 years
Amortization of deferred financing costs		800,000
Secured Debt [Member] | Securitization Loan Issued August 2014 [Member] | One Month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.11%
Deferred Financing Costs, Net [Member] | Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Debt Instrument [Line Items]
Debt issuance cost		$10,900,000

Debt_Derivative_and_Hedging_Ac

Debt - Derivative and Hedging Activities Additional Information (Details) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Aug. 31, 2014	Dec. 31, 2014
LIBOR
Debt Instrument [Line Items]
Cap agreement rate, percentage		3.12%
Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Debt Instrument [Line Items]
Debt instrument term	2 years
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member]
Debt Instrument [Line Items]
Notional amount of interest cap agreement		342.2
Interest rate cap agreement effectiveness		100.00%
Other Assets [Member] | Interest Rate Cap [Member]
Debt Instrument [Line Items]
Derivative Asset		0.1

Debt_Maturity_Schedule_Details

Debt - Maturity Schedule (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
2015	$0
2016	311,000	[1]
2017	0
2018	115,000
2019	0
Thereafter	342,241
Total debt	$768,241		$284,000
[1]	In January 2015, we exercised the one year extension on the Credit Facility.

Earnings_Loss_Per_Share_Reconc

Earnings (Loss) Per Share - Reconciliation of Net Loss per Share (Details) (USD $)	3 Months Ended								9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net loss attributable to common stockholders (in dollars per share)	($12,539)	($9,162)	($7,609)	($7,669)	($8,378)	($4,515)	($8,071)	($4,019)	($6,139)	($36,979)	($24,983)
Weighted-average number of shares of common stock outstanding:
Basic and diluted (in shares)									11,536,193	32,143,934	27,130,348
Net loss per share of common stock, basic and diluted (in dollars per share)	($0.39)	($0.28)	($0.24)	($0.24)	($0.26)	($0.14)	($0.31)	($220)	($0.53)	($1.15)	($0.92)

Earnings_Loss_Per_Share_Weight

Earnings (Loss) Per Share - Weighted-Average Number of Shares of Potentially Dilutive Securities (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	656,709	1,131,978	781,771
OP and vested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	185,490	569,166	400,055
Unvested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	471,219	518,715	353,512
Unvested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares (in shares)	0	44,097	28,204

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	1 Months Ended
In Millions, except Share data, unless otherwise specified	14-May-13	31-May-13	14-May-13
Equity [Abstract]
Issuance of common stock (in shares)	13,700,000	13,700,000
Common stock, Initial Public Offering price per share		$21	$21
Net proceeds from issuance of common stock	$265.10	$265.10

Stock_Compensation_Additional_

Stock Compensation - Additional Information (Details) (USD $)	12 Months Ended		1 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Jun. 30, 2014	Dec. 31, 2012	31-May-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock available for grant	1,500,000
2012 Equity Incentive Plan expiration date	11-May-22
Stock compensation for common stock available for grant	472,128
Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued	39,136	338,094
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation cost related to unvested LTIP units	1.3
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 4 months 28 days
Service-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested						262,460
Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested LTIP units	1.3
Weighted average period over which unrecognized compensation is expected to be recognized	3 years 2 months 12 days
Aggregate grant date fair value			1.9	0.4
Market-based LTIP Units | Senior management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
LTIP units and shares of restricted common stock, issued			338,094
Total Unvested Units | Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued	39,136	338,094		39,136
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation cost related to unvested LTIP units	0.5
Weighted average period over which unrecognized compensation is expected to be recognized	1 year 6 months 11 days
Percent Vesting Based on TSR | Maximum | Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%	100.00%
Percent vesting based on relative outperformance of TSR compared to percentage change of index | Maximum | Market-based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
General, Administrative and Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	3	5.3			$1.90

Stock_Compensation_Summary_of_

Stock Compensation - Summary of Information about LTIP Units and Shares of Restricted Common Stock Outstanding (Details) (USD $)	1 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Market-based LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		338,094
Total Outstanding Units, Granted		39,136	338,094
Total Outstanding Units, Ending Balance		377,230	338,094
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Beginning Balance		5.58	0
Weighted-Average Grant Date Fair Value, Granted		10.12	5.58
Weighted-Average Grant Date Fair Value, Ending Balance		6.05	5.58
Market-based LTIP Units | Total Unvested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		338,094
Total Outstanding Units, Granted	39,136	39,136	338,094
Total Outstanding Units, Ending Balance		377,230	338,094
Service-based LTIP Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		524,183	503,922
Total Outstanding Units, Granted		70,274	35,261
Total Outstanding Units, Vested		0	0
Total Outstanding Units, Converted		-17,967	-834
Total Outstanding Units, Forfeited		-4,166	-14,166
Total Outstanding Units, Ending Balance		572,324	524,183
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Beginning Balance		16.98	17
Weighted-Average Grant Date Fair Value, Granted		15.63	16.72
Weighted-Average Grant Date Fair Value, Vested		16.76	17.04
Weighted-Average Grant Date Fair Value, Converted		17	17
Weighted-Average Grant Date Fair Value, Forfeited		17	17
Weighted-Average Grant Date Fair Value, Ending Balance		16.67	16.98
Service-based LTIP Units | Total Vested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		349,941	10,490
Total Outstanding Units, Granted		0	0
Total Outstanding Units, Vested		-90,467	-340,285
Total Outstanding Units, Converted		-17,967	-834
Total Outstanding Units, Forfeited		0	0
Total Outstanding Units, Ending Balance		422,441	349,941
Service-based LTIP Units | Total Unvested Units
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		174,242	493,432
Total Outstanding Units, Granted		70,274	35,261
Total Outstanding Units, Vested		-90,467	-340,285
Total Outstanding Units, Converted		0	0
Total Outstanding Units, Forfeited		-4,166	-14,166
Total Outstanding Units, Ending Balance		149,883	174,242
Restricted Shares
Stock-Compensation, Shares, Outstanding [Roll Forward]
Total Outstanding Units, Beginning Balance		40,369	0
Total Outstanding Units, Granted		17,944	47,327
Total Outstanding Units, Vested		-20,178	-5,042
Total Outstanding Units, Forfeited		-3,838	-1,916
Total Outstanding Units, Ending Balance		34,297	40,369
Stock-Compensation, Weighted Average Grant Date Fair Value [Abstract]
Weighted-Average Grant Date Fair Value, Beginning Balance		21	0
Weighted-Average Grant Date Fair Value, Granted		17.98	21
Weighted-Average Grant Date Fair Value, Vested		20.11	21
Weighted-Average Grant Date Fair Value, Forfeited		19.33	21
Weighted-Average Grant Date Fair Value, Ending Balance		20.14	21

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Nov. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Debt	$102,188	[1]	$99,377
Long-term debt	753,863		268,377
Unamortized discount	14,378		15,623
Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	102,188		99,377	[1]	99,100
Unamortized discount	12,812		15,623
Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized discount	1,600
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	102,188	[1]	99,377	[1]
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	340,675	[2]	0	[2]
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Notes [Member] | 3.25% Exchangeable Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	116,581	[1]	99,377	[1]
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | Securitization Loan Issued August 2014 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$340,675	[2]	$0	[2]
[1]	The carrying amount of the Exchangeable Senior Notes includes a discount of $12.8 million and $15.6 million at December 31, 2014 and 2013, respectively.
[2]	The fair value of the Securitization Loan approximates carrying value and includes a discount of $1.6 million.

Transactions_With_Related_Part1

Transactions With Related Parties (Details) (USD $)	0 Months Ended		1 Months Ended			12 Months Ended
	14-May-13	11-May-12	31-May-13	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	11-May-12
Related Party Transaction [Line Items]
Business acquisition exchange of OP units		175,000
Business acquisition exchange of OP units, value		$3,500,000						$3,500,000
Percentage of limited partnership interest in Operating Partnership		1.50%				98.20%
Business acquisition cash consideration		85,000
Value of Operating Partnership units, per unit		20						20
Management services fees percentage on gross rental revenue				6.00%	1.00%
Property management fees						400,000	400,000
Accounts receivable from related party						$20,000	$43,000
Common stock issued in initial private offering	13,700,000		13,700,000
Phoenix Fund
Related Party Transaction [Line Items]
Common stock issued in initial private offering		150,000

NonControlling_Interests_Detai

Non-Controlling Interests (Details)	0 Months Ended	12 Months Ended
	11-May-12	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Stock conversion ration, in shares		1
Non-controlling common units of Operating Partnership, outstanding		597,441	524,941
Non-controlling ownership interest in Operating Partnership		1.80%	1.60%
Units issued in connection with acquisition of assets and management platform	175,000
Weighted-average share of net loss attributable to limited partners'		1.70%	1.50%
LTIP
Noncontrolling Interest [Line Items]
Total vested LTIP units		422,441	349,941
ARM
Noncontrolling Interest [Line Items]
Units issued in connection with acquisition of assets and management platform		175,000

Commitments_and_Contingencies_1

Commitments and Contingencies - Operating Leases (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Future Minimum Operating Lease Payments
2015		$832
2016		813
2017		825
2018		839
2019		0
Thereafter		0
Total		3,309
Rent expense	$81	$800	$516

Commitments_and_Contingencies_2

Commitments and Contingencies - Additional Information (Details) (USD $)	9 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Payment for deposit on acquisition		$14,200,000	$24,000,000
Homeowners’ association fees	330,000	2,145,000	1,170,000
Concentration Risk [Line Items]
Security deposits		$7,919,000	$3,995,000
Arizona and Texas | Real Estate Properties [Member]
Concentration Risk [Line Items]
Concentration risk exposure, percentage		57.00%

Rental_Revenue_Details

Rental Revenue (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014
Future Minimum Rental Revenue
2015	55,889
2016	7,088
2017	5,945
2018	410
2019	418
Thereafter	1,483
Total	71,233
Minimum
Operating Leased Assets [Line Items]
Lease terms	5 years
Maximum
Operating Leased Assets [Line Items]
Lease terms	10 years

Selected_Quarterly_Financial_I2

Selected Quarterly Financial Information (Unaudited) (Details) (USD $)	3 Months Ended								9 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$25,171	$23,485	$20,754	$17,454	$13,236	$11,069	$8,408	$5,247	$2,930	$86,864	$37,960
Net loss	-12,770	-9,327	-7,742	-7,794	-8,517	-4,588	-8,187	-4,059	-6,238	-37,633	-25,351
Net loss attributable to common stockholders (in dollars per share)	($12,539)	($9,162)	($7,609)	($7,669)	($8,378)	($4,515)	($8,071)	($4,019)	($6,139)	($36,979)	($24,983)
Net loss per share of common stock, basic and diluted (in dollars per share)	($0.39)	($0.28)	($0.24)	($0.24)	($0.26)	($0.14)	($0.31)	($220)	($0.53)	($1.15)	($0.92)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	9 Months Ended	12 Months Ended		2 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Feb. 28, 2015
				Home
Subsequent Event [Line Items]
Total purchase price of homes acquired	$216,417	$455,934	$553,434
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of homes acquired				123
Total purchase price of homes acquired				21,700
Scenario, Forecast [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of homes acquired				30
Total purchase price of homes acquired				$5,500

Schedule_III_Real_Estate_and_A1

Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012	Mar. 30, 2012
	Home
Gross Amounts as of December 31, 2014
Total	$1,301,613		$793,606	$217,973	$0
Accumulated Depreciation	58,010		18,058	1,277	0
Acquired in-place leases	327		1,823
Single-Family Homes
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	8,893
Encumbrances
Number of Encumbered Homes	2,876	[1]
Encumbrances	342,241	[1]
Initial Cost to Company
Land	249,151	[2]
Depreciable Property	969,427	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	83,035
Gross Amounts as of December 31, 2014
Land	249,151
Depreciable Property	1,052,462
Total	1,301,613
Accumulated Depreciation	58,010	[3]
Single-Family Homes | Anderson, IN
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	3
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	58	[2]
Depreciable Property	284	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	45
Gross Amounts as of December 31, 2014
Land	58
Depreciable Property	329
Total	387
Accumulated Depreciation	17	[3]
Single-Family Homes | Atlanta-Sandy Springs-Marietta
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	1,062
Encumbrances
Number of Encumbered Homes	56	[1]
Encumbrances	6,214	[1]
Initial Cost to Company
Land	29,742	[2]
Depreciable Property	114,360	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	10,786
Gross Amounts as of December 31, 2014
Land	29,742
Depreciable Property	125,146
Total	154,888
Accumulated Depreciation	3,484	[3]
Single-Family Homes | Austin-Round Rock
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	19
Encumbrances
Number of Encumbered Homes	16	[1]
Encumbrances	1,981	[1]
Initial Cost to Company
Land	576	[2]
Depreciable Property	2,353	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	242
Gross Amounts as of December 31, 2014
Land	576
Depreciable Property	2,595
Total	3,171
Accumulated Depreciation	171	[3]
Single-Family Homes | Bakersfield
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	5
Encumbrances
Number of Encumbered Homes	2	[1]
Encumbrances	238	[1]
Initial Cost to Company
Land	155	[2]
Depreciable Property	442	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	50
Gross Amounts as of December 31, 2014
Land	155
Depreciable Property	492
Total	647
Accumulated Depreciation	50	[3]
Single-Family Homes | Cape Coral-Fort Myers
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	138
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	581	[2]
Depreciable Property	5,435	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	836
Gross Amounts as of December 31, 2014
Land	581
Depreciable Property	6,271
Total	6,852
Accumulated Depreciation	499	[3]
Single-Family Homes | Charleston-North Charleston
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	15
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	453	[2]
Depreciable Property	1,336	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	138
Gross Amounts as of December 31, 2014
Land	453
Depreciable Property	1,474
Total	1,927
Accumulated Depreciation	104	[3]
Single-Family Homes | Charlotte-Gastonia-Concord
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	376
Encumbrances
Number of Encumbered Homes	127	[1]
Encumbrances	14,376	[1]
Initial Cost to Company
Land	12,152	[2]
Depreciable Property	45,348	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	2,763
Gross Amounts as of December 31, 2014
Land	12,152
Depreciable Property	48,111
Total	60,263
Accumulated Depreciation	1,779	[3]
Single-Family Homes | Chicago-Naperville-Joliet
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	511
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	13,423	[2]
Depreciable Property	52,150	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	0
Gross Amounts as of December 31, 2014
Land	13,423
Depreciable Property	52,150
Total	65,573
Accumulated Depreciation	3,535	[3]
Single-Family Homes | Cincinnati-Middletown
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	84
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	3,025	[2]
Depreciable Property	10,313	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	575
Gross Amounts as of December 31, 2014
Land	3,025
Depreciable Property	10,888
Total	13,913
Accumulated Depreciation	636	[3]
Single-Family Homes | Corpus Christi
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	240
Encumbrances
Number of Encumbered Homes	104	[1]
Encumbrances	13,231	[1]
Initial Cost to Company
Land	7,645	[2]
Depreciable Property	34,986	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	2,693
Gross Amounts as of December 31, 2014
Land	7,645
Depreciable Property	37,679
Total	45,324
Accumulated Depreciation	1,703	[3]
Single-Family Homes | Dallas-Fort Worth-Arlington
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	1,093
Encumbrances
Number of Encumbered Homes	456	[1]
Encumbrances	53,555	[1]
Initial Cost to Company
Land	32,910	[2]
Depreciable Property	133,781	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	12,231
Gross Amounts as of December 31, 2014
Land	32,910
Depreciable Property	146,012
Total	178,922
Accumulated Depreciation	6,635	[3]
Single-Family Homes | Deltona-Daytona Beach-Ormond Beach
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	6
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	59	[2]
Depreciable Property	538	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	23
Gross Amounts as of December 31, 2014
Land	59
Depreciable Property	561
Total	620
Accumulated Depreciation	40	[3]
Single-Family Homes | Denver-Aurora
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	3
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	132	[2]
Depreciable Property	418	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	68
Gross Amounts as of December 31, 2014
Land	132
Depreciable Property	486
Total	618
Accumulated Depreciation	39	[3]
Single-Family Homes | Durham, NC
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	11
Encumbrances
Number of Encumbered Homes	4	[1]
Encumbrances	441	[1]
Initial Cost to Company
Land	347	[2]
Depreciable Property	1,179	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	75
Gross Amounts as of December 31, 2014
Land	347
Depreciable Property	1,254
Total	1,601
Accumulated Depreciation	43	[3]
Single-Family Homes | GA Nonmetropolitan Area
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	14
Encumbrances
Number of Encumbered Homes	2	[1]
Encumbrances	239	[1]
Initial Cost to Company
Land	368	[2]
Depreciable Property	1,832	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	176
Gross Amounts as of December 31, 2014
Land	368
Depreciable Property	2,008
Total	2,376
Accumulated Depreciation	50	[3]
Single-Family Homes | Greensboro-High Point
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	19
Encumbrances
Number of Encumbered Homes	13	[1]
Encumbrances	1,107	[1]
Initial Cost to Company
Land	430	[2]
Depreciable Property	1,317	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	84
Gross Amounts as of December 31, 2014
Land	430
Depreciable Property	1,401
Total	1,831
Accumulated Depreciation	106	[3]
Single-Family Homes | Houston-Sugar Land-Baytown
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	1,106
Encumbrances
Number of Encumbered Homes	437	[1]
Encumbrances	48,441	[1]
Initial Cost to Company
Land	29,398	[2]
Depreciable Property	124,801	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	8,234
Gross Amounts as of December 31, 2014
Land	29,398
Depreciable Property	133,035
Total	162,433
Accumulated Depreciation	7,786	[3]
Single-Family Homes | Indianapolis-Carmel
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	535
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	4,777	[2]
Depreciable Property	26,322	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	4,263
Gross Amounts as of December 31, 2014
Land	4,777
Depreciable Property	30,585
Total	35,362
Accumulated Depreciation	2,000	[3]
Single-Family Homes | Jacksonville, FL
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	9
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	153	[2]
Depreciable Property	1,011	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	133
Gross Amounts as of December 31, 2014
Land	153
Depreciable Property	1,144
Total	1,297
Accumulated Depreciation	82	[3]
Single-Family Homes | Jacksonville, NC
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	3
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	106	[2]
Depreciable Property	317	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	13
Gross Amounts as of December 31, 2014
Land	106
Depreciable Property	330
Total	436
Accumulated Depreciation	19	[3]
Single-Family Homes | Lakeland
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	89
Encumbrances
Number of Encumbered Homes	11	[1]
Encumbrances	1,088	[1]
Initial Cost to Company
Land	2,049	[2]
Depreciable Property	9,885	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	1,037
Gross Amounts as of December 31, 2014
Land	2,049
Depreciable Property	10,922
Total	12,971
Accumulated Depreciation	346	[3]
Single-Family Homes | Las Vegas-Paradise
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	68
Encumbrances
Number of Encumbered Homes	45	[1]
Encumbrances	4,818	[1]
Initial Cost to Company
Land	1,348	[2]
Depreciable Property	5,246	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	859
Gross Amounts as of December 31, 2014
Land	1,348
Depreciable Property	6,105
Total	7,453
Accumulated Depreciation	688	[3]
Single-Family Homes | Los Angeles-Long Beach-Santa Ana
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	24
Encumbrances
Number of Encumbered Homes	16	[1]
Encumbrances	1,852	[1]
Initial Cost to Company
Land	923	[2]
Depreciable Property	2,422	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	435
Gross Amounts as of December 31, 2014
Land	923
Depreciable Property	2,857
Total	3,780
Accumulated Depreciation	319	[3]
Single-Family Homes | Modesto
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	51
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	1,299	[2]
Depreciable Property	3,601	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	1,262
Gross Amounts as of December 31, 2014
Land	1,299
Depreciable Property	4,863
Total	6,162
Accumulated Depreciation	689	[3]
Single-Family Homes | Nashville-Davidson-Murfreesboro-Franklin
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	644
Encumbrances
Number of Encumbered Homes	173	[1]
Encumbrances	20,078	[1]
Initial Cost to Company
Land	22,771	[2]
Depreciable Property	79,196	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	7,432
Gross Amounts as of December 31, 2014
Land	22,771
Depreciable Property	86,628
Total	109,399
Accumulated Depreciation	2,936	[3]
Single-Family Homes | NC Nonmetropolitan Area
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	24
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	455	[2]
Depreciable Property	1,425	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	102
Gross Amounts as of December 31, 2014
Land	455
Depreciable Property	1,527
Total	1,982
Accumulated Depreciation	107	[3]
Single-Family Homes | Orlando-Kissimmee
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	346
Encumbrances
Number of Encumbered Homes	30	[1]
Encumbrances	3,096	[1]
Initial Cost to Company
Land	9,201	[2]
Depreciable Property	44,008	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	4,607
Gross Amounts as of December 31, 2014
Land	9,201
Depreciable Property	48,615
Total	57,816
Accumulated Depreciation	1,344	[3]
Single-Family Homes | Phoenix-Mesa-Scottsdale
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	1,380
Encumbrances
Number of Encumbered Homes	808	[1]
Encumbrances	99,788	[1]
Initial Cost to Company
Land	39,114	[2]
Depreciable Property	149,802	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	12,161
Gross Amounts as of December 31, 2014
Land	39,114
Depreciable Property	161,963
Total	201,077
Accumulated Depreciation	13,680	[3]
Single-Family Homes | Raleigh-Cary
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	240
Encumbrances
Number of Encumbered Homes	95	[1]
Encumbrances	11,865	[1]
Initial Cost to Company
Land	8,291	[2]
Depreciable Property	26,156	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	1,919
Gross Amounts as of December 31, 2014
Land	8,291
Depreciable Property	28,075
Total	36,366
Accumulated Depreciation	1,560	[3]
Single-Family Homes | Riverside-San Bernardino-Ontario
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	213
Encumbrances
Number of Encumbered Homes	171	[1]
Encumbrances	26,967	[1]
Initial Cost to Company
Land	8,900	[2]
Depreciable Property	24,547	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	5,168
Gross Amounts as of December 31, 2014
Land	8,900
Depreciable Property	29,715
Total	38,615
Accumulated Depreciation	3,933	[3]
Single-Family Homes | Rome
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	2
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	23	[2]
Depreciable Property	68	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	22
Gross Amounts as of December 31, 2014
Land	23
Depreciable Property	90
Total	113
Accumulated Depreciation	9	[3]
Single-Family Homes | San Antonio
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	112
Encumbrances
Number of Encumbered Homes	78	[1]
Encumbrances	8,792	[1]
Initial Cost to Company
Land	3,192	[2]
Depreciable Property	13,195	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	1,347
Gross Amounts as of December 31, 2014
Land	3,192
Depreciable Property	14,542
Total	17,734
Accumulated Depreciation	877	[3]
Single-Family Homes | Sarasota-Bradenton-Venice
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	7
Encumbrances
Number of Encumbered Homes	0	[1]
Encumbrances	0	[1]
Initial Cost to Company
Land	201	[2]
Depreciable Property	1,130	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	85
Gross Amounts as of December 31, 2014
Land	201
Depreciable Property	1,215
Total	1,416
Accumulated Depreciation	39	[3]
Single-Family Homes | Tampa-St. Petersburg-Clearwater
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	30
Encumbrances
Number of Encumbered Homes	2	[1]
Encumbrances	199	[1]
Initial Cost to Company
Land	1,000	[2]
Depreciable Property	3,709	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	375
Gross Amounts as of December 31, 2014
Land	1,000
Depreciable Property	4,084
Total	5,084
Accumulated Depreciation	189	[3]
Single-Family Homes | TN Nonmetropolitan Area
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	100
Encumbrances
Number of Encumbered Homes	15	[1]
Encumbrances	2,198	[1]
Initial Cost to Company
Land	4,012	[2]
Depreciable Property	16,000	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	1,189
Gross Amounts as of December 31, 2014
Land	4,012
Depreciable Property	17,189
Total	21,201
Accumulated Depreciation	418	[3]
Single-Family Homes | TX Nonmetropolitan Area
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	4
Encumbrances
Number of Encumbered Homes	3	[1]
Encumbrances	334	[1]
Initial Cost to Company
Land	127	[2]
Depreciable Property	510	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	66
Gross Amounts as of December 31, 2014
Land	127
Depreciable Property	576
Total	703
Accumulated Depreciation	42	[3]
Single-Family Homes | Wilmington
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	73
Encumbrances
Number of Encumbered Homes	36	[1]
Encumbrances	4,349	[1]
Initial Cost to Company
Land	2,805	[2]
Depreciable Property	8,498	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	678
Gross Amounts as of December 31, 2014
Land	2,805
Depreciable Property	9,176
Total	11,981
Accumulated Depreciation	546	[3]
Single-Family Homes | Winston-Salem
Schedule III- Real Estate and Accumulated Depreciation
Number of Homes	234
Encumbrances
Number of Encumbered Homes	176	[1]
Encumbrances	16,994	[1]
Initial Cost to Company
Land	6,950	[2]
Depreciable Property	21,506	[2]
Cost Capitalized Subsequent to Acquisition (Improvements)
Depreciable Property	863
Gross Amounts as of December 31, 2014
Land	6,950
Depreciable Property	22,369
Total	29,319
Accumulated Depreciation	$1,510	[3]
Minimum
Gross Amounts as of December 31, 2014
Estimate useful lives of assets in real estate portfolio	5 years
Maximum
Gross Amounts as of December 31, 2014
Estimate useful lives of assets in real estate portfolio	27 years 6 months
[1]	Encumbrances include properties secured under the Securitization Loan.
[2]	All properties acquired to date for cash and no debt has been incurred. Excludes $327 of acquired in-place leases.
[3]	Except for amounts attributed to land, real estate related assets are depreciated over their estimated useful lives of 5 to 27.5 years using the straight-line method.

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation Activity of Real Estate and Accumulated Depreciation (Details) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012		Dec. 31, 2014		Dec. 31, 2013
Change in investment in real estate:
Investments in real estate, beginning balance	$0		$793,606		$217,973
Acquisitions	214,520	[1]	455,453	[1]	549,201	[1]
Improvements	3,453		53,400		26,432
Dispositions	0		-846		0
Investments in real estate, ending balance	217,973		1,301,613		793,606
Change in accumulated depreciation:
Beginning balance	0		-18,058		-1,277
Depreciation expense	-1,277		-40,014		-16,781
Dispositions	0		62		0
Ending balance	($1,277)		($58,010)		($18,058)
[1]	Excludes $327 and $1,823 of Acquired in-place leases.

Schedule_IV_Mortgage_Loans_on_1

Schedule IV - Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Mortgage Loans on Real Estate
Balance, beginning of period	$43,512	$13,025
New Mortgage Loans	13,554	66,621
Collections of principal	-35,969	-36,134
Balance, end of period	21,097	43,512
Mortgage financings secured by single family homes
Mortgages
Periodic Payment Terms	Interest
Face Amount of Mortgages	21,040
Carrying Amount of Mortgages	21,040
Long-term mortgage financings secured by single-family homes
Mortgages
Stated Interest Rate	8.00%
Periodic Payment Terms	30-year Amortization
Face Amount of Mortgages	96
Carrying Amount of Mortgages	$56
Minimum | Mortgage financings secured by single family homes
Mortgages
Stated Interest Rate	11.00%
Maximum | Mortgage financings secured by single family homes
Mortgages
Stated Interest Rate	12.00%