Silver Bay Realty Trust (SBY) Inactive 10-K26 Feb 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 22, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	SILVER BAY REALTY TRUST CORP.
Entity Central Index Key	1557255
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$587
Entity Common Stock, Shares Outstanding		36,363,319
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Investments in real estate:
Land	$167,780	$137,349
Building and improvements	780,590	638,955
Investments in real estate, gross	948,370	776,304
Accumulated depreciation	-43,150	-18,897
Investments in real estate, net	905,220	757,407
Assets held for sale	2,010	6,382
Cash and cash equivalents	49,854	43,717
Escrow deposits	20,211	24,461
Resident security deposits	8,595	6,848
In-place lease and deferred lease costs, net	688	749
Deferred financing costs, net	11,960	3,225
Other assets	3,842	3,289
Total assets	1,002,380	846,078
Liabilities:
Securitization loan, net of unamortized discount of $1,387	310,665	0
Revolving credit facility	67,096	164,825
Accounts payable and accrued expenses	13,090	6,072
Resident prepaid rent and security deposits	9,634	8,357
Amounts due to the former manager and affiliates	0	6,866
Amounts due to previous owners	0	998
Total liabilities	400,485	187,118
10% cumulative redeemable preferred stock, $0.01 par; 50,000,000 authorized, 1,000 issued and outstanding	1,000	1,000
Stockholders' equity:
Common stock $0.01 par; 450,000,000 shares authorized; 36,711,694 and 38,561,468, respectively, shares issued and outstanding	366	385
Additional paid-in capital	660,776	689,646
Accumulated other comprehensive loss	-86	-276
Cumulative deficit	-94,593	-31,795
Total stockholders' equity	566,463	657,960
Noncontrolling interests - Operating Partnership	34,432	0
Total equity	600,895	657,960
Total liabilities and equity	$1,002,380	$846,078

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Securitization Loan remaining discount	$1,387
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
10% cumulative redeemable preferred stock, par value (in dollars per share)	$0.01	$0.01
10% cumulative redeemable preferred stock, shares authorized	50,000,000	50,000,000
10% cumulative redeemable preferred stock, shares issued	1,000	1,000
10% cumulative redeemable preferred stock, shares outstanding	1,000	1,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	36,711,694	38,561,468
Common stock, shares outstanding	36,711,694	38,561,468

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue:
Rental income	$75,910	$47,953	$3,584
Other income	2,020	1,640	32
Total revenue	77,930	49,593	3,616
Expenses:
Property operating and maintenance	17,274	12,472	1,868
Real estate taxes	11,042	6,893	1,273
Homeownersb association fees	1,260	1,129	391
Property management	9,678	11,991	459
Depreciation and amortization	25,623	20,235	2,106
Advisory management fee - affiliates	6,621	9,775	2,159
Management internalization	39,373	0	0
General and administrative	11,079	7,453	881
Interest expense	12,066	2,911	0
Other Nonoperating Income (Expense)	611	1,284	0
Total expenses	134,627	74,143	9,137
Net loss	-56,697	-24,550	-5,521
Net loss attributable to noncontrolling interests - Operating Partnership	143	17	4
Net loss attributable to controlling interests	-56,554	-24,533	-5,517
Preferred stock distributions	-100	-100	-3
Net loss attributable to common stockholders	-56,654	-24,633	-5,520
Loss per share - basic and diluted (Note 9):
Net loss attributable to common shares (in dollars per share)	($1.49)	($0.63)	($0.04)
Weighted average common shares outstanding (in shares)	38,119,971	39,073,994	37,328,213
Comprehensive Loss:
Net loss	-56,697	-24,550	-5,521
Other comprehensive loss:
Change in fair value of interest rate cap agreements	-291	-276	0
Losses reclassified into earnings from other comprehensive loss	481	0	0
Other comprehensive loss	190	-276	0
Comprehensive loss	-56,507	-24,826	-5,521
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	143	17	4
Comprehensive loss attributable to controlling interests	($56,364)	($24,809)	($5,517)

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Total	Parent Equity	Common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Total Stockholders' Equity	Noncontrolling interests - Operating Partnership
In Thousands, except Share data, unless otherwise specified	Total	Parent Equity	Common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Total Stockholders' Equity	Noncontrolling interests - Operating Partnership
Balance at Dec. 31, 2011	$161	$250	$0	$0	$0	($89)	($89)	$0
Balance (in shares) at Dec. 31, 2011			0
Increase (Decrease) in Stockholders' Equity
Parent contributions through December 19, 2012	321,773	321,773
Net proceeds from Initial Public Offering/sale of common stock	228,517		133	228,384			228,517
Net proceeds from Initial Public Offering/sale of common stock (in shares)			13,250,000
Formation Transactions	114,437	-322,023	239	435,713			435,952	508
Formation Transactions (in shares)			23,917,642
Non-cash equity awards (in shares)			160,571
Other	49			49			49
Net loss	-5,521					-5,520	-5,520	-4
Net loss including preferred stock	-5,524
Conversion of Operating Partnership units into common shares	0
Other comprehensive loss	0
Losses reclassified into earnings from other comprehensive loss	0
Balance at Dec. 31, 2012	659,413	0	372	664,146		-5,609	658,909	504
Balance (in shares) at Dec. 31, 2012			37,328,213
Increase (Decrease) in Stockholders' Equity
Net proceeds from Initial Public Offering/sale of common stock	34,388		20	34,368			34,388
Net proceeds from Initial Public Offering/sale of common stock (in shares)			1,987,500
Non-cash equity awards,net	1,063		1	1,062			1,063
Non-cash equity awards (in shares)			23,351
Repurchase and retirement of common stock	-11,760		-8	-11,752			-11,760
Repurchase of common stock (in shares)			-758,353
Dividends declared	-1,653					-1,653	-1,653
Other	1,335			1,335			1,335
Net loss	-24,550					-24,533	-24,533	-17
Conversion of Operating Partnership units into common shares	-487			-487			487	-487
Conversion of Operating Partnership units into common shares (in shares)			27,459
Other comprehensive loss	-276				-276		-276
Losses reclassified into earnings from other comprehensive loss	0
Balance at Dec. 31, 2013	657,960	0	385	689,646	-276	-31,795	657,960	0
Balance (in shares) at Dec. 31, 2013	38,561,468		38,561,468
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards,net	1,002			1,002			1,002
Non-cash equity awards (in shares)			68,062
Repurchase and retirement of common stock	-31,489		-19	-31,470			-31,489
Repurchase of common stock (in shares)			-1,917,836
Dividends declared	-6,244					-6,244	-6,244
Net loss	-56,697					-56,554	-56,554	-143
Conversion of Operating Partnership units into common shares	0
Issuance of common Operating Partnership units in connection with management internalization	36,173							36,173
Other comprehensive loss	-291				-291		-291
Losses reclassified into earnings from other comprehensive loss	481				481		481
Adjustment to noncontrolling interests - Operating Partnership	0			1,598			1,598	-1,598
Balance at Dec. 31, 2014	$600,895	$0	$366	$660,776	($86)	($94,593)	$566,463	$34,432
Balance (in shares) at Dec. 31, 2014	36,711,694		36,711,694

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash Flows From Operating Activities:
Net loss	($56,697)	($24,550)	($5,521)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	25,623	20,235	2,106
Non-cash management internalization	36,173	0	0
Non-cash stock compensation	1,002	921	38
Losses reclassified into earnings from other comprehensive loss	481	0	0
Amortization and write-off of deferred financing costs	3,613	815	0
Amortization of discount on securitization loan	116	0	0
Bad debt expense	671	771	27
Other	666	678	0
Net change in assets and liabilities:
Decrease (increase) in escrow cash for operating activities	5,062	-16,111	-7,318
(Increase) decrease in deferred lease fees and other assets	-2,184	779	-2,410
Increase in accounts payable, accrued property expenses, and prepaid rent	1,799	1,150	3,669
(Decrease) increase in related party payables, net	-7,611	-39	3,693
Net cash provided (used) by operating activities	8,714	-15,351	-5,716
Cash Flows From Investing Activities:
Purchase of investments in real estate	-136,045	-265,809	-276,730
Capital improvements of investments in real estate	-37,846	-102,149	-30,527
Decrease (increase) in escrow cash for investing activities	-731	11,377	-11,637
Proceeds from sale of real estate	5,979	5,939	0
Cash acquired in management internalization	2,069	0	0
Other	-295	-299	0
Net cash used by investing activities	-166,869	-350,941	-318,894
Cash Flows From Financing Activities:
Proceeds from securitization loan	311,164	0	0
Payments on securitization loan	-615	0	0
Proceeds from revolving credit facility	137,779	164,825	0
Paydown of revolving credit facility	-235,508	0	0
Deferred financing costs paid	-12,348	-4,040	0
Purchase of interest rate cap agreements	-393	-533	0
Repurchase of common stock	-31,489	-11,639	0
Dividends paid	-4,298	-1,256	0
Proceeds from issuance of common stock, net of offering costs	0	34,513	228,517
Capital contribution of parent, net	0	0	323,982
Net cash provided by financing activities	164,292	181,870	552,499
Net change in cash and cash equivalents	6,137	-184,422	227,889
Cash and cash equivalents at beginning of year	43,717	228,139	250
Cash and cash equivalents at end of year	49,854	43,717	228,139
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	7,690	1,889	0
Board of directors stock compensation	0	125	0
Decrease in fair value of interest rate cap agreements	291	276	0
Noncash investing and financing activities:
Common stock and unit dividends declared, but not paid	2,331	385	0
Advisory management fee - additional basis	0	1,335	49
Change in contingent consideration	0	388	0
Capital improvements in accounts payable	1,950	1,630	680
Conversion of Operating Partnership units into common shares	0	487	0
Formation transactions	0	0	126,083
Issuance of units to noncontrolling interests	36,173	0	0
Other net liabilities acquired in management internalization	($2,067)	$0	$0

Organization_and_Operations

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations

	Silver Bay Realty Trust Corp. ("Silver Bay" or the "Company"), is a Maryland corporation that focuses on the acquisition, renovation, leasing, and management of single-family properties in select markets in the United States.

	As of December 31, 2014, the Company owned 6,779 single-family properties, excluding assets held for sale, in Phoenix, AZ, Tucson, AZ, Northern California (currently consisting of Contra Costa, Napa, and Solano counties), Southern California (currently consisting of Riverside and San Bernardino counties), Jacksonville, FL, Orlando, FL, Southeast Florida (currently consisting of Miami-Dade, Broward and Palm Beach counties), Tampa, FL, Atlanta, GA, Charlotte, NC, Las Vegas, NV, Columbus, OH, Dallas, TX, and Houston, TX.

	The Company is the continuation of the operations of Silver Bay Property Investment LLC (the "Predecessor"). At the time of its formation, the Predecessor was a wholly owned subsidiary of Two Harbors Investment Corp. ("Two Harbors"). The Predecessor began formal operations in February 2012, when it started acquiring single-family residential rental properties. The Company in its current form was created on December 19, 2012, through a series of formation transactions (the "Formation Transactions"), which included an initial public offering (the "Offering"), the contribution of equity interests in the Predecessor by Two Harbors, and the acquisition of entities (the "Provident Entities") managed by Provident Real Estate Advisors LLC ("Provident"), which owned 881 single-family properties.

	In connection with its initial public offering (the "Offering") the Company restructured its ownership to conduct its business through a traditional umbrella partnership ("UPREIT structure") in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership. The Company's wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of December 31, 2014, the Company owned, through a combination of direct and indirect interests, 94.3% of the partnership interests in the Operating Partnership.

	The Company has elected to be treated as a real estate investment trust ("REIT") for U.S. federal tax purposes, commencing with, and in connection with the filing of its federal tax return for, its taxable year ended December 31, 2012. As a REIT, the Company will generally not be subject to federal income tax on the taxable income that it distributes to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates. Even if it qualifies for taxation as a REIT, the Company may be subject to some federal, state and local taxes on its income or property. In addition, the income of any taxable REIT subsidiary ("TRS") that the Company owns will be subject to taxation at regular corporate rates.

	Through September 30, 2014, the Company was externally managed by PRCM Real Estate Advisers LLC (the "Former Manager"). During this time, the Company relied on the Former Manager to provide or obtain on its behalf the personnel and services necessary for it to conduct its business as the Company had no employees of its own. On September 30, 2014, the Company closed a transaction to internalize its management (the "Internalization") and now owns all material assets and intellectual property rights of the Former Manager previously used in the conduct of its business and continues to be managed by officers and employees who worked for the Former Manager and who became employees of the Company as a result of the Internalization (see Note 10).

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	12 Months Ended
Basis of Presentation and Significant Accounting Policies	Dec. 31, 2014
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies

	Principles of Consolidation

	The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

	GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

	The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of December 31, 2014 and December 31, 2013, respectively, the Company had no VIEs.

	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.

	Reclassifications

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders’ equity.

	Investments in Real Estate

	Operating real estate assets are stated at cost and consist of land, buildings and improvements, including other capitalizable costs incurred during their possession, renovation and acquisition. A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their relative fair values at the date of acquisition. A property acquired with an existing lease is treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”) and recorded at fair value (approximated by the purchase price), allocated to land, building and the existing lease based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements and Disclosures (“ASC 820”), primarily based on unobservable market data inputs, which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The Company utilizes information obtained from county tax assessment records to develop regional averages to estimate the fair value of land and building. The estimated fair value of acquired in-place leases represents the costs the Company would have incurred to lease the property at the date of acquisition, based upon the market participant activity. In the years ended December 31, 2014 and 2013, respectively, the Company acquired 30 and 94 properties with in-place leases at an aggregate purchase price of $3,753 and $11,407 and allocated $295 and $291 to in-place lease, respectively.

	Building depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5-year estimated life with no salvage value. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature (one or two years) and reflect market rental rates.

	The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building costs as part of such properties’ initial renovation. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life.

	The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.

	Assets Held for Sale

	The Company evaluates its long-lived assets on a periodic basis to ensure the individual properties still meet its investment criteria. If the Company has determined that an individual property no longer meets its investment criteria, a decision is made to dispose of the property. The property is subject to the Company’s impairment test and an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. The property is then marketed for sale and classified as held for sale in the consolidated financial statements, with any material operations reported as discontinued operations. Depreciation ceases to be recorded upon designation of an asset as held for sale.

	The properties included in held for sale at December 31, 2014 and 2013, respectively, were not material.

	For the years ended December 31, 2014 and 2013, the Company recognized $601 and $792, respectively, in impairment charges and $44 and $114, respectively, in net gain on sale of assets. These costs are classified as other on the consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the year ended December 31, 2012.

	Cash and Cash Equivalents

	The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. As of December 31, 2014 and 2013, the Company did not have any cash equivalents.

	Escrow Deposits

	Escrow deposits include refundable and non-refundable cash and earnest money on deposit with certain third party property managers for property purchases and renovation costs, earnest money deposits, and, at times, monies held at certain municipalities for property purchases. Escrow deposits also include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 5.

	Deferred Lease Costs, Net

	Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as deferred lease costs on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization on the consolidated statements of operations and comprehensive loss.

	Rent and Other Receivables, Net

	The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted.

	At December 31, 2014 and 2013, the Company had $725 and $665 in gross rent receivables, respectively, and $107 and $228 in allowances for doubtful accounts, respectively, classified as other assets on the consolidated balance sheets.

	For the years ended December 31, 2014, 2013 and 2012, the Company recognized $671, $771 and $27 in bad debt expense, respectively, classified as property operating and maintenance on the consolidated statements of operations and comprehensive loss.

	Fair Value of Financial Instruments, Including Derivative Instruments

	The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

	In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments.

	The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either accumulated other comprehensive loss (a component of stockholders’ equity) or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes.

Deferred Financing Costs, Net

Costs incurred in the placement of the Company’s debt are deferred and amortized, as a component of interest expense on the consolidated statements of operations and comprehensive loss, using the effective interest method, or alternative methods that approximate the effective interest method. The costs are amortized over the terms of the related debt, which, where applicable, reflect the intended exercise of renewal options.

Revenue Recognition

Rental income attributable to resident leases is recorded on a straight-line basis, which approximates the method of recording when due from residents and recognizing monthly as earned. Rental income is presented net of sales tax on the consolidated statements of operations and comprehensive loss. Leases entered into between residents and the Company for the rental of property units are generally year-to-year and renewable upon consent of both parties on an annual or monthly basis.

We recognize other revenues such as pet fees, late fees, and application fee income when the related fees are earned and are realized or realizable.

Noncontrolling Interests

The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic Derivatives and Hedging —Contracts in Entity’s Own Equity (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets.

Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Additional issuance or repurchase of shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds or costs therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

At December 31, 2014 and 2013, the Company had 2,231,511 and zero common Operating Partnership units classified as noncontrolling interests, respectively. As described in Note 10, the 2,231,511 common Operating Partnership units were issued on September 30, 2014 pursuant to the Internalization.

Preferred Stock

The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.

Earnings (Loss) Per Share

Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the years ended December 31, 2014 and 2013 and the period from December 19, 2012, the date of the Offering and Formation Transactions, through December 31, 2012. For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive.

Equity Incentive Plan

The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of equity awards to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic Compensation - Stock Compensation (“ASC 718”). Prior to the Internalization, the cost of equity awards to employees of the Former Manager and the Former Manager’s operating subsidiary were measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic Equity (“ASC 505”). On the date of the Internalization, the employees of the Former Manager and the Former Manager's operating subsidiary became employees of the Company and the Company fixed the measurement of the awards to the respective employees to the stock price as of such date in accordance with ASC 718. The respective awards will not be subsequently remeasured and future awards to employees, subsequent to the Internalization, will be measured based on the price of the Company's stock as of the date of grant in accordance with ASC 718. All equity awards are amortized ratably over the applicable service period.

Income Taxes

The Company has elected to be taxed as a REIT under the Internal Revenue Code ("the Code") and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed or acquired TRS entities, as defined in the Code, to engage in such activities. These TRS activities are subject to both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders.

The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, on its consolidated statements of operations and comprehensive loss.

Deferred Tax Assets and Liabilities

Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing basis on capitalized assets, differing treatment for certain acquired assets and real estate asset impairments and the timing of expense recognition for certain accrued liabilities. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP. The Company's deferred tax assets also include net operating losses generated or acquired.

As a result of these temporary differences, the Company’s TRS entities, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP.

As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income from our TRS entities. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income.

A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.

Segment reporting

Under the provision of Codification Topic 280, Segment Reporting, the Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties.

Recent Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the "JOBS Act") we meet the definition of an “emerging growth company.” We have irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, which amends the definition of a discontinued operation in Codification Topic Presentation of Financial Statements (“ASC 205”) to change the criteria for reporting discontinued operations and enhance disclosure requirements. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. ASU No. 2014-08 is effective for interim or annual periods beginning on or after December 14, 2014, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is not allowed. The Company is currently evaluating the impact the adoption of Topic 606 will have 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 amends ASC 205 to provide guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for interim or annual periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements.

Formation_Transactions_and_Off

Formation Transactions and Offering	12 Months Ended
	Dec. 31, 2014
Formation Transactions and Offering
Formation Transactions and Offering	Formation Transactions and Offering

	On December 19, 2012, the Company completed the Offering and raised approximately $228,517 in net proceeds through the issuance of 13,250,000 common shares. On January 7, 2013, the Company sold an additional 1,987,500 common shares and received net proceeds of approximately $34,388, inclusive of the May 2013 $125 stock award to the Company’s independent directors described in Note 6, which off-set the proceeds.

	Concurrently with the Offering, the Company also completed certain merger and formations transactions, which included the contribution of the ownership interest of the Predecessor by Two Harbors. For accounting purposes, the Predecessor was considered the acquiring or surviving entity, meaning the Silver Bay Property historical assets and liabilities included in the consolidated balance sheets are recorded at the Predecessor’s historical carryover cost basis. In consideration for the contribution, Two Harbors received 17,824,647 shares of the Company’s common stock, and 1,000 shares of 10% cumulative redeemable preferred stock with an aggregate liquidation preference of $1 per share. On December 19, 2012, Two Harbors sold the 1,000 shares of 10% cumulative redeemable preferred stock to an unrelated third party. On April 24, 2013, Two Harbors distributed by way of a special dividend all shares of the Company’s common stock to their stockholders on a pro rata basis.

	The Company acquired the Provident Entities, which owned 881 single-family residential real properties, through a series of merger and contribution transactions, as part of the Formation Transactions. The contribution of the Provident Entities was considered an acquisition for accounting purposes, resulting in the assets and liabilities of the Provident Entities being recorded at their fair value of $118,492. In consideration for these transactions, the prior members of the Provident Entities’ received 6,092,995 shares of the newly formed entity’s common stock, valued at $18.50 per share, $5,263 in cash (a use of net proceeds from the Offering) and 27,459 common units in the Operating Partnership, valued at $18.50 per unit because the common units were redeemable for cash or, at the Company’s election, shares of Company common stock on a one-for-one basis, subject to applicable adjustments. The allocations of the purchase price for the Provident Entities were made in accordance with the Company’s allocation policies. There was no allocation of fair value for above or below market in-place leases based on the short-term nature of the leases and stated rates approximating current rental rates. As described in Note 8, on December 31, 2013, the Company redeemed the 27,459 common units in the Operating Partnership in exchange for an equal amount of shares of Company common stock.

	Working capital adjustments related to the Formation Transactions had been finalized and paid prior to December 31, 2013 and, as such, there were no working capital payables or receivables in the consolidated balance sheets as of such date. In the fourth quarter of 2013, the Company made aggregate payments of $873 to the prior members of the Provident Entities to settle the working capital payable with said parties.

	In addition, the Company was required to make payments of cash to both Two Harbors and the prior members of the Provident Entities as additional purchase price consideration in the Formation Transactions. The total amount to be paid to Two Harbors and prior members of the Provident Entities was equal to 50% of the advisory management fee payable to the Former Manager, as described in Note 10, during the first year after the Offering (before adjustment for any property management fees received by the Former Manager’s operating subsidiary), subject to an aggregate amount payable to Two Harbors of no more than $4,024. These payments reduced the amount owed to the Former Manager on a dollar-for-dollar basis and thus had no net impact on expenditures of the Company. The amounts individually paid to Two Harbors and the prior members of the Provident Entities were based upon the relative values they each provided as part of the Formation Transactions, which were approximately 73.6% and 26.4%, respectively. The Company incurred $3,861 and $1,384, respectively, in additional purchase price consideration related to Two Harbors and the prior members of the Provident Entities in the one year period following the date of the Formation Transactions. The component of the fee payable to the prior members of the Provident Entities has been recorded as additional basis to the single-family residential real properties acquired from the Provident Entities and recognized as additional paid-in capital. The final amounts due to Two Harbors and the prior members of the Provident Entities were $734 and $264, respectively, and were included on the consolidated balance sheets within amounts due to previous owners as of December 31, 2013. The final cash payments were made in the first quarter of 2014. Refer to Note 10 for detail on the advisory management fees incurred by the Company during the years ended December 31, 2014, 2013 and 2012.

	The following table summarizes the financial impact of the recording of the Formation Transactions as of December 19, 2012 (all of which are non-cash), exclusive of the Offering, and reflects the following adjustments:


	•	The purchase of the Provident Entities for a purchase price $118,492 described above. The cash portion of the purchase price was included in amounts due to previous owners since it was paid with proceeds from the Offering.


	•	The recording of initial working capital adjustments between Two Harbors and the prior members of the Provident Entities. The net settlement associated with Two Harbors was reflected as an adjustment to contributions from parent.


	•	The reclassification of the Two Harbors’ equity into redeemable preferred stock and stockholders’ equity. Because the Predecessor is reported at carryover basis, Two Harbors equity is reclassified at carryover basis of $322,112.


	•	The additional cash payments due to both Two Harbors and the prior members of the Provident Entities were included in amounts due to previous owners.



	Assets

	Investments in real estate:

	Land	$	24,454

	Building and improvements	93,463

		117,917

	Escrow deposits	773

	Resident security deposits	948

	In-place lease and deferred lease costs, net	2,184

	Other assets	4,261

	Total assets	$	126,083



	Liabilities and Equity

	Liabilities:

	Accounts payable and accrued property expenses	$	495

	Resident prepaid rent and security deposits	980

	Amounts due to the Former Manager and affiliates	244

	Amounts due to previous owners	11,137

	Total liabilities	12,856



10% cumulative redeemable preferred stock	1,000



Equity:

Stockholders’ equity:

Common stock $0.01 par	239

Additional paid-in capital	433,592

Total stockholders’ equity	433,831

Noncontrolling interests - Operating Partnership	508

Parent equity	(322,112		)
Total equity	112,227

Total liabilities and equity	$	126,083

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes

	For the years ended December 31, 2014, 2013 and 2012, the Company believes that it qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of states also recognize the Company’s REIT status, and as such, the Company has generally only incurred certain state franchise taxes, which are classified as general and administrative in the consolidated statements of operations and comprehensive loss. The TRS entities are subject to all applicable federal, state and local income, excise and franchise taxes. The Company’s TRS entities file separate tax returns and are fully taxed as standalone U.S. corporations. Certain activities the Company performs may produce income which will not be qualifying income for REIT purposes. The Company has designated the TRS entities to engage in these activities to mitigate any negative impact on the Company’s REIT status.

	The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the years ended December 31, 2014 and 2013. There was no income tax activity in 2012.



		Year Ended December 31,
		2014				2013
	Current tax (benefit) provision:

	Federal	$	—			$	—

	State	—				—

	Total current tax (benefit) provision	—				—

	Deferred tax (benefit) expense (1)	(201		)		(864		)
	Valuation allowance	201				864

	Income tax (benefit) expense	$	—			$	—

	_______________

	-1	In addition to the deferred tax benefit generated for the year ended December 31, 2014, the Company acquired $486 of deferred tax assets in connection with the Internalization transaction.

	The following is a reconciliation of the Company’s statutory federal and state rates to the effective rates, for the years ended December 31, 2014 and 2013. There was no income tax activity in 2012.



		Year Ended December 31,
		2014							2013
		Amount				Percent			Amount			Percent
	Computed income tax expense at federal rate	$	(19,277	)		34	%		$	(8,346	)	34	%
	State tax, net of federal benefit, if applicable	(21		)		0.6	%		(20		)	0.6	%
	Permanent differences in taxable income from GAAP income	7				—	%		—			—	%

	Valuation allowance	120				(3.3	)%		110			(3.3	)%

	Tax at statutory rate on earnings not subject to federal income tax	19,171				(31.3	)%		8,256			(31.3	)%

	Benefit from income taxes/effective tax rate	$	—			—	%		$	—		—	%


	The Company’s consolidated balance sheets as of December 31, 2014 and 2013 contained the following current and deferred tax assets and liabilities, which are included in other assets and are recorded at the taxable subsidiary level. There was no income tax activity in 2012.



		December 31,				December 31,
		2014				2013
	Current Tax

	Federal income tax payable	$	—			$	—

	Current income taxes receivable	—				—

	State and local income tax payable	—				—

	Current tax receivable (payable), net	—				—

	Deferred tax assets (liabilities)

	Deferred tax asset	$	1,551			$	864

Deferred tax liability	—				—

Deferred tax asset, net	1,551				864

Valuation allowance	(1,551		)		(864		)
Total tax asset and liabilities, net	$	—			$	—


The cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2014 and 2013 was $931,770 and $768,370, respectively (unaudited).

Deferred tax assets and liabilities applicable to the TRS entities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. Similarly, deferred income tax assets and liabilities are recorded at the date of contribution to the TRS entities to reflect the tax benefit/detriment on the movement of assets from the non-taxed REIT to the taxable TRS entities. The TRS entities deferred tax assets are generally the result of differences in cost basis from the dates of acquisition on capitalized assets, the timing of expense recognition for certain accrued liabilities, real estate asset impairments and net operating losses. In addition, during calendar year 2014, the Company recognized deferred tax assets assumed in the Internalization, which relate to net operating losses and differences in GAAP and tax treatment of assets acquired from the third-party property manager in Tampa (refer to Note 10 for descriptions of these transactions). As of December 31, 2014 and 2013, the TRS entities have recorded deferred tax assets of approximately $1,551 and $864, respectively, which are fully offset by valuation allowances due to the uncertainty in forecasting the TRS’ future taxable income.

The Company’s TRS entities have approximately $2,700 and $1,100, respectively, of net operating loss carry-forwards available as of December 31, 2014 and 2013 that will expire between December 31, 2032 and December 31, 2034.

Based on the Company’s evaluation, it has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements of a contingent tax liability for uncertain tax positions. None of the Company’s consolidated entities are currently under federal or state audit for the years ended December 31, 2014, 2013 and 2012, but these years remain subject to examination by the applicable tax jurisdictions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the consolidated financial statements.

The Company paid no dividends in 2012. During the years ended December 31, 2014 and 2013 the Company’s tax treatment of dividends and distributions per share were as follows:



	Year Ended December 31,
	2014 (unaudited)				2013 (unaudited)
Tax treatment of dividends and distributions:

Ordinary dividends	$	—			$	—

Long-term capital gains	—				—

Nondividend distributions (return of capital)	0.16				0.04

Dividends and distributions declared per Common share/unit outstanding	$	0.16			$	0.04

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt	Debt

	Securitization Loan

	On August 12, 2014, the Company completed a securitization transaction in which it received gross proceeds of $311,164, net of an original issue discount of $1,503 and before issuance costs and reserves described below (the "Securitization Transaction"). The Securitization Transaction involved the issuance and sale of six classes of single-family rental pass-through certificates (the "Certificates") that represent beneficial ownership interests in a loan secured by 3,084 single-family properties (the "Securitization Properties"). In the Securitization Transaction, the Company sold $312,667 of pass-through certificates, with a blended effective interest rate of the London Interbank Offered Rate ("LIBOR") plus 1.92%. The certificates were offered and sold under Rule 144A and Regulation S under the Securities Act of 1933, as amended. As described further below, the Company entered into an interest rate cap agreement for the initial two-year term of the loan.

	As part of the Securitization Transaction, a newly-formed special purpose entity (the "Borrower") entered into a loan agreement (the "Securitization Loan"). The Borrower is wholly owned by another special purpose entity (the "Equity Owner") and the Equity Owner is wholly owned by the Operating Partnership. The Securitization Loan has an initial term of two years, with three, 12-month extension options, resulting in a fully extended maturity date of September 9, 2019. The Borrower may execute the extension options provided there is no event of default under the Securitization Loan, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender and the Borrower complies with the other terms set forth in the loan agreement.

	The Securitization Loan requires monthly payments of interest and is comprised of six floating rate components computed based on one month LIBOR for each interest period plus a fixed component spread for each of the six components, resulting in a blended effective interest rate of LIBOR plus 1.92%, inclusive of the amortization of the original issue discount (described below), plus monthly servicing fees of 0.1355%. The principal amount of each component of the loan corresponds to the respective class of the Certificates. In connection with entering into the loan, the Company recorded $311,164 as securitization loan in the accompanying consolidated balance sheets. The original issue discount (the difference between the $312,667 balance of certificates sold and the gross proceeds of $311,164) will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. In the year ended December 31, 2014, the Company incurred gross interest expense of $2,594, excluding amortization of the discount and deferred financing costs and before the effect of capitalizing interest related to property renovations. As of December 31, 2014, the loan had a weighted-average interest rate of 2.11%, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount and deferred financing costs.

	The Company transferred the Securitization Properties to the Borrower. The Securitization Properties are substantially similar to the other properties owned by the Company and were leased to residents underwritten on substantially the same basis as the Company's other properties. During the duration of the Securitization Loan, the Company can substitute properties only if a property owned by the Borrower becomes a disqualified property under the terms of the Securitization Loan.

	The lender immediately transferred the Securitization Loan, upon closing, to a subsidiary of the Company and then to a trust in exchange for the Certificates. The Company accounted for the transfer of the Securitization Loan from its subsidiary to the trust as a sale under Codification Topic 860, Transfers and Servicing ("ASC 860"), with no resulting gain or loss as the Securitization Loan was both originated by the lender and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trust.

	All amounts outstanding under the Securitization Loan are secured by first priority mortgages on the Securitization Properties in addition to the equity interests in, and certain assets of, the Borrower. The amounts outstanding under the Securitization Loan and certain obligations contained therein are guaranteed by the Operating Partnership only in the case of certain bad acts (including bankruptcy) as outlined in the transaction documents. The Borrower and Equity Owner are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the Securitization Loan is outstanding, the assets of the Borrower and Equity Owner are not available to satisfy the debts and obligations of the Company or its other consolidated subsidiaries and the liabilities of the Borrower and Equity Owner are not liabilities of the Company (excluding, for this purpose, the Borrower and Equity Owner) or its other consolidated subsidiaries. The Company is permitted to receive distributions from the Borrower out of unrestricted cash as long as the Borrower is current with all payments and in compliance with all other obligations under the Securitization Loan.

	The Securitization Loan provides for the restriction of cash whereby the Company must set aside funds for payment of property taxes, capital expenditures and other reserves associated with the Securitization Properties. As of December 31, 2014, the Company had $4,635 included in escrow deposits associated with the required reserves. The Securitization Loan does not contractually restrict the Company's ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. The Securitization Loan documents require the Company to maintain certain covenants, including a minimum debt yield on the Securitization Properties, and contain customary events of default for a loan of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments and cross-default with certain other indebtedness. In the event of default, the lender may apply funds, as the lender elects, from a cash management account controlled by the lender for the collection of all rents and cash generated by the Borrower's properties, foreclose on its security interests, appoint a new property manager, and in limited circumstances, enforce the Company's guaranty. As of December 31, 2014, the cash management account had a balance of $3,542 classified as escrow deposits on the consolidated balance sheets. As of December 31, 2014, the Company was in compliance with all financial covenants.

	The Company used $235,160 of the Securitization Loan proceeds to pay down the full balance of the Company's revolving credit facility (described below). Simultaneously, the Company reduced the size of the revolving credit facility from $350,000 to $200,000. As a result, the Company wrote off $1,058 of deferred financing fees and reclassified $480 from accumulated other comprehensive loss to interest expense due to hedge ineffectiveness in the associated interest rate cap agreements. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties and the repurchase of common stock.

	Revolving Credit Facility

	Certain of the Company's subsidiaries have a revolving credit facility with a syndicate of banks. On January 16, 2014, the revolving credit facility was amended to increase the borrowing capacity to $350,000 from $200,000. As noted above, in connection with the closing of the securitization transaction on August 12, 2014, the borrowing capacity of the revolving credit facility was reduced to $200,000 as of such date. The Company is able to draw up to 55% of the aggregate value of the eligible properties based on the lesser of (a) the third-party broker price opinion value or (b) the original purchase price plus certain renovation and other capitalized costs of the properties. The revolving credit facility matures on May 10, 2016 and bears interest at a varying rate of LIBOR plus 3.50% subject to a LIBOR floor of 0.5%. The Company is also required to pay a monthly fee on the unused portion of the revolving credit facility at a rate of 0.5% per annum, which began to accrue 90 days following the closing of the revolving credit facility. The revolving credit facility may be used for the acquisition, financing, and renovation of properties and other general purposes. As of December 31, 2014 and 2013, $67,096 and $164,825, respectively, was outstanding under the revolving credit facility. The weighted average interest rate on the revolving credit facility as of and for the years ended December 31, 2014 and 2013, was 4.0%. In the years ended December 31, 2014 and 2013, the Company incurred $6,073 and $3,164, respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs and before the effect of capitalizing interest related to property renovations.

	All amounts outstanding under the revolving credit facility are collateralized by the equity interests and assets of certain of the Company’s subsidiaries ("Pledged Subsidiaries"), which exclude the Securitization Properties. The amounts outstanding under the revolving credit facility and certain obligations contained therein are guaranteed by the Company and the Operating Partnership only in the case of certain bad acts (including bankruptcy) and up to $20,000 for completion of certain property renovations, as outlined in the credit documents.

	The Pledged Subsidiaries are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the revolving credit facility is outstanding, the assets of the Pledged Subsidiaries are not available to satisfy the other debts and obligations of the other Pledged Subsidiaries or the Company. However, the Company is permitted to receive distributions from the Pledged Subsidiaries as long as the Company and the Pledged Subsidiaries are current with all payments and in compliance with all other obligations under the revolving credit facility.

	The revolving credit facility does not contractually restrict the Company’s ability to pay dividends but certain covenants contained therein may limit the amount of cash available for distribution. For example, in the final year of the revolving credit facility, all cash generated by the properties in the Pledged Subsidiaries must be used to pay down the principal amount outstanding under the revolving credit facility. The revolving credit facility requires the Company to meet certain quarterly financial tests pertaining to net worth, total liquidity, debt yield and debt service coverage ratios, as defined by the agreement. The Company must maintain, as defined by the agreement, total liquidity of $25,000 and a net worth of at least $125,000, as determined in accordance with the revolving credit facility agreement. As of December 31, 2014 and 2013, the Company was in compliance with all financial covenants. The revolving credit facility also provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, property taxes and certain property operating and maintenance expenses associated with properties in the Pledged Subsidiaries' portfolios. As of December 31, 2014 and December 31, 2013, the Company had $6,457 and $12,216, respectively, included in escrow deposits associated with the required reserves. The agreement also contains customary events of default for a facility of this type, including payment defaults, covenant defaults, breaches of representations and warranties, bankruptcy and insolvency, judgments, change of control and cross-default with certain other indebtedness.

	On February 18, 2015, the Company amended and restated the revolving credit facility. See Note 14 for additional information.

	Deferred Financing Costs

	Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. Amortization of deferred financing costs is recorded as interest expense in the accompanying consolidated statements of operations and comprehensive loss.

	In connection with its Securitization Loan, the Company incurred deferred financing costs of $11,040 for the year ended December 31, 2014. The costs are being amortized through September 9, 2019, the fully extended maturity date of the Securitization Loan. Amortization of the deferred financing costs was $865 for the year ended December 31, 2014. The Company also incurred certain non-capitalizable costs related to the Securitization Transaction of $801 for the year ended December 31, 2014 related to personnel and other matters.

	In connection with its revolving credit facility, the Company incurred deferred financing costs of $1,852 and $4,040, respectively, for the years ended December 31, 2014 and 2013. Amortization of the deferred financing costs was $1,691 and $815, respectively, for the years ended December 31, 2014 and 2013.

	Interest Rate Cap Agreements

	As of December 31, 2014, the Company held four interest rate cap agreements, which include three interest rate cap agreements with an aggregate notional amount of $245,000, LIBOR caps of 3.00%, and termination dates of May 10, 2016 associated with the revolving credit facility, and one interest rate cap with a notional amount of $312,667, a LIBOR cap of 3.1085%, and a termination date of September 15, 2016 associated with the Securitization Loan. The first two interest rate cap agreements, with an aggregate notional amount of $170,000, were purchased in the third quarter of 2013, at an aggregate purchase price of $533. On February 5, 2014, the Company entered into a third interest rate cap agreement with a notional amount of $75,000 at a purchase price of $100. On August 6, 2014, the Company entered into the interest rate cap agreement associated with the Securitization Loan at a purchase price of $293. Portions of the purchase prices of the interest rate cap agreements, representing the premiums paid to enter into the contracts, were capitalized as deferred financing costs and are being amortized using the straight-line method over the terms of the related agreements. The Company determined that the interest rate caps qualify for hedge accounting and, therefore, designated the derivatives as cash flow hedges with future changes in fair value recognized through other comprehensive loss (see Note 11). Ineffectiveness is calculated as the amount by which the change in fair value of the derivatives exceeds the change in the fair value of the anticipated cash flows related to the corresponding debt.

	In connection with the pay-down of the revolving credit facility on August 12, 2014, the Company de-designated the interest rate cap agreements associated with the revolving credit facility as cash flow hedges and reclassified the balance of deferred losses, associated with the three interest rate cap agreements, in accumulated other comprehensive loss to earnings. In conjunction with the amendment to the revolving credit facility executed on February 18, 2015, the Company sold the existing interest rate cap agreements associated with such facility for an aggregate sales price of $4 and entered into a new interest rate cap agreement with a notional amount of $83,000, a LIBOR cap of 3.0% and a termination date of February 17, 2018, at a purchase price of $335.

	On January 28, 2015, the Company entered into a forward-starting interest rate cap agreement associated with the Securitization Loan at a purchase price of $1,794. The new interest rate cap has an effective date of September 15, 2016, a termination date of September 15, 2019, a notional amount of $200,000 and a LIBOR cap rate of 3.1085%. The Company designated the new interest rate cap as a cash flow hedge as it is the Company's intent to exercise the renewal options of the Securitization Loan through the fully-extended maturity date in September 2019.

	Capitalized Interest

	The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. Capitalized interest totaled $858 and $1,068, respectively, for the years ended December 31, 2014 and 2013.

Equity_Incentive_Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan

	On December 4, 2012, the Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company.

	The compensation committee of the Company’s board of directors has the full authority to administer and interpret the plan, to authorize the granting of awards, to determine the eligibility of directors, officers, advisors, consultants and other personnel of the Company to receive an award, to determine the number of shares of common stock to be covered by each award, to determine the terms, provisions and conditions of each award, to prescribe the form of instruments evidencing awards and to take any other actions and make all other determinations that it deems necessary or appropriate in connection with the equity incentive plan or the administration or interpretation thereof. In connection with this authority, the compensation committee may, among other things, establish performance goals that must be met in order for awards to be granted or to vest, or for the restrictions on any such awards to lapse.

	The Company’s equity incentive plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, subject to a ceiling of 921,053 shares available for issuance under the plan. The plan allows for the Company’s board of directors to expand the types of awards available under the plan to include long-term incentive plan units in the future. The maximum number of shares that may underlie awards in any one year to any eligible person may not exceed 92,100. If an award granted under the equity incentive plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of future awards. Unless previously terminated by the Company’s board of directors, no new award may be granted under the equity incentive plan after the tenth anniversary of the date that such plan was initially approved by the Company’s board of directors. No award may be granted under the equity incentive plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock.

	Restricted shares that have been awarded to certain personnel of the Company through December 31, 2014 vest in three annual installments commencing on the date of the grant, as long as such individual is an employee on the vesting date. Restricted share awards to independent directors generally vest on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the annual meeting of the Company’s stockholders for the year following the year of grant for the award, as long as such director is serving as a board member on the vesting date.

	The Company’s unvested restricted stockholders have the same voting rights as any other common stockholder. During the period of restriction, the Company’s unvested restricted stockholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other common stockholder.

	For the years ended December 31, 2014, 2013 and 2012 inclusive of the impact of cash dividends, the Company recognized $277, $308 and $0, respectively, of stock compensation expense in property management and $745, $619 and $38, respectively, of stock compensation expense in general and administrative. Additionally, in 2013, the Company offset proceeds of $125 from its initial public offering as additional paid-in capital related to the shares issued to its independent directors for their additional work related to its initial public offering.

	As of December 31, 2014, the total compensation cost related to nonvested awards not yet recognized was $1,275 and the weighted-average period over which such amount is expected to be recognized is 1.59 years.

	The table below summarizes the award activity of the Equity Incentive Plan for 2014, 2013 and 2012:



		2014					2013					2012
		Shares		Weighted Average Grant Date			Shares		Weighted Average Grant Date			Shares	Weighted Average Grant Date
				Fair Market Value					Fair Market Value				Fair Market Value
	Outstanding at Beginning of Period	82,463		$	18.44		160,571		$	18.5		—	$	—

	Granted	77,559		15.95			24,165		17.89			160,571	18.5

	Vested	(43,437	)	(18.35		)	(54,757	)	(18.34		)	—	—

	Forfeited	(9,497	)	(18.37		)	(47,516	)	(18.48		)	—	—

	Outstanding at End of Period	107,088		$	16.68		82,463		$	18.44		160,571	$	18.5


	On February 12, 2015, the Company issued, in aggregate, 69,605 shares of restricted common stock to certain officers of the Company. The estimated fair value of these awards was $15.72 per share, based upon the closing price of the Company’s stock on the grant date. These grants will vest in one year commencing on the date of the grant, as long as such individual is an employee on the vesting date.
	In addition, certain executives and senior management were awarded performance stock units (each, a "PSU"). Each PSU represents the potential to receive Silver Bay common stock after the completion of three years of service from the date of grant. The number of shares of Silver Bay common stock to be paid as of the vesting date for each PSU increases and decreases based on Silver Bay’s total stockholder return (stock price appreciation plus dividends) (“TSR”). The number of shares of common stock is determined by multiplying the target number of PSUs by the TSR multiplier, determined in accordance with the following table:


	Annualized TSR		TSR Multiplier
	6.50%		—%
	8%		50%
	10%		100%
	12%		150%
	16%		200%

	To the extent the Company’s annualized TSR falls between two discrete points, linear interpolation shall be used to determine the TSR Multiplier.
	The Company awarded 165,000 PSUs on February 12, 2015.

	On February 13, 2015, the Company issued, in aggregate, 56,385 shares of restricted common stock to certain personnel of the Company. The estimated fair value of these awards was $15.67 per share, based upon the closing price of the Company’s stock on the grant date. These grants will vest in three equal installments commencing on the date of the grant, as long as such individual is an employee on the vesting date.

Preferred_Stock

Preferred Stock	12 Months Ended
Preferred Stock	Dec. 31, 2014
Temporary Equity Disclosure [Abstract]
Preferred Stock	Preferred Stock

	The Company issued 1,000 shares of its 10% cumulative redeemable preferred stock to a subsidiary of Two Harbors as consideration in the Formation Transactions, which subsequently sold the shares, as discussed in Note 3. This preferred stock ranks, with respect to dividend rights and rights upon our liquidation, dissolution or winding up, senior to the rights of holders of the Company’s common stock. The Company may issue other classes or series of capital stock in the future, including classes or series of preferred stock, and expressly designate such classes or series as ranking junior to, on parity with or senior to the 10% cumulative redeemable preferred stock. The Company may not, however, issue capital stock ranking as to dividends or rights upon our liquidation, dissolution or winding up, senior to the 10% cumulative redeemable preferred stock, without the affirmative vote or consent of two-thirds of the issued and outstanding shares of 10% cumulative redeemable preferred stock. Dividends shall accrue on a daily basis and be cumulative from the initial issue date. Dividends, if authorized by the board of directors, will be payable annually in arrears on June 30 of each year, or more frequently as determined by the board of directors. The Company has the option at any time after five years from the initial issue date to redeem the 10% cumulative redeemable preferred stock at a redemption price of $1 per share, plus all accrued and unpaid dividends. At any time, beginning on the sixth anniversary of the initial issue date, a preferred stockholder, with adequate notice, may put their shares back to the Company, at a redemption price of $1 per share, plus all accrued and unpaid dividends.

	As of December 31, 2014 and 2013, there was $25 and $22 respectively, in preferred stock dividends included in accounts payable and accrued expenses on the consolidated balance sheets.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity

	Common stock

	As of December 31, 2014, the Company had 36,711,694 shares of common stock outstanding. The following table presents the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2014, 2013 and 2012:



		Number of
		Common Shares
	Common shares outstanding, January 1, 2012	—

	Public offering	13,250,000

	Formation Transactions	23,917,642

	Issuance of restricted stock	160,571

	Common shares outstanding, December 31, 2012	37,328,213

	Issuance of common stock	1,987,500

	Repurchase of common stock	(758,353	)
	Restricted stock grants, net	(23,351	)
	Conversion of Operating Partnership units	27,459

	Common shares outstanding, December 31, 2013	38,561,468

	Repurchase of common stock	(1,917,836	)
	Restricted stock grants, net	68,062

	Common shares outstanding, December 31, 2014	36,711,694


	On July 1, 2013, the Company’s board of directors authorized the Company to repurchase up to 2,500,000 shares of its common stock through a share repurchase program. On November 25, 2014, the Company's board of directors authorized an increase of 2,500,000 shares to the previously authorized share repurchase program for a total of 5,000,000 shares. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules.

	In the year ended December 31, 2014, the Company repurchased and retired 1,912,139 shares under the program for a total cost of $31,396, at an average purchase price of $16.42, inclusive of commission. In the year ended December 31, 2013, the Company repurchased and retired 750,768 shares under the program for a total cost of $11,639, at an average purchase price of $15.50, inclusive of commission.

	In the years ended December 31, 2014 and 2013, respectively, the Company repurchased and retired 5,697 and 7,585 common shares for a total cost of $93 and $121, at an average purchase price of $16.28 and $15.93. The shares were repurchased from certain employees and certain personnel of the Former Manager and the Former Manager's operating subsidiary to cover the minimum statutory tax withholding obligations related to the vesting of restricted common stock.

	On September 30, 2014, the Company issued 2,231,511 common units of the Operating Partnership to acquire the Former Manager (see Note 10).

	On December 31, 2013, the Company redeemed all outstanding noncontrolling interest holders representing 27,459 common units in exchange for Company common shares, having a value of $487 (based on the value of the noncontrolling interests on such date).

	Common Stock Dividends

	The following table presents cash dividends declared by the Company on its common stock since its Formation:



	Declaration Date		Record Date		Payment Date		Cash Dividend per Share
	21-Mar-13		1-Apr-13		12-Apr-13		$	0.01

	20-Jun-13		1-Jul-13		12-Jul-13		0.01

	19-Sep-13		1-Oct-13		11-Oct-13		0.01

	19-Dec-13		30-Dec-13		10-Jan-14		0.01

	March 13, 2014		March 24, 2014		April 4, 2014		0.03

	June 19, 2014		June 30, 2014		July 11, 2014		0.03

	September 4, 2014		September 22, 2014		October 3, 2014		0.04

December 18, 2014		December 29, 2014		January 9, 2015		0.06


The Company did not declare or pay any cash dividends on its common stock during 2012.

Preferred Stock Dividends

The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock since its formation:



Declaration Date		Payment Date		Cash Dividend per Share
March 21, 2013		April 12, 2013		$	31.39

June 26, 2013		June 28, 2013		25

September 19, 2013		October 11, 2013		24.72

January 1, 2014		January 10, 2014		24.72

2-Apr-14		4-Apr-14		23.33

June 25, 2014		June 30, 2014		26.94

October 3, 2014		October 3, 2014		22.78

January 9, 2015		January 9, 2015		26.67


The March 21, 2013 dividend declaration included amounts relating to the period from the date of the Formation Transactions through April 12, 2013.

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

	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the years ended December 31, 2014, 2013 and 2012:



		Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012
	Net loss attributable to controlling interests	$	(56,554	)	$	(24,533	)	$	(1,413	)
	Preferred distributions	(100		)	(100		)	(3		)
	Net loss attributable to common stockholders	(56,654		)	(24,633		)	(1,416		)
	Basic and diluted weighted average common shares outstanding	38,119,971			39,073,994			37,328,213

	Net loss per common share - Basic and Diluted	$	(1.49	)	$	(0.63	)	$	(0.04	)

	A total of 2,231,511 common units were outstanding from September 30, 2014 through December 31, 2014 and a total of 27,459 common units were outstanding from the date of the Formation Transactions through December 31, 2013, but have been excluded from the calculations of diluted EPS as their inclusion would not be dilutive.

	The Company calculated EPS only for the period the common stock was outstanding during 2012, referred to as the Post-Formation period. The Formation Transactions closed on December 19, 2012, therefore the Company has defined the Post-Formation period to be the date of the Formation Transactions through December 31, 2012, or 12 days of activity. Earnings (loss) per share is calculated by dividing the net loss attributable to common stockholders for the Post-Formation period by the weighted-average number of shares outstanding during the Post-Formation period.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

	Management Internalization Transaction

	On September 30, 2014, the Company closed the Internalization after receiving the required stockholder approval for the transaction. The Internalization was completed under the terms of a contribution agreement (the "Contribution Agreement") among the Company, Pine River Domestic Management L.P., Provident, the Former Manager, and the Operating Partnership, pursuant to which the Company acquired the Former Manager in exchange for 2,231,511 common units of the Operating Partnership. These common units are redeemable for cash or, at the Company's election, the Company's common shares on a one-for-one basis.

	The Contribution Agreement included a net worth adjustment, payable in cash, in the event that the closing net worth of the Former Manager was greater or less than $0 after making an adjustment to exclude any liabilities for accrued bonus compensation payable to the Chief Executive Officer and personnel providing data analytics directly supporting the investment function of the Company. The Company settled the net worth adjustment on September 30, 2014 based on estimated amounts. The Company finalized the net worth adjustment in the fourth quarter of 2014 through a de minimis payment. As a result of this transaction, as of September 30, 2014, the Company no longer pays fees or expense reimbursements to the Former Manager or the Former Manager's operating subsidiary.

	The Company recognized $39,373 in the third and fourth quarters of 2014 in connection with the Internalization, which is recorded as management internalization expense in the accompanying consolidated statements of operations and comprehensive loss. The Internalization expense primarily consists of the issuance of the 2,231,511 common units of the Operating Partnership with a fair value of $36,173, based on the stock price on the date of closing of $16.21. The issuance of the common units was recognized as an expense as it represented the cost of terminating the advisory management fee agreement. The remaining amounts in management internalization were attributable to transaction fees and expenses, and the assumption of certain liabilities in connection with the transaction. The Company acquired cash of $2,069 and other net liabilities of $2,067 in the transaction.

	Upon Internalization, the Company assumed net operating losses and a deferred tax asset of the Former Manager's operating subsidiary. The Company has elected to have this new entity be treated for tax purposes as a TRS. See Note 4 for further detail on income taxes.

	Advisory Management Agreement

	Prior to the Internalization, the Company and the Former Manager maintained an advisory management agreement whereby the Former Manager designed and implemented the Company’s business strategy and administered its business activities and day-to-day operations, subject to oversight by the Company’s board of directors. In exchange for these services, the Former Manager earned a fee equal to 1.5% per annum, or 0.375% per quarter, of the Company’s daily average fully diluted market capitalization, as defined by the agreement, calculated and payable quarterly in arrears. The fee was reduced for the 5% property management fee (described below) received by the Former Manager’s operating subsidiary or its affiliates under the property management and acquisition services agreement. The Company also reimbursed the Former Manager for all expenses incurred on its behalf or otherwise in connection with the operation of its business, other than compensation for the Chief Executive Officer and personnel providing data analytics directly supporting the investment function.

	During the year ended December 31, 2014, the Company expensed $6,621 in advisory management fees, net of the reduction for the 5% property management fee described below. During the year ended December 31, 2013, the Company expensed $9,775 in advisory management fees, net of the 5% property management fee, of which $4,715, $3,725 and $1,335 were payable to the Former Manager, Two Harbors and the prior members of the Provident Entities, respectively. During the year ended December 31, 2012, the Company expensed $2,159 in advisory management fees, of which $175, $1,935 and $49 were payable to the Former Manager, Two Harbors and the prior members of the Provident Entities, respectively. Prior to the Formation Transactions, Two Harbors allocated certain advisory expenses that related to the operations of the Company based on 1.5% of the member’s equity on an annualized basis. Of the $1,935 in advisory management fees payable to Two Harbors incurred in 2012, $1,799 was incurred prior to the Formation Transactions.

	As of December 31, 2014, the Company had settled the final advisory management fee payable and had $0 outstanding related to the advisory management fee. As of December 31, 2013, the Company had $1,181 outstanding and reflected in amounts due to the Former Manager and affiliates and $998 in amounts due to previous owners on the consolidated balance sheets related to advisory fees expensed in the prior year.

	The Company also reimbursed the Former Manager for certain general and administrative expenses, primarily related to employee compensation and certain offering costs. Direct and allocated costs incurred by the Former Manager on behalf of the Company, totaled approximately $5,476, $4,036 and $1,438 for the years ended December 31, 2014, 2013 and 2012, respectively. Approximately $70 was expensed to general and administrative for the year ended December 31, 2012 and approximately $1,368 were offering costs, offset against proceeds. As of December 31, 2014 and 2013, the Company owed $0 and $1,480 respectively, for these costs which are included in amounts due to the Former Manager and affiliates on the consolidated balance sheets.

	Prior to the Formation Transactions, Two Harbors allocated certain direct general and administrative expenses (primarily professional fees and travel costs) paid on behalf of the Company to external vendors. During 2012, the Company was allocated $308 in direct expenses.

	Property Management and Acquisition Services Agreement

	Prior to the Internalization, the Company and the Former Manager's operating subsidiary maintained a property management and acquisition services agreement pursuant to which the Former Manager's operating subsidiary acquired and managed single-family properties on the Company's behalf. For these services, the Company reimbursed the Former Manager’s operating subsidiary for all direct expenses incurred in the operation of its business, including the compensation of its employees. The Former Manager’s operating subsidiary also received a property management fee equal to 5% of certain costs and expenses incurred by it in the operation of its business that were reimbursed by the Company. Prior to the Internalization, this 5% property management fee reduced the advisory management fee paid to the Former Manager on a dollar-for-dollar basis. Upon Internalization, the Former Manager's operating subsidiary performing these services was acquired.

	Prior to the Internalization, through the nine months ended September 30, 2014, the Company incurred property management expense of $7,807, which included direct expense reimbursements of $5,120 and the 5% property management fee of $288. The remaining $2,399 of property management fees incurred prior to the Internalization was incurred to reimburse the Former Manager's operating subsidiary for direct property management type expenses such as stock compensation to employees dedicated to property management and payments due directly to third-party property managers. In addition, the Company incurred charges with the Former Manager's operating subsidiary of $608 in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs and $11 for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less). Following the Internalization, the Company incurred property management expense of $1,871 for total 2014 expense of $9,678.

	During the year ended December 31, 2013, the Company incurred property management expense of $11,991. This included direct expenses and reimbursements of $9,014 and the 5% property management fee of $645, respectively. The remaining amounts in property management fees of $2,332, were incurred to reimburse the Former Manager’s operating subsidiary for expenses payable to third-party property managers or as payments due directly to third-party property managers or direct property management type expenses such as stock compensation to employees dedicated to property management. In addition, for the year ended December 31, 2013, the Company incurred charges with the Former Manager’s operating subsidiary of $4,093 in acquisitions and renovation fees which were capitalized as part of property acquisition and renovation costs, and $212 for leasing services, which are reflected as other assets and are being amortized over the life of the leases.

	During 2012, the Company incurred $459 in property management expense, consisting of $256 incurred in third party property management expenses and $203 incurred in property management expenses payable to the Former Manager and affiliates. From the date of the Formation Transactions through December 31, 2012, the Company accrued direct expense reimbursements of $193 and the 5% property management fee of $10, which are included in property management in the consolidated financial statements. Additionally, the Company incurred $30 in third-party property management expenses during such period. Prior to the Formation Transactions, the Company paid property management and acquisition service fees based on the number of homes acquired, leased and renovated by the Former Manager’s operating subsidiary in addition to compensation based on monthly rental income. Pursuant to these agreements, the Company paid the Former Manager’s operating subsidiary $4,640 in acquisitions and renovation fees which were capitalized as part of property acquisition and renovation costs, $387 for leasing services, which were reflected as other assets and were amortized over the life of the leases, and $226 for property management during 2012 through the Formation Transactions date.

	As of December 31, 2014 and 2013, the Company owed $0 and $4,205 respectively, for these services which are included in amounts due to the Former Manager and affiliates on the consolidated balance sheets.

	In June 2014, the Former Manager's operating subsidiary acquired the Company's third-party property manager in Tampa, who provided services exclusively to the Company, for $775. No significant assets or liabilities were acquired or assumed as part of the transaction and the payment was recorded as a one-time general and administrative expense.

Derivative_and_Other_Fair_Valu

Derivative and Other Fair Value Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Other Fair Value Instruments

ASC 820 established a three level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Recurring Fair Value

The Company uses interest rate cap agreements to manage its exposure to interest rate risk (refer to Note 5). The interest rate cap agreements are valued using models developed by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves).

The following table provides a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the consolidated balance sheets at December 31, 2014 and December 31, 2013, respectively:

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

31-Dec-14

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant

(Level 1)

(Level 2)

Unobservable Inputs

(Level 3)

Interest Rate Caps (cash flow hedges)

Other Assets

—

Interest Rate Caps

Other Assets

—

(not designated as hedging instruments)

Total

—

Fair Value Measurements at Reporting Date Using

Description

Balance Sheet Location

31-Dec-13

Quoted Prices (Unadjusted) for Identical Assets/Liabilities

Quoted Prices for Similar Assets and Liabilities in Active Markets

Significant

(Level 1)

(Level 2)

Unobservable Inputs

(Level 3)

Interest Rate Caps (cash flow hedges)

Other Assets

214

—

214

—

The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2014:

Effective Portion

Ineffective Portion

Type of Cash Flow Hedge

Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative

Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Location of Gain/(Loss) Recognized in Income on Derivative

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Interest Rate Caps

(291

)

Interest Expense

)

Interest Expense

(480

)

The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2013:

Effective Portion

Ineffective Portion

Type of Cash Flow Hedge

Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative

Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Location of Gain/(Loss) Recognized in Income on Derivative

Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income

Interest Rate Caps

(276

)

Interest Expense

—

N/A

—

As of December 31, 2014 and 2013, there were approximately $86 and $276, respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize approximately $9 in interest expense during the year ending December 31, 2015, pertaining only to the interest rate cap agreement associated with the Securitization Loan, which will be reclassified out of accumulated other comprehensive loss, in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges. All deferred losses in accumulated other comprehensive loss pertaining to the three interest rate caps associated with the revolving credit facility were recognized in income in the third quarter of 2014, in connection with the pay down of the revolving credit facility, and future gains and losses on these interest rate caps will be recorded as interest expense on the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2014, the Company recorded $49 in losses as interest expense following the de-designation of the three interest rate caps associated with the revolving credit facility.

Nonrecurring Fair Value

For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets (see Note 2). These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2.

Fair Value of Other Financial Instruments

In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of December 31, 2014.

•

Cash and cash equivalents, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued expenses have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1.

•

The Company’s revolving credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market for facilities with similar risk and maturities. Accordingly, the interest rate on this borrowing is at market and thus the carrying value of the debt approximated fair value as of December 31, 2014. The Company categorizes the fair value measurement of this liability as Level 2.

•

The fair value of the Company's Securitization Loan was $305,253 as of December 31, 2014, based on an average of market quotations. The Company categorizes the fair value measurement of this liability as Level 2.

•

The Company’s 10% cumulative redeemable preferred stock had a fair value which approximates its liquidation value at December 31, 2014 and December 31, 2013. The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies

	Concentrations

	As of December 31, 2014, approximately 51% of the Company’s properties were located in Phoenix, AZ, Tampa, FL, and Atlanta, GA, which exposes the Company to greater economic risks than if the Company owned a more geographically dispersed portfolio.

	Homeowners’ association fees

	Certain of the Company’s properties are located in communities that are subject to homeowners’ association fees. These fees are billed monthly, quarterly, semi-annually or annually depending upon the homeowners’ association and are subject to annual fee adjustments. The fees cover the costs of maintaining common areas and are generally paid for by the Company.

	Resident security deposits

	As of December 31, 2014, the Company had $8,595 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease.

	Earnest deposits

	Escrow deposits include non-refundable cash or earnest deposits for the purchase of properties. As of December 31, 2014, the Company had earnest deposits for property purchases of $733. As of December 31, 2014, for properties acquired through individual broker transactions which involve submitting a purchase offer, the Company had offers accepted to purchase residential properties for an aggregate amount of $11,513. However, not all of these properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons.

	Operating leases

	Upon Internalization, the Company assumed certain commitments that were previously those of the Former Manager or the Former Manager’s operating subsidiary. The Company leases certain office facilities under operating leases, some of which include rent payment escalation clauses, with lease terms ranging from one to five years. In addition to minimum lease payments, some of the Company's office facility leases require payment of a proportionate share of fees and taxes and building operating expenses.

	In the year ended December 31, 2014, the Company incurred $104 in rental expense on operating leases.



	A schedule of future minimum lease payments under non-cancelable operating leases for the following years is as follows:



	2015	$	615

	2016	416

	2017	259

	2018	234

	2019	229

	Total	$	1,753


	Legal and regulatory

	From time to time, the Company is subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of the Company’s 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 or regulatory claims that would have a material effect on the Company’s consolidated financial statements and, therefore, no accrual has been recorded as of December 31, 2014.

Quarterly_Financial_Data_Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarterly Financial Data (Unaudited)

	Following is quarterly financial data for 2014 and 2013:



		2014 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	18,131		$	19,152		$	19,974		$	20,673

	Net loss	(4,365		)	(4,970		)	(44,870		)	(2,492		)
	Net loss attributable to common stockholders	(4,390		)	(4,995		)	(44,895		)	(2,374		)
	Earnings (loss) per share - basic and diluted	(0.11		)	(0.13		)	(1.17		)	(0.08		)



		2013 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	7,681		$	10,717		$	14,486		$	16,709

	Net loss	(6,382		)	(6,746		)	(6,362		)	(5,060		)
	Net loss attributable to common stockholders	(6,402		)	(6,767		)	(6,382		)	(5,082		)
	Earnings (loss) per share - basic and diluted	(0.16		)	(0.18		)	(0.16		)	(0.13		)

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

	As previously announced, the Company entered into a real estate sales contract on February 18, 2015 to acquire a portfolio of properties (the “Portfolio Acquisition”) owned and operated by The American Home Real Estate Investment Trust, Inc. (“TAH”) for approximately $263,000 in cash. The Portfolio Acquisition involves the acquisition of approximately 2,460 homes primarily located in Atlanta, Charlotte, Tampa and Orlando. The Portfolio Acquisition remains subject to the satisfaction of conditions to close and is targeted to close approximately 45-60 days from signing.
	On February 18, 2015, the Company amended and restated the revolving credit facility to increase the borrowing capacity to $400,000 from $200,000. The amended credit facility bears interest at a varying rate of LIBOR plus 300 basis points and is not subject to a LIBOR floor. The term on the amended credit facility was extended to February 2018 and the advance rate for borrowings was increased to 65% from 55%. The Company intends to utilize the amended credit facility to fund the Portfolio Acquisition. The remaining proceeds will be used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties.

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	Silver Bay Realty Trust Corp.
	Schedule III — Real Estate and Accumulated Depreciation
	As of December 31, 2014
	(dollars in thousands)



						Encumbrances							Initial Cost to Company				Costs Capitalized Subsequent to Acquisitions		Total Cost
	Market Location		Number of Owned Properties			Number of Encumbered Properties (1)			Encumbrances (1)				Land		Building and Improvements		Building and Improvements		Land		Building and Improvements		Total (2)		Accumulated Depreciation (3)		Date of Construction Range	Date
																												Acquired
	Phoenix, AZ		1,424			1,395			$	107,905			$	34,126	$	136,715	$	30,555	$	34,126	$	167,270	$	201,396	$	11,353	1944-2010	2012-2013

	Atlanta, GA		1,125			954			78,465				26,435		88,221		26,769		26,435		114,990		141,425		6,843		1959-2012	2012-2014

	Tampa, FL		926			920			71,183				24,321		82,692		25,776		24,321		108,468		132,789		7,324		1941-2008	2012-2014

	Dallas, TX		494			213			15,258				11,233		43,178		10,523		11,233		53,701		64,934		1,577		1958-2010	2012-2014

	Jacksonville, FL		418			83			2,183				11,081		32,240		10,986		11,081		43,226		54,307		922		1944-2009	2013-2014

	Northern CA		384			380			18,893				15,054		47,975		9,485		15,054		57,460		72,514		4,019		1909-2006	2012-2013

	Southeast FL		367			135			5,050				15,243		39,662		14,344		15,243		54,006		69,249		1,518		1950-2007	2013-2014

	Orlando, FL		329			169			8,874				8,554		31,272		8,256		8,554		39,528		48,082		1,744		1937-2007	2012-2014

	Las Vegas, NV		291			290			25,822				2,070		33,007		6,217		2,070		39,224		41,294		2,788		1970-2009	2012-2014

	Columbus, OH		284			238			13,659				4,468		18,003		10,284		4,468		28,287		32,755		1,227		1947-2009	2013-2014

	Charlotte, NC		250			128			9,397				6,408		25,330		2,755		6,408		28,085		34,493		868		1981-2013	2012-2014

	Tucson, AZ		209			208			11,088				2,673		10,266		4,374		2,673		14,640		17,313		1,128		1940-2008	2012-2013

	Southern CA		156			156			4,778				4,467		12,651		6,585		4,467		19,236		23,703		1,343		1922-2007	2012-2013

	Houston, TX		122			96			5,206				1,647		8,701		3,768		1,647		12,469		14,116		496		1958-2008	2013-2014

			6,779			5,365			$	377,761			$	167,780	$	609,913	$	170,677	$	167,780	$	780,590	$	948,370	$	43,150

	_______________

	-1	Encumbrances include the number of properties pledged under the revolving credit facility and the number of properties secured by first priority mortgages under the Securitization Loan, as well as the aggregate value of outstanding debt attributable to such properties.

	-2	The gross aggregate cost of total real estate for federal income tax purposes was approximately $958,172 at December 31, 2014 (unaudited).

	-3	Depreciation of building and improvements is computed on the straight-line basis over the estimated useful life of 27.5 years.

	The changes in investments in real estate for the years ended December 31, 2014, 2013 and 2012 are as follows:



			2014				2013				2012
	Balance, beginning of year		$	776,304			$	420,562			$	—

	Acquisition of real estate		136,045				261,950				387,747

	Improvements		38,188				100,173				32,815

	Dispositions and other		(2,167		)		(6,381		)		—

	Balance, end of year		$	948,370			$	776,304			$	420,562


The changes in accumulated depreciation for the years ended December 31, 2014, 2013 and 2012 are as follows:



		2014				2013				2012
Balance, beginning of year		$	18,897			$	1,869			$	—

Depreciation expense		24,281				17,222				1,869

Dispositions and other		(28		)		(194		)		—

Balance, end of year		$	43,150			$	18,897			$	1,869

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Basis of Presentation and Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation

	The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. All intercompany balances and transactions have been eliminated in consolidation. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP").

	GAAP requires the Company to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of VIEs. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary.

	The Company identifies the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. The Company performs this analysis on an ongoing basis. As of December 31, 2014 and December 31, 2013, respectively, the Company had no VIEs.
Use of Estimates	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions regarding future events that may affect the reported amounts and disclosures in the financial statements. The Company’s estimates are inherently subjective in nature and actual results could differ from these estimates.
Reclassifications	Reclassifications

	Certain reclassifications have been made to amounts in prior period financial statements to conform to current period presentation. These reclassifications have not changed the previously reported results of operations or stockholders’ equity.
Investments in Real Estate	Investments in Real Estate

	Operating real estate assets are stated at cost and consist of land, buildings and improvements, including other capitalizable costs incurred during their possession, renovation and acquisition. A property acquired not subject to an existing lease is treated as an asset acquisition and recorded at its purchase price, inclusive of acquisition costs, allocated between land and building based upon their relative fair values at the date of acquisition. A property acquired with an existing lease is treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”) and recorded at fair value (approximated by the purchase price), allocated to land, building and the existing lease based upon their fair values at the date of acquisition, with acquisition costs expensed as incurred. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements and Disclosures (“ASC 820”), primarily based on unobservable market data inputs, which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes its own market knowledge and published market data. The Company utilizes information obtained from county tax assessment records to develop regional averages to estimate the fair value of land and building. The estimated fair value of acquired in-place leases represents the costs the Company would have incurred to lease the property at the date of acquisition, based upon the market participant activity. In the years ended December 31, 2014 and 2013, respectively, the Company acquired 30 and 94 properties with in-place leases at an aggregate purchase price of $3,753 and $11,407 and allocated $295 and $291 to in-place lease, respectively.

	Building depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5-year estimated life with no salvage value. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature (one or two years) and reflect market rental rates.

	The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building costs as part of such properties’ initial renovation. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life.

	The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
Assets Held for Sale	Assets Held for Sale

	The Company evaluates its long-lived assets on a periodic basis to ensure the individual properties still meet its investment criteria. If the Company has determined that an individual property no longer meets its investment criteria, a decision is made to dispose of the property. The property is subject to the Company’s impairment test and an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. The property is then marketed for sale and classified as held for sale in the consolidated financial statements, with any material operations reported as discontinued operations. Depreciation ceases to be recorded upon designation of an asset as held for sale.

	The properties included in held for sale at December 31, 2014 and 2013, respectively, were not material.

	For the years ended December 31, 2014 and 2013, the Company recognized $601 and $792, respectively, in impairment charges and $44 and $114, respectively, in net gain on sale of assets. These costs are classified as other on the consolidated statements of operations and comprehensive loss. The Company did not record impairment or dispose of assets during the year ended December 31, 2012.
Cash and Cash Equivalents	Cash and Cash Equivalents

	The Company maintains its cash, cash equivalents and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Escrow Deposits	Escrow Deposits

	Escrow deposits include refundable and non-refundable cash and earnest money on deposit with certain third party property managers for property purchases and renovation costs, earnest money deposits, and, at times, monies held at certain municipalities for property purchases. Escrow deposits also include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 5.
Deferred Lease Costs, Net	Deferred Tax Assets and Liabilities

	Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing basis on capitalized assets, differing treatment for certain acquired assets and real estate asset impairments and the timing of expense recognition for certain accrued liabilities. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP. The Company's deferred tax assets also include net operating losses generated or acquired.

	As a result of these temporary differences, the Company’s TRS entities, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP.

	As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income from our TRS entities. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income.

	A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.
	Deferred Lease Costs, Net

	Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as deferred lease costs on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization on the consolidated statements of operations and comprehensive loss.
Rent and Other Receivables, Net	Rent and Other Receivables, Net

	The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted.

	At December 31, 2014 and 2013, the Company had $725 and $665 in gross rent receivables, respectively, and $107 and $228 in allowances for doubtful accounts, respectively, classified as other assets on the consolidated balance sheets.

	For the years ended December 31, 2014, 2013 and 2012, the Company recognized $671, $771 and $27 in bad debt expense, respectively, classified as property operating and maintenance on the consolidated statements of operations and comprehensive loss.
Fair Value of Financial Instruments, Including Derivative Instruments	Fair Value of Financial Instruments, Including Derivative Instruments

	The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

	In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments.

	The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either accumulated other comprehensive loss (a component of stockholders’ equity) or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes.
Revenue Recognition	Revenue Recognition

	Rental income attributable to resident leases is recorded on a straight-line basis, which approximates the method of recording when due from residents and recognizing monthly as earned. Rental income is presented net of sales tax on the consolidated statements of operations and comprehensive loss. Leases entered into between residents and the Company for the rental of property units are generally year-to-year and renewable upon consent of both parties on an annual or monthly basis.
Noncontrolling Interests	Noncontrolling Interests

	The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic Derivatives and Hedging —Contracts in Entity’s Own Equity (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets.

	Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Additional issuance or repurchase of shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds or costs therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.

	At December 31, 2014 and 2013, the Company had 2,231,511 and zero common Operating Partnership units classified as noncontrolling interests, respectively. As described in Note 10, the 2,231,511 common Operating Partnership units were issued on September 30, 2014 pursuant to the Internalization.
Preferred Stock	Preferred Stock

	The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.
Earnings (Loss) Per Share	Earnings (Loss) Per Share

	Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the years ended December 31, 2014 and 2013 and the period from December 19, 2012, the date of the Offering and Formation Transactions, through December 31, 2012. For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive.
Equity Incentive Plan	Equity Incentive Plan

	The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of equity awards to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic Compensation - Stock Compensation (“ASC 718”). Prior to the Internalization, the cost of equity awards to employees of the Former Manager and the Former Manager’s operating subsidiary were measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic Equity (“ASC 505”). On the date of the Internalization, the employees of the Former Manager and the Former Manager's operating subsidiary became employees of the Company and the Company fixed the measurement of the awards to the respective employees to the stock price as of such date in accordance with ASC 718. The respective awards will not be subsequently remeasured and future awards to employees, subsequent to the Internalization, will be measured based on the price of the Company's stock as of the date of grant in accordance with ASC 718. All equity awards are amortized ratably over the applicable service period.
Income Taxes	Income Taxes

	The Company has elected to be taxed as a REIT under the Internal Revenue Code ("the Code") and the corresponding provisions of state law. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its taxable subsidiaries) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed or acquired TRS entities, as defined in the Code, to engage in such activities. These TRS activities are subject to both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders.

	The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as interest expense and operating expense, respectively, on its consolidated statements of operations and comprehensive loss.

	Deferred Tax Assets and Liabilities

	Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing basis on capitalized assets, differing treatment for certain acquired assets and real estate asset impairments and the timing of expense recognition for certain accrued liabilities. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP. The Company's deferred tax assets also include net operating losses generated or acquired.

	As a result of these temporary differences, the Company’s TRS entities, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP.

	As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income from our TRS entities. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income.

	A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.
Segment Reporting	Segment reporting

	Under the provision of Codification Topic 280, Segment Reporting, the Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties.

Recent Accounting Pronouncements	Recent Accounting Pronouncements

	Under the Jumpstart Our Business Startups Act (the "JOBS Act") we meet the definition of an “emerging growth company.” We have irrevocably elected to opt out of the extended transition period for complying with new or revised U.S. accounting standards pursuant to Section 107(b) of the JOBS Act. As a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies.

	In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, which amends the definition of a discontinued operation in Codification Topic Presentation of Financial Statements (“ASC 205”) to change the criteria for reporting discontinued operations and enhance disclosure requirements. Under ASU No. 2014-08, only disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. ASU No. 2014-08 is effective for interim or annual periods beginning on or after December 14, 2014, with early adoption permitted. The Company is currently assessing the impact, if any, the guidance will have upon adoption.

	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This standard is effective for interim or annual periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is not allowed. The Company is currently evaluating the impact the adoption of Topic 606 will have 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 amends ASC 205 to provide guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for interim or annual periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company's financial statements.

Formation_Transactions_and_Off1

Formation Transactions and Offering (Tables)	12 Months Ended
	Dec. 31, 2014
Formation Transactions and Offering
Summary of the financial impact of the recording of noncash Formation Transactions	The following table summarizes the financial impact of the recording of the Formation Transactions as of December 19, 2012 (all of which are non-cash), exclusive of the Offering, and reflects the following adjustments:


	•	The purchase of the Provident Entities for a purchase price $118,492 described above. The cash portion of the purchase price was included in amounts due to previous owners since it was paid with proceeds from the Offering.


	•	The recording of initial working capital adjustments between Two Harbors and the prior members of the Provident Entities. The net settlement associated with Two Harbors was reflected as an adjustment to contributions from parent.


	•	The reclassification of the Two Harbors’ equity into redeemable preferred stock and stockholders’ equity. Because the Predecessor is reported at carryover basis, Two Harbors equity is reclassified at carryover basis of $322,112.


	•	The additional cash payments due to both Two Harbors and the prior members of the Provident Entities were included in amounts due to previous owners.



	Assets

	Investments in real estate:

	Land	$	24,454

	Building and improvements	93,463

		117,917

	Escrow deposits	773

	Resident security deposits	948

	In-place lease and deferred lease costs, net	2,184

	Other assets	4,261

	Total assets	$	126,083



	Liabilities and Equity

	Liabilities:

	Accounts payable and accrued property expenses	$	495

	Resident prepaid rent and security deposits	980

	Amounts due to the Former Manager and affiliates	244

	Amounts due to previous owners	11,137

	Total liabilities	12,856



	10% cumulative redeemable preferred stock	1,000



	Equity:

	Stockholders’ equity:

	Common stock $0.01 par	239

Additional paid-in capital	433,592

Total stockholders’ equity	433,831

Noncontrolling interests - Operating Partnership	508

Parent equity	(322,112		)
Total equity	112,227

Total liabilities and equity	$	126,083

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of tax (benefit) provision recorded at the taxable subsidiary level	The following table summarizes the tax (benefit) provision recorded at the taxable subsidiary level for the years ended December 31, 2014 and 2013. There was no income tax activity in 2012.



		Year Ended December 31,
		2014			2013
	Current tax (benefit) provision:

	Federal	$	—		$	—

	State	—			—

	Total current tax (benefit) provision	—			—

	Deferred tax (benefit) expense (1)	(201		)	(864		)
	Valuation allowance	201			864

	Income tax (benefit) expense	$	—		$	—

Schedule of reconciliation of the statutory federal and state rates to the effective rates	The following is a reconciliation of the Company’s statutory federal and state rates to the effective rates, for the years ended December 31, 2014 and 2013. There was no income tax activity in 2012.



		Year Ended December 31,
		2014						2013
		Amount			Percent			Amount			Percent
	Computed income tax expense at federal rate	$	(19,277	)	34	%		$	(8,346	)	34	%
	State tax, net of federal benefit, if applicable	(21		)	0.6	%		(20		)	0.6	%
	Permanent differences in taxable income from GAAP income	7			—	%		—			—	%

	Valuation allowance	120			(3.3	)%		110			(3.3	)%

	Tax at statutory rate on earnings not subject to federal income tax	19,171			(31.3	)%		8,256			(31.3	)%

	Benefit from income taxes/effective tax rate	$	—		—	%		$	—		—	%

Schedule of current and deferred tax assets and liabilities	The Company’s consolidated balance sheets as of December 31, 2014 and 2013 contained the following current and deferred tax assets and liabilities, which are included in other assets and are recorded at the taxable subsidiary level. There was no income tax activity in 2012.



		December 31,			December 31,
		2014			2013
	Current Tax

	Federal income tax payable	$	—		$	—

	Current income taxes receivable	—			—

	State and local income tax payable	—			—

	Current tax receivable (payable), net	—			—

	Deferred tax assets (liabilities)

	Deferred tax asset	$	1,551		$	864

	Deferred tax liability	—			—

	Deferred tax asset, net	1,551			864

	Valuation allowance	(1,551		)	(864		)
	Total tax asset and liabilities, net	$	—		$	—

Schedule of tax treatment of dividends and distributions per share	The Company paid no dividends in 2012. During the years ended December 31, 2014 and 2013 the Company’s tax treatment of dividends and distributions per share were as follows:



		Year Ended December 31,
		2014 (unaudited)			2013 (unaudited)
	Tax treatment of dividends and distributions:

	Ordinary dividends	$	—		$	—

	Long-term capital gains	—			—

	Nondividend distributions (return of capital)	0.16			0.04

	Dividends and distributions declared per Common share/unit outstanding	$	0.16		$	0.04

Equity_Incentive_Plan_Tables

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of award activity of Equity Incentive Plan	The table below summarizes the award activity of the Equity Incentive Plan for 2014, 2013 and 2012:



		2014					2013					2012
		Shares		Weighted Average Grant Date			Shares		Weighted Average Grant Date			Shares	Weighted Average Grant Date
				Fair Market Value					Fair Market Value				Fair Market Value
	Outstanding at Beginning of Period	82,463		$	18.44		160,571		$	18.5		—	$	—

	Granted	77,559		15.95			24,165		17.89			160,571	18.5

	Vested	(43,437	)	(18.35		)	(54,757	)	(18.34		)	—	—

	Forfeited	(9,497	)	(18.37		)	(47,516	)	(18.48		)	—	—

	Outstanding at End of Period	107,088		$	16.68		82,463		$	18.44		160,571	$	18.5

Performance stock award targets	The number of shares of common stock is determined by multiplying the target number of PSUs by the TSR multiplier, determined in accordance with the following table:


	Annualized TSR		TSR Multiplier
	6.50%		—%
	8%		50%
	10%		100%
	12%		150%
	16%		200%

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2014
Stockholders' equity
Schedule of changes in the Company's issued and outstanding common shares	The following table presents the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2014, 2013 and 2012:



		Number of
		Common Shares
	Common shares outstanding, January 1, 2012	—

	Public offering	13,250,000

	Formation Transactions	23,917,642

	Issuance of restricted stock	160,571

	Common shares outstanding, December 31, 2012	37,328,213

	Issuance of common stock	1,987,500

	Repurchase of common stock	(758,353	)
	Restricted stock grants, net	(23,351	)
	Conversion of Operating Partnership units	27,459

	Common shares outstanding, December 31, 2013	38,561,468

	Repurchase of common stock	(1,917,836	)
	Restricted stock grants, net	68,062

	Common shares outstanding, December 31, 2014	36,711,694

Common stock
Stockholders' equity
Schedule of changes in the Company's issued and outstanding common shares	The following table presents cash dividends declared by the Company on its common stock since its Formation:



	Declaration Date		Record Date	Payment Date		Cash Dividend per Share
	21-Mar-13		1-Apr-13	12-Apr-13		$	0.01

	20-Jun-13		1-Jul-13	12-Jul-13		0.01

	19-Sep-13		1-Oct-13	11-Oct-13		0.01

	19-Dec-13		30-Dec-13	10-Jan-14		0.01

	March 13, 2014		March 24, 2014	April 4, 2014		0.03

	June 19, 2014		June 30, 2014	July 11, 2014		0.03

	September 4, 2014		September 22, 2014	October 3, 2014		0.04

	December 18, 2014		December 29, 2014	January 9, 2015		0.06

Preferred Stock
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock since its formation:



	Declaration Date		Payment Date	Cash Dividend per Share
	March 21, 2013		April 12, 2013	$	31.39

	June 26, 2013		June 28, 2013	25

	September 19, 2013		October 11, 2013	24.72

	January 1, 2014		January 10, 2014	24.72

	2-Apr-14		4-Apr-14	23.33

	June 25, 2014		June 30, 2014	26.94

	October 3, 2014		October 3, 2014	22.78

	January 9, 2015		January 9, 2015	26.67

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Summary of elements used in calculating basic and diluted EPS computations	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the years ended December 31, 2014, 2013 and 2012:



		Year Ended December 31, 2014			Year Ended December 31, 2013			Period Ended December 31, 2012
	Net loss attributable to controlling interests	$	(56,554	)	$	(24,533	)	$	(1,413	)
	Preferred distributions	(100		)	(100		)	(3		)
	Net loss attributable to common stockholders	(56,654		)	(24,633		)	(1,416		)
	Basic and diluted weighted average common shares outstanding	38,119,971			39,073,994			37,328,213

	Net loss per common share - Basic and Diluted	$	(1.49	)	$	(0.63	)	$	(0.04	)

Derivative_and_Other_Fair_Valu1

Derivative and Other Fair Value Instruments (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of aggregate fair value measurements for the interest rate cap agreements and location within the consolidated balance sheets	The following table provides a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the consolidated balance sheets at December 31, 2014 and December 31, 2013, respectively:



							Fair Value Measurements at Reporting Date Using
	Description	Balance Sheet Location		31-Dec-14			Quoted Prices (Unadjusted) for Identical Assets/Liabilities			Quoted Prices for Similar Assets and Liabilities in Active Markets				Significant
							(Level 1)			(Level 2)				Unobservable Inputs
														(Level 3)
	Interest Rate Caps (cash flow hedges)	Other Assets		$	58		$	—		$	58			$	—

	Interest Rate Caps	Other Assets		13			—			13				—
	(not designated as hedging instruments)
	Total			$	71		$	—		$	71			$	—




							Fair Value Measurements at Reporting Date Using
	Description	Balance Sheet Location		31-Dec-13			Quoted Prices (Unadjusted) for Identical Assets/Liabilities			Quoted Prices for Similar Assets and Liabilities in Active Markets				Significant
							(Level 1)			(Level 2)				Unobservable Inputs
														(Level 3)
	Interest Rate Caps (cash flow hedges)	Other Assets		$	214		$	—		$	214			$	—

Summary of effect of cash flow hedges on the Company's consolidated statements of operations and comprehensive loss	The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2014:



		Effective Portion								Ineffective Portion
	Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative				Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			Location of Gain/(Loss) Recognized in Income on Derivative		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Interest Rate Caps	$	(291	)		Interest Expense	$	(1	)	Interest Expense		$	(480	)

	The following table provides a summary of the effect of cash flow hedges on the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2013:



		Effective Portion								Ineffective Portion
	Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative				Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income			Location of Gain/(Loss) Recognized in Income on Derivative		Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income
	Interest Rate Caps	$	(276	)		Interest Expense	$	—		N/A		$	—

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum operating lease payments	A schedule of future minimum lease payments under non-cancelable operating leases for the following years is as follows:



	2015	$	615

	2016	416

	2017	259

	2018	234

	2019	229

	Total	$	1,753

Quarterly_Financial_Data_Unaud1

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	Following is quarterly financial data for 2014 and 2013:



		2014 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	18,131		$	19,152		$	19,974		$	20,673

	Net loss	(4,365		)	(4,970		)	(44,870		)	(2,492		)
	Net loss attributable to common stockholders	(4,390		)	(4,995		)	(44,895		)	(2,374		)
	Earnings (loss) per share - basic and diluted	(0.11		)	(0.13		)	(1.17		)	(0.08		)



		2013 Quarter Ended
		March 31			June 30			September 30			December 31
	Total revenues	$	7,681		$	10,717		$	14,486		$	16,709

	Net loss	(6,382		)	(6,746		)	(6,362		)	(5,060		)
	Net loss attributable to common stockholders	(6,402		)	(6,767		)	(6,382		)	(5,082		)
	Earnings (loss) per share - basic and diluted	(0.16		)	(0.18		)	(0.16		)	(0.13		)

Organization_and_Operations_De

Organization and Operations (Details)	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Dec. 19, 2012
	Dec. 31, 2014	employee	property
Organization and operations
Number of single-family residential properties owned	6,779
Number of employees		0
Provident Entities
Organization and operations
Number of single-family residential properties owned			881
Silver Bay Operating Partnership L.P.
Organization and operations
Partnership interests in Operating Partnership owned through a combination of direct and indirect interests (as a percent)	94.30%

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Details) (USD $)	0 Months Ended	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014
Investments in real estate:
Variable Interest Entity, Nonexistence Flag			No	No
Salvage value		$0	$0
Estimated life of building			27 years 6 months
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	27,459	2,231,511		27,459
Impairment charges			601	792
Net gain on sale of assets			44	114
Rent and Other Receivables, Net
Gross rent receivables		725	725	665
Allowances for doubtful accounts		107	107	228
Bad debt expense			671	771	27
Acquisition of Real Estate Operations 2014
Investments in real estate:
Number of real estate properties purchased			30
Purchase price			3,753
In-place leases acquired		295	295
Acquisition of Real Estate Operations 2013
Investments in real estate:
Number of real estate properties purchased				94
Purchase price				11,407
In-place leases acquired				$291
Minimum
Investments in real estate:
In-place acquired lease period			1 year
Maximum
Investments in real estate:
In-place acquired lease period			2 years
Silver Bay Operating Partnership L.P.
Investments in real estate:
Common units, issued (in units)		2,231,511	2,231,511	0		2,231,511

Basis_of_Presentation_and_Sign3

Basis of Presentation and Significant Accounting Policies (Details 2)	0 Months Ended	12 Months Ended
	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
	Dec. 19, 2012	segment	Dec. 31, 2013	Sep. 30, 2014
Preferred stock
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%	10.00%
Number of reportable segments		1
Silver Bay Operating Partnership L.P.
Noncontrolling Interests
Units classified as noncontrolling interests		2,231,511	0	2,231,511

Formation_Transactions_and_Off2

Formation Transactions and Offering (Details) (USD $)	0 Months Ended		12 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 07, 2013	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13	Dec. 31, 2011
	Jan. 07, 2013	Dec. 19, 2012	property	Dec. 31, 2013	Dec. 31, 2012	31-May-13	Dec. 31, 2011
Formation Transactions and Offering
Net proceeds through issuance of common shares in the Offering		$228,517
Formation Transactions and Offering
Net proceeds from Initial Public Offering/sale of common stock (in shares)	1,987,500	13,250,000
Net proceeds from sale of additional common shares				34,388	228,517
Dividend on cumulative redeemable preferred stock (as a percent)		10.00%	10.00%	10.00%
Number of single-family properties owned			6,779
Final amount due				0
Amount receivable (payable) related to working capital adjustments				0
Additional purchase price consideration period		1 year
Investments in real estate:
Land			167,780	137,349
Building and improvements			780,590	638,955
Investments in real estate, net			905,220	757,407
Escrow deposits			20,211	24,461
Resident security deposits			8,595	6,848
In-place lease and deferred lease costs, net			688	749
Other assets			3,842	3,289
Total assets			1,002,380	846,078
Liabilities:
Accounts payable and accrued expenses			13,090	6,072
Resident prepaid rent and security deposits			9,634	8,357
Amounts due to the former manager and affiliates			0	6,866
Total liabilities			400,485	187,118
Stockholders' equity:
Common stock $.01 par			366	385
Additional paid-in capital			660,776	689,646
Total stockholders' equity			566,463	657,960
Noncontrolling interests - Operating Partnership			34,432	0
Total equity			600,895	657,960	659,413		161
Total liabilities and equity			1,002,380	846,078
Equity incentive plan \| Common stock \| Independent directors
Formation Transactions and Offering
IPO proceeds offset as additional paid-in capital related to shares issued				125		125
Silver Bay Property and Provident Entities \| Non-cash
Formation Transactions and Offering
Final amount due		11,137
Investments in real estate:
Land		24,454
Building and improvements		93,463
Investments in real estate, net		117,917
Escrow deposits		773
Resident security deposits		948
In-place lease and deferred lease costs, net		2,184
Other assets		4,261
Total assets		126,083
Liabilities:
Accounts payable and accrued expenses		495
Resident prepaid rent and security deposits		980
Amounts due to the former manager and affiliates		244
Total liabilities		12,856
10% cumulative redeemable preferred stock		1,000
Stockholders' equity:
Common stock $.01 par		239
Additional paid-in capital		433,592
Total stockholders' equity		433,831
Noncontrolling interests - Operating Partnership		508
Parent equity		-322,112
Total equity		112,227
Total liabilities and equity		126,083
Provident Entities
Formation Transactions and Offering
Number of single-family properties owned		881
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		118,492
Cash paid		5,263		873
Final amount due				264
Relative values provided as part of the Formation Transactions to determine amounts to be individually paid (as a percent)		26.40%
Additional purchase price consideration		1,384
Two Harbors
Formation Transactions and Offering
Final amount due				734
Maximum amount of additional purchase price consideration				4,024
Relative values provided as part of the Formation Transactions to determine amounts to be individually paid (as a percent)		73.60%
Additional purchase price consideration		$3,861
Two Harbors and Provident Entities
Formation Transactions and Offering
Percentage of advisory management fee payable in first year due as additional purchase price consideration				50.00%
Common stock \| Provident Entities
Formation Transactions and Offering
Shares issued		6,092,995
Price of shares issued (in dollars per share)		$18.50
Common stock \| Two Harbors
Formation Transactions and Offering
Shares issued		17,824,647
Cumulative redeemable preferred stock
Formation Transactions and Offering
Dividend on cumulative redeemable preferred stock (as a percent)		10.00%
Cumulative redeemable preferred stock \| Two Harbors
Formation Transactions and Offering
Net proceeds from Initial Public Offering/sale of common stock (in shares)		1,000
Shares issued		1,000
Liquidation preference per share (in dollars per share)		$1
Common units in the Operating Partnership
Formation Transactions and Offering
Units redeemed				27,459
Common units in the Operating Partnership \| Provident Entities
Formation Transactions and Offering
Shares issued		27,459
Price of shares issued (in dollars per share)		$18.50
Conversion ratio of common units of the Operating Partnership into shares of common stock		1

Income_Taxes_Details

Income Taxes (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014
Current tax (benefit) provision:
Federal	$0	$0
State	0	0
Total current tax (benefit) provision	0	0
Income tax (benefit) expense	0	0
Acquired deferred tax assets			486
TRS
Current tax (benefit) provision:
Deferred tax benefit	201	864
Valuation allowance	-201	-864
Income tax (benefit) expense	0	0
Amount
Computed income tax expense at federal rate	-19,277	-8,346
State tax, net of federal benefit, if applicable	-21	-20
Permanent differences in taxable income from GAAP income	7	0
Valuation allowance	120	110
Dividend paid deduction	$19,171	$8,256
Percent
Computed income tax expense at federal rate (as a percent)	34.00%	34.00%
State tax, net of federal benefit, if applicable (as a percent)	0.60%	0.60%
Permanent differences in taxable income from GAAP income (as a percent)	0.00%	0.00%
Valuation allowance (as a percent)	-3.30%	-3.30%
Tax at statutory rate on earning not subject to federal income tax (as a percent)	-31.30%	-31.30%
Benefit from income taxes/effective tax rate (as a percent)	0.00%	0.00%

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current Tax
Federal income tax payable	$0	$0
Current income taxes receivable	0	0
State and local income tax payable	0	0
Current tax receivable (payable), net	0	0
Deferred tax assets (liabilities)
Deferred tax liability	0	0
Total tax asset and liabilities, net	0	0
Cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	931,770	768,370
Dividends paid	-4,298	-1,256	0
Tax treatment of dividends and distributions :
Ordinary dividends (in dollars per share)	$0	$0
Long-term capital gains (in dollars per share)	$0	$0
Nondividend distributions (in dollars per share)	$0.16	$0.04
Dividends and distributions declared per Common share/unit outstanding (in dollars per share)	$0.16	$0.04
TRS
Deferred tax assets (liabilities)
Deferred tax asset	1,551	864
Deferred tax asset, net	1,551	864
Valuation allowance	-1,551	-864
Net operating loss carry-forwards	$2,700	$1,100

Debt_Details

Debt (Details) (USD $)	12 Months Ended			0 Months Ended			3 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 12, 2014	Feb. 18, 2015	Feb. 05, 2014	Sep. 30, 2013	Aug. 06, 2014	Jan. 28, 2015	Sep. 30, 2014	Jan. 16, 2014
	agreement									agreement
	property
Revolving Credit Facility
Proceeds from securitization loan	$311,164	$0	$0
Number of classes of pass-through certificates				6
Number of single-family properties owned	6,779
Escrow deposits	20,211	24,461
Pay down on revolving credit facility	235,508	0	0
Losses reclassified into earnings from other comprehensive loss	481	0	0
Amount outstanding under the credit facility	67,096	164,825
Weighted average interest rate at period end (as a percent)	4.00%	4.00%
Number of interest rate cap agreements	4
Aggregate purchase price	393	533	0
Revolving credit facility
Revolving Credit Facility
Face amount of debt instruments				200,000							350,000
Interest rate margin (as a percent)	3.50%
Weighted average interest rate (as a percent)	4.00%	4.00%
Write off of deferred debt issuance cost				1,058
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties	55.00%
Interest rate, variable interest rate floor (as a percent)	0.50%
Monthly fee on the unused portion of the credit facility (as a percent)	0.50%
Period of accrual from closing of credit facility to pay monthly fee on unused portion of credit facility	90 days
Gross interest expense	6,073	3,164
Maximum amount guaranteed for completion of certain property renovations	20,000
Escrow deposits	6,457	12,216
Amortization expense	1,691	815
Additional debt issuance costs	1,852	4,040
Number of interest rate cap agreements	3			3			2			3
Capitalized interest costs associated with renovation activities	858	1,068
Revolving credit facility \| Subsequent event
Revolving Credit Facility
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties					65.00%
Revolving credit facility \| Interest rate cap agreements
Revolving Credit Facility
Aggregate notional amount	245,000					75,000	170,000
Aggregate purchase price						100	533
Revolving credit facility \| Interest rate cap agreements \| Subsequent event
Revolving Credit Facility
Aggregate notional amount					83,000
Aggregate purchase price					335
Proceeds from sale					4
Revolving credit facility \| Minimum
Revolving Credit Facility
Total liquidity to be maintained as defined by the agreement	25,000
Net worth to be maintained as defined by the agreement	125,000
Revolving credit facility \| London Interbank Offered Rate (LIBOR) \| Subsequent event
Revolving Credit Facility
Interest rate margin (as a percent)					3.00%
Revolving credit facility \| London Interbank Offered Rate (LIBOR) \| Interest rate cap agreements
Revolving Credit Facility
LIBOR cap (as a percent)	3.00%
Revolving credit facility \| London Interbank Offered Rate (LIBOR) \| Interest rate cap agreements \| Subsequent event
Revolving Credit Facility
LIBOR cap (as a percent)					3.00%
Secured Debt
Revolving Credit Facility
Servicing fee (percent)				0.14%
Gross interest expense	2,594
Weighted average interest rate (as a percent)	2.11%
Escrow deposits	4,635
Pay down on revolving credit facility				235,160
Deferred financing costs, net	11,040
Amortization expense	865
Debt issuance cost	801
Number of interest rate cap agreements	1
Secured Debt \| Interest rate cap agreements
Revolving Credit Facility
Aggregate notional amount	312,667
Aggregate purchase price								293
Secured Debt \| Interest rate cap agreements \| Subsequent event
Revolving Credit Facility
Aggregate notional amount									200,000
Aggregate purchase price									1,794
Secured Debt \| London Interbank Offered Rate (LIBOR) \| Interest rate cap agreements
Revolving Credit Facility
LIBOR cap (as a percent)	3.11%
Secured Debt \| London Interbank Offered Rate (LIBOR) \| Interest rate cap agreements \| Subsequent event
Revolving Credit Facility
LIBOR cap (as a percent)									3.11%
Cash flow hedge \| Revolving credit facility \| Interest rate cap agreements
Revolving Credit Facility
Losses reclassified into earnings from other comprehensive loss				480
Escrow Deposit
Revolving Credit Facility
Cash management account	3,542
Securitization Transaction
Revolving Credit Facility
Number of single-family properties owned				3,084
Securitization Transaction \| Secured Debt
Revolving Credit Facility
Proceeds from securitization loan				311,164
Original issue discount				1,503
Face amount of debt instruments				$312,667
Term of loan				2 years
Number of options to extend term of loan				3
Length of loan extension options				12 months
Number of components				6
Securitization Transaction \| Secured Debt \| London Interbank Offered Rate (LIBOR)
Revolving Credit Facility
Interest rate margin (as a percent)				1.92%

Equity_Incentive_Plan_Details

Equity Incentive Plan (Details) (USD $)	12 Months Ended			1 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13	Feb. 12, 2015	Feb. 13, 2015
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13	Feb. 12, 2015	item
Equity incentive plan
Nonvested award compensation cost not yet recognized	$1,275
Expected period for recognition	1 year 7 months 2 days
Equity incentive plan
Equity incentive plan
Number of awards that may be granted after the tenth anniversary of date that such plan was initially approved	0
Number of awards that may be granted to any person who would own or be deemed to own more than 9.8% of the outstanding shares of the entity's common stock	0
Equity incentive plan \| Restricted common stock
Shares
Outstanding, at beginning of period (in shares)	82,463	160,571	0
Granted (in shares)	77,559	24,165	160,571
Vested (in shares)	-43,437	-54,757	0
Forfeited (in shares)	-9,497	-47,516	0
Outstanding at the end of the period (in shares)	107,088	82,463	160,571
Weighted Average Grant Market Value
Outstanding, at beginning of period (in dollars per share)	$18.44	$18.50	$0
Granted (in dollars per share)	$15.95	$17.89	$18.50
Vested (in dollars per share)	($18.35)	($18.34)	$0
Forfeited (in dollars per share)	($18.37)	($18.48)	$0
Outstanding at the end of the period (in dollars per share)	$16.68	$18.44	$18.50
Equity incentive plan \| Restricted common stock \| Certain personnel of the entity's Manager or the Manager's operating subsidiary
Equity incentive plan
Number of annual installments in which grants will vest	3
Equity incentive plan \| Restricted common stock \| Independent directors
Equity incentive plan
Vesting period	1 year
Equity incentive plan \| Common stock \| Independent directors
Equity incentive plan
IPO proceeds offset as additional paid-in capital related to shares issued		125		125
Equity incentive plan \| Maximum
Equity incentive plan
Number of shares available for issuance under the plan	921,053
Number of shares that may underlie awards annually to an eligible person	92,100
Ownership or deemed ownership of outstanding shares of common stock beyond which no awards may be granted (as a percent)	9.80%
Property management
Equity incentive plan
Stock compensation expense	277	308	0
General administrative
Equity incentive plan
Stock compensation expense	$745	$619	$38
Subsequent event \| Restricted common stock \| Certain personnel of the entity's Manager or the Manager's operating subsidiary
Equity incentive plan
Vesting period					1 year
Shares
Granted (in shares)					69,605
Weighted Average Grant Market Value
Granted (in dollars per share)					$15.72
Subsequent event \| Restricted common stock \| Certain personnel
Shares
Granted (in shares)						56,385
Weighted Average Grant Market Value
Granted (in dollars per share)						$15.67
Number of annual installments in which grants will vest						3
Subsequent event \| Performance stock unit
Shares
Granted (in shares)					165,000

Equity_Incentive_Plan_Details_

Equity Incentive Plan (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property management
Equity incentive plan
Stock compensation expense	$277	$308	$0
General administrative
Equity incentive plan
Stock compensation expense	$745	$619	$38

Equity_Incentive_Plan_Details_1

Equity Incentive Plan (Details 3) (USD $)	0 Months Ended		12 Months Ended			1 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 12, 2015	Feb. 13, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13
	Feb. 12, 2015	item	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	31-May-13
Restricted common stock \| Certain personnel of the entity's Manager or the Manager's operating subsidiary \| Subsequent event
Equity incentive plan
Granted (in shares)	69,605
Granted (in dollars per share)	$15.72
Vesting period	1 year
Restricted common stock \| Certain personnel \| Subsequent event
Equity incentive plan
Granted (in shares)		56,385
Granted (in dollars per share)		$15.67
Number of annual installments in which grants will vest		3
Performance stock unit \| Subsequent event
Equity incentive plan
Granted (in shares)	165,000
Performance stock unit \| Certain Executives and Senior Management [Member] \| Subsequent event
Equity incentive plan
Vesting period	3 years
Equity incentive plan \| Restricted common stock
Equity incentive plan
Granted (in shares)			77,559	24,165	160,571
Granted (in dollars per share)			$15.95	$17.89	$18.50
Equity incentive plan \| Restricted common stock \| Independent directors
Equity incentive plan
Vesting period			1 year
Equity incentive plan \| Common stock \| Independent directors
Equity incentive plan
IPO proceeds offset as additional paid-in capital related to shares issued				$125		$125

Equity_Incentive_Plan_Details_2

Equity Incentive Plan (Details 4) (Subsequent event, Performance stock unit)	0 Months Ended
	Feb. 12, 2015
Subsequent event \| Performance stock unit
Equity incentive plan
Annualized TSR, threshold one (percent)	6.50%
Annualized TSR, threshold two (percent)	8.00%
Annualized TSR, threshold three (percent)	10.00%
Annualized TSR, threshold four (percent)	12.00%
Annualized TSR, threshold five (percent)	16.00%
TSR Multiplier, threshold one (percent)	0.00%
TSR Mulltiplier, threshold two (percent)	50.00%
TSR Multiplier, threshold three (percent)	100.00%
TSR Multiplier, threshold four (percent)	150.00%
TSR Multiplier, threshold five (percent)	200.00%

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	0 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013
Temporary Equity Disclosure [Abstract]
Shares of redeemable preferred stock issued		1,000	1,000
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%	10.00%
Vote or consent of issued and outstanding shares of cumulative redeemable preferred stock required to issue capital stock ranking senior (as a percent)		66.67%
Period after initial issue date when entity has option to redeem shares		5 years
Preferred stock redemption price (in dollars per share)		$1
Period after initial issue date when preferred stockholders, with adequate notice, may put their shares back to the entity		6 years
Preferred stock dividends		$25	$22

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended	12 Months Ended			9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Nov. 25, 2014	Jul. 02, 2013
Stockholders' Equity
Common stock, shares outstanding		36,711,694	38,561,468
Number of shares authorized to be repurchased						5,000,000
Increase in number of shares authorized to be repurchased						2,500,000
Stock repurchased and retired		$93	$121
Shares paid for tax withholding for share-based compensation		5,697,000	7,585,000
Shares repurchased, average cost per share (in dollars per share)		$16.28	$15.93
Redemption value		0	487	0
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%	10.00%
Silver Bay Operating Partnership L.P.
Stockholders' Equity
Conversion of Operating Partnership units into common shares (in shares)			27,459
Common units, issued (in units)		2,231,511	0		2,231,511
Redemption value			487
Share repurchase program
Stockholders' Equity
Number of shares authorized to be repurchased							2,500,000
Stock repurchased and retired (in shares)		750,768			1,912,139
Stock repurchased and retired		$11,639			$31,396
Share Price (in dollars per share)		$15.50			$16.42

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2)	0 Months Ended		12 Months Ended
Stockholders' Equity (Details 2)	Jan. 07, 2013	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Repurchase Plan
Public offering (in shares)	1,987,500	13,250,000
Balance (in shares)			36,711,694	38,561,468
Common stock
Share Repurchase Plan
Balance (in shares)			38,561,468	37,328,213	0
Public offering (in shares)				1,987,500	13,250,000
Formation Transactions (in shares)					23,917,642
Issuance of restricted stock (in shares)			68,062	23,351	160,571
Repurchase of common stock (in shares)			-1,917,836	-758,353
Conversion of Operating Partnership units into common shares (in shares)				27,459
Balance (in shares)			36,711,694	38,561,468	37,328,213

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	0 Months Ended
Stockholders' Equity (Details 3) (USD $)	Dec. 18, 2014	Oct. 03, 2014	Sep. 04, 2014	Jul. 11, 2014	Jun. 30, 2014	Jun. 25, 2014	Jun. 19, 2014	Apr. 04, 2014	Apr. 02, 2014	Mar. 13, 2014	Jan. 10, 2014	Dec. 19, 2013	Oct. 11, 2013	Sep. 19, 2013	Jul. 12, 2013	Jun. 28, 2013	Jun. 26, 2013	Jun. 20, 2013	Apr. 12, 2013	Mar. 21, 2013	Jan. 09, 2015
Class of Stock [Line Items]
Cash dividend per share declared, common stock (in dollars per share)	$0.06		$0.04				$0.03			$0.03		$0.01		$0.01				$0.01		$0.01
Cash dividend per share paid, common stock (in dollars per share)		$0.04		$0.03				$0.03			$0.01		$0.01		$0.01				$0.01
Cash dividend per share declared, preferred stock (in dollars per share)		$22.78				$26.94			$23.33			$24.72		$24.72			$25			$31.39
Cash dividend per share paid, preferred stock (in dollars per share)		$22.78			$26.94			$23.33			$24.72		$24.72			$25			$31.39
Subsequent event
Class of Stock [Line Items]
Cash dividend per share paid, common stock (in dollars per share)																					$0.06
Cash dividend per share declared, preferred stock (in dollars per share)																					$26.67
Cash dividend per share paid, preferred stock (in dollars per share)																					$26.67

Earnings_Loss_Per_Share_Detail

Earnings (Loss) Per Share (Details) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	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, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of the elements used in calculating basic and diluted EPS computations
Net loss attributable to controlling interests	($1,413)									($56,554)	($24,533)	($5,517)
Preferred distributions	-3									-100	-100	-3
Net loss attributable to common stockholders	($1,416)	($2,374)	($44,895)	($4,995)	($4,390)	($5,082)	($6,382)	($6,767)	($6,402)	($56,654)	($24,633)	($5,520)
Basic and diluted weighted average common shares outstanding	37,328,213									38,119,971	39,073,994	37,328,213
Net loss per common share - Basic and Diluted (in dollars per share)	($0.04)	($0.08)	($1.17)	($0.13)	($0.11)	($0.13)	($0.16)	($0.18)	($0.16)	($1.49)	($0.63)	($0.04)
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	27,459	2,231,511									27,459
Number of days of results for computing loss per share	12 days

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended	12 Months Ended					0 Months Ended	9 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 18, 2012	Dec. 19, 2012	Dec. 31, 2012	Sep. 30, 2014	Jun. 30, 2014
Related Party Transactions
Management internalization		$39,373	$0	$0
Cash acquired in management internalization		2,069	0	0
Other net liabilities acquired in management internalization		-2,067	0	0
Advisory management fee expense		6,621	9,775	2,159
Amounts due to the former manager and affiliates	0	0	6,866
Amounts due to previous owners	0	0	998
General and administrative		11,079	7,453	881
Property management fee	1,871	9,678	11,991	459
Silver Bay Operating Partnership L.P.
Related Party Transactions
Common units, issued (in units)	2,231,511	2,231,511	0					2,231,511
Two Harbors
Related Party Transactions
Direct expenses allocated related to professional fees and travel costs					308
Advisory Management Agreement \| Two Harbors
Related Party Transactions
Advisory expense percentage allocated to entity based on percentage of member equity on annualized basis						1.50%
Manager
Related Party Transactions
Amounts due to the former manager and affiliates	0	0	1,480
Direct and allocated costs expensed		5,476	4,036	1,438
General and administrative				70
Amount of Offering costs, offset against proceeds				1,368
Manager \| Advisory Management Agreement
Related Party Transactions
Annual advisory management fee as a percentage of entity's daily average fully diluted market capitalization		1.50%
Quarterly advisory management fee as a percentage of entity's daily average fully diluted market capitalization		0.38%
Property Management Fee percentage, deducted from Advisory Fee		5.00%
Manager \| Property Management and Acquisition Services Agreement
Related Party Transactions
Direct and allocated costs expensed				203
Manager's operating subsidiary \| Property Management and Acquisition Services Agreement
Related Party Transactions
Amounts due to the former manager and affiliates			4,205
Direct and allocated costs expensed			9,014				193
Property management fee			11,991	459	226			7,807
Property management fee as a percentage of reimbursable costs and expenses incurred			5.00%				5.00%	5.00%
Portion of property management fee related to reimbursement of or direct payment due to third-party managers			2,332	256			30
5% property management fee included in property management and amounts due to the Manager and affiliates			645				10
Acquisitions and renovation fees			4,093		4,640
Fee for leasing services			212		387
Manager's operating subsidiary \| Property Management and Acquisition Services Agreement \| Maximum
Related Party Transactions
Amortization period for leases			1 year
Contribution Agreement
Related Party Transactions
Share Price (in dollars per share)								$16.21
Cash acquired in management internalization		2,069
Other net liabilities acquired in management internalization		-2,067
Contribution Agreement \| Silver Bay Operating Partnership L.P.
Related Party Transactions
Conversion Ratio Of Limited Partners Capital Account Units	1	1
Common unit, issuance value								36,173
Contribution Agreement \| Manager \| Silver Bay Operating Partnership L.P.
Related Party Transactions
Common units, issued (in units)								2,231,511
Net worth amount in which payment is required	0	0
Advisory Management Agreement
Related Party Transactions
Amounts due to the former manager and affiliates	0	0	1,181
Amounts due to previous owners			998
Advisory Management Agreement \| Provident Entities
Related Party Transactions
Advisory management fee expense			1,335	49
Advisory Management Agreement \| Manager
Related Party Transactions
Advisory management fee expense			4,715	175
Advisory Management Agreement \| Two Harbors
Related Party Transactions
Advisory management fee expense			3,725	1,935	1,799
Property Management and Acquisition Services Agreement \| Manager's operating subsidiary
Related Party Transactions
Amounts due to the former manager and affiliates	0	0
Direct and allocated costs expensed								5,120
Portion of property management fee related to reimbursement of or direct payment due to third-party managers								2,399
5% property management fee included in property management and amounts due to the Manager and affiliates								288
Acquisitions and renovation fees								608
Fee for leasing services								11
Loss on contract termination									$775

Derivative_and_Other_Fair_Valu2

Derivative and Other Fair Value Instruments (Details) (Other Assets [Member], Recurring fair value, Interest rate caps, USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Derivative and other fair value instruments
Cash flow hedges	$58	$214
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	13
Interest Rate Derivative Assets, at Fair Value	71
Level 2
Derivative and other fair value instruments
Cash flow hedges	58	214
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	13
Interest Rate Derivative Assets, at Fair Value	$71

Derivative_and_Other_Fair_Valu3

Derivative and Other Fair Value Instruments (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative and other fair value instruments
Losses reclassified into earnings from other comprehensive loss	($481)	$0	$0
Cash flow hedge \| Interest rate caps
Derivative and other fair value instruments
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative, Effective portion	-291	-276
Interest Expense \| Cash flow hedge \| Interest rate caps
Derivative and other fair value instruments
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	-1	0
Losses reclassified into earnings from other comprehensive loss	($480)	$0

Derivative_and_Other_Fair_Valu4

Derivative and Other Fair Value Instruments (Details 3) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 19, 2012	Dec. 31, 2014	Dec. 31, 2013	Sep. 30, 2014	Aug. 12, 2014	Sep. 30, 2013
	Dec. 19, 2012	agreement	Dec. 31, 2013	agreement	agreement	agreement
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements		4
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%	10.00%
Secured Debt
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements		1
Secured Debt \| Securitization Transaction \| Level 2
Derivatives, Fair Value [Line Items]
Fair value of loan		305,253
Revolving credit facility
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements		3		3	3	2
Interest rate caps
Derivatives, Fair Value [Line Items]
Expected interest expense		9
Interest rate caps \| Cash flow hedge
Derivatives, Fair Value [Line Items]
Deferred losses		86	-276
Interest rate caps \| Revolving credit facility \| Interest Expense
Derivatives, Fair Value [Line Items]
Gain (Loss) on Sale of Derivatives		49

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Concentrations
Resident security deposits	$8,595	$6,848
Earnest deposits for property purchases	733
Offers accepted to purchase residential properties	11,513
Rent expense	104
Loss contingency accrual	$0
Real estate properties \| Geographically dispersed portfolio \| Phoenix, AZ, Tampa, FL, and Atlanta, GA
Concentrations
Concentration (as a percent)	51.00%
Minimum
Concentrations
Operating leases, term of contract	1 year
Maximum
Concentrations
Operating leases, term of contract	5 years

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$615
2016	416
2017	259
2018	234
2019	229
Total	$1,753

Quarterly_Financial_Data_Unaud2

Quarterly Financial Data (Unaudited) (Details) (USD $)	0 Months Ended	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2012	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, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly financial data
Total revenues		$20,673	$19,974	$19,152	$18,131	$16,709	$14,486	$10,717	$7,681	$77,930	$49,593	$3,616
Net loss		-2,492	-44,870	-4,970	-4,365	-5,060	-6,362	-6,746	-6,382	-56,697	-24,550	-5,521
Net loss attributable to common stockholders	($1,416)	($2,374)	($44,895)	($4,995)	($4,390)	($5,082)	($6,382)	($6,767)	($6,402)	($56,654)	($24,633)	($5,520)
Earnings (loss) per share, basic and diluted (in dollars per share)	($0.04)	($0.08)	($1.17)	($0.13)	($0.11)	($0.13)	($0.16)	($0.18)	($0.16)	($1.49)	($0.63)	($0.04)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	12 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Feb. 18, 2015
Subsequent Events
Number of single-family properties owned	6,779
Revolving credit facility
Subsequent Events
Interest rate margin (as a percent)	3.50%
Maximum borrowing capacity	$200,000
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties	55.00%
Subsequent event \| Revolving credit facility
Subsequent Events
Maximum borrowing capacity		400,000
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties		65.00%
Subsequent event \| Portfolio Acquisition [Member]
Subsequent Events
Cash paid to acquire business		$263,000
Number of single-family properties owned		2,460
Subsequent event \| Portfolio Acquisition [Member] \| Minimum
Subsequent Events
Targeted closing period of acquisition		45 days
Subsequent event \| Portfolio Acquisition [Member] \| Maximum
Subsequent Events
Targeted closing period of acquisition		60 days
London Interbank Offered Rate (LIBOR) \| Subsequent event \| Revolving credit facility
Subsequent Events
Interest rate margin (as a percent)		3.00%

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	Dec. 31, 2011
	property	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real estate and accumulated depreciation
Number of single-family residential properties owned	6,779
Number of Encumbered Properties	5,365
Encumbrances	$377,761
Initial Cost to Company
Land	167,780
Building and Improvements	609,913
Costs Capitalized Subsequent to Acquisition
Building and Improvements	170,677
Total Cost
Land	167,780
Building and Improvements	780,590
Total	948,370	776,304	420,562	0
Accumulated Depreciation	43,150	18,897	1,869	0
Gross aggregate cost of total real estate for federal income tax purposes	958,172
Estimated useful life of building and improvements	27 years 6 months
Phoenix, AZ
Real estate and accumulated depreciation
Number of single-family residential properties owned	1,424
Number of Encumbered Properties	1,395
Encumbrances	107,905
Initial Cost to Company
Land	34,126
Building and Improvements	136,715
Costs Capitalized Subsequent to Acquisition
Building and Improvements	30,555
Total Cost
Land	34,126
Building and Improvements	167,270
Total	201,396
Accumulated Depreciation	11,353
Atlanta, GA
Real estate and accumulated depreciation
Number of single-family residential properties owned	1,125
Number of Encumbered Properties	954
Encumbrances	78,465
Initial Cost to Company
Land	26,435
Building and Improvements	88,221
Costs Capitalized Subsequent to Acquisition
Building and Improvements	26,769
Total Cost
Land	26,435
Building and Improvements	114,990
Total	141,425
Accumulated Depreciation	6,843
Tampa, FL
Real estate and accumulated depreciation
Number of single-family residential properties owned	926
Number of Encumbered Properties	920
Encumbrances	71,183
Initial Cost to Company
Land	24,321
Building and Improvements	82,692
Costs Capitalized Subsequent to Acquisition
Building and Improvements	25,776
Total Cost
Land	24,321
Building and Improvements	108,468
Total	132,789
Accumulated Depreciation	7,324
Northern CA
Real estate and accumulated depreciation
Number of single-family residential properties owned	494
Number of Encumbered Properties	213
Encumbrances	15,258
Initial Cost to Company
Land	11,233
Building and Improvements	43,178
Costs Capitalized Subsequent to Acquisition
Building and Improvements	10,523
Total Cost
Land	11,233
Building and Improvements	53,701
Total	64,934
Accumulated Depreciation	1,577
Las Vegas, NV
Real estate and accumulated depreciation
Number of single-family residential properties owned	418
Number of Encumbered Properties	83
Encumbrances	2,183
Initial Cost to Company
Land	11,081
Building and Improvements	32,240
Costs Capitalized Subsequent to Acquisition
Building and Improvements	10,986
Total Cost
Land	11,081
Building and Improvements	43,226
Total	54,307
Accumulated Depreciation	922
Columbus, OH
Real estate and accumulated depreciation
Number of single-family residential properties owned	384
Number of Encumbered Properties	380
Encumbrances	18,893
Initial Cost to Company
Land	15,054
Building and Improvements	47,975
Costs Capitalized Subsequent to Acquisition
Building and Improvements	9,485
Total Cost
Land	15,054
Building and Improvements	57,460
Total	72,514
Accumulated Depreciation	4,019
Dallas, TX
Real estate and accumulated depreciation
Number of single-family residential properties owned	367
Number of Encumbered Properties	135
Encumbrances	5,050
Initial Cost to Company
Land	15,243
Building and Improvements	39,662
Costs Capitalized Subsequent to Acquisition
Building and Improvements	14,344
Total Cost
Land	15,243
Building and Improvements	54,006
Total	69,249
Accumulated Depreciation	1,518
Orlando, FL
Real estate and accumulated depreciation
Number of single-family residential properties owned	329
Number of Encumbered Properties	169
Encumbrances	8,874
Initial Cost to Company
Land	8,554
Building and Improvements	31,272
Costs Capitalized Subsequent to Acquisition
Building and Improvements	8,256
Total Cost
Land	8,554
Building and Improvements	39,528
Total	48,082
Accumulated Depreciation	1,744
Tucson, AZ
Real estate and accumulated depreciation
Number of single-family residential properties owned	291
Number of Encumbered Properties	290
Encumbrances	25,822
Initial Cost to Company
Land	2,070
Building and Improvements	33,007
Costs Capitalized Subsequent to Acquisition
Building and Improvements	6,217
Total Cost
Land	2,070
Building and Improvements	39,224
Total	41,294
Accumulated Depreciation	2,788
Southeast FL
Real estate and accumulated depreciation
Number of single-family residential properties owned	284
Number of Encumbered Properties	238
Encumbrances	13,659
Initial Cost to Company
Land	4,468
Building and Improvements	18,003
Costs Capitalized Subsequent to Acquisition
Building and Improvements	10,284
Total Cost
Land	4,468
Building and Improvements	28,287
Total	32,755
Accumulated Depreciation	1,227
Southern CA
Real estate and accumulated depreciation
Number of single-family residential properties owned	250
Number of Encumbered Properties	128
Encumbrances	9,397
Initial Cost to Company
Land	6,408
Building and Improvements	25,330
Costs Capitalized Subsequent to Acquisition
Building and Improvements	2,755
Total Cost
Land	6,408
Building and Improvements	28,085
Total	34,493
Accumulated Depreciation	868
Jacksonville, FL
Real estate and accumulated depreciation
Number of single-family residential properties owned	209
Number of Encumbered Properties	208
Encumbrances	11,088
Initial Cost to Company
Land	2,673
Building and Improvements	10,266
Costs Capitalized Subsequent to Acquisition
Building and Improvements	4,374
Total Cost
Land	2,673
Building and Improvements	14,640
Total	17,313
Accumulated Depreciation	1,128
Charlotte, NC
Real estate and accumulated depreciation
Number of single-family residential properties owned	156
Number of Encumbered Properties	156
Encumbrances	4,778
Initial Cost to Company
Land	4,467
Building and Improvements	12,651
Costs Capitalized Subsequent to Acquisition
Building and Improvements	6,585
Total Cost
Land	4,467
Building and Improvements	19,236
Total	23,703
Accumulated Depreciation	1,343
Houston, TX
Real estate and accumulated depreciation
Number of single-family residential properties owned	122
Number of Encumbered Properties	96
Encumbrances	5,206
Initial Cost to Company
Land	1,647
Building and Improvements	8,701
Costs Capitalized Subsequent to Acquisition
Building and Improvements	3,768
Total Cost
Land	1,647
Building and Improvements	12,469
Total	14,116
Accumulated Depreciation	$496

Schedule_III_Real_Estate_and_A2

Schedule III - Real Estate and Accumulated Depreciation (Details 2) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments in real estate
Balance at the beginning of the period	$776,304	$420,562	$0
Acquisition of real estate	136,045	261,950	387,747
Improvements	38,188	100,173	32,815
Dispositions and other	-2,167	-6,381	0
Balance at the end of the period	948,370	776,304	420,562
Accumulated depreciation
Balance at the beginning of the period	18,897	1,869	0
Depreciation expense	24,281	17,222	1,869
Dispositions and other	-28	-194	0
Accumulated depreciation at the end of the period	$43,150	$18,897	$1,869