Silver Bay Realty Trust (SBY) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document and Entity Information
Entity Registrant Name	SILVER BAY REALTY TRUST CORP.
Entity Central Index Key	1,557,255
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		36,069,677
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in real estate:
Land	$ 221,158	$ 167,780
Building and improvements	990,405	780,590
Investments in real estate, gross	1,211,563	948,370
Accumulated depreciation	(65,534)	(43,150)
Investments in real estate, net	1,146,029	905,220
Assets held for sale	11,224	2,010
Cash and cash equivalents	41,026	49,854
Escrow deposits	23,028	20,211
Resident security deposits	12,331	8,595
In-place lease and deferred lease costs, net	730	688
Deferred financing costs, net	14,229	11,960
Other assets	6,105	3,842
Total assets	1,254,702	1,002,380
Liabilities:
Securitization loan, net of unamortized discount of $1,161 and $1,387, respectively	304,025	310,665
Revolving credit facility	344,254	67,096
Accounts payable and accrued property expenses	24,400	13,090
Resident prepaid rent and security deposits	13,957	9,634
Total liabilities	686,636	400,485
10% cumulative redeemable preferred stock at liquidation value, $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; 36,071,059 and 36,711,694, respectively, shares issued and outstanding	358	366
Additional paid-in capital	651,148	660,776
Accumulated other comprehensive loss	(1,589)	(86)
Cumulative deficit	(115,888)	(94,593)
Total stockholders’ equity	534,029	566,463
Noncontrolling interests - Operating Partnership	33,037	34,432
Total equity	567,066	600,895
Total liabilities and equity	$ 1,254,702	$ 1,002,380

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Securitization loan, unamortized discount	$ 1,161	$ 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	36,071,059	36,711,694
Common stock, shares outstanding	36,071,059	36,711,694

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Rental income	$ 29,919	$ 19,361	$ 81,184	$ 55,821
Other income	698	613	1,869	1,436
Total revenue	30,617	19,974	83,053	57,257
Expenses:
Property operating and maintenance	6,529	4,787	16,479	12,537
Real estate taxes	3,918	2,732	11,864	8,011
Homeowners’ association fees	512	334	1,465	993
Property management	3,167	2,336	8,262	7,569
Depreciation and amortization	9,068	6,427	25,074	18,800
Advisory management fee - affiliates	0	2,251	0	6,621
Management internalization	0	39,179	0	39,179
Portfolio acquisition expense	66	0	2,046	0
General and administrative	3,973	2,157	12,071	7,323
Share-based compensation	718	259	1,895	716
Interest expense	5,959	3,741	15,307	8,710
Total expenses	33,910	64,203	94,463	110,459
Loss before other income (expense) and non-controlling interests	(3,293)	(44,229)	(11,410)	(53,202)
Net gain on disposition of real estate	2,089	84	2,320	161
Ineffectiveness of interest rate cap agreements	0	(480)	0	(480)
Other expense	(223)	(245)	(64)	(684)
Total other income (expense)	1,866	(641)	2,256	(1,003)
Net loss	(1,427)	(44,870)	(9,154)	(54,205)
Net loss attributable to noncontrolling interests - Operating Partnership	84	0	531	0
Net loss attributable to controlling interests	(1,343)	(44,870)	(8,623)	(54,205)
Preferred stock distributions	(25)	(25)	(75)	(75)
Net loss attributable to common stockholders	$ (1,368)	$ (44,895)	$ (8,698)	$ (54,280)
Loss per share - basic and diluted:
Net loss attributable to common shares (in dollars per share)	$ (0.04)	$ (1.17)	$ (0.24)	$ (1.41)
Weighted average common shares outstanding	36,071,146	38,315,231	36,257,449	38,440,421
Comprehensive Loss:
Net loss	$ (1,427)	$ (44,870)	$ (9,154)	$ (54,205)
Other comprehensive loss:
Change in fair value of interest rate cap agreements	(1,014)	15	(1,503)	(208)
Losses reclassified into earnings from other comprehensive (loss) income	0	481	0	481
Other comprehensive (loss) income	(1,014)	496	(1,503)	273
Comprehensive loss	(2,441)	(44,374)	(10,657)	(53,932)
Less comprehensive loss attributable to noncontrolling interests - Operating Partnership	84	0	531	0
Comprehensive loss attributable to controlling interests	$ (2,357)	$ (44,374)	$ (10,126)	$ (53,932)

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Cumulative Deficit	Total Stockholders' Equity	Noncontrolling Interests - Operating Partnership
Balance at Dec. 31, 2014	$ 600,895	$ 366	$ 660,776	$ (86)	$ (94,593)	$ 566,463	$ 34,432
Balance (in shares) at Dec. 31, 2014	36,711,694	36,711,694
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	$ 1,826		1,826			1,826
Non-cash equity awards, net (in shares)		134,031
Repurchase and retirement of common stock	(12,326)	$ (8)	(12,318)			(12,326)
Repurchase and retirement of common stock (in shares)		(774,666)
Dividends declared	(12,672)				(12,672)	(12,672)
Net loss	(9,154)				(8,623)	(8,623)	(531)
Other comprehensive loss	(1,503)			(1,503)		(1,503)
Adjustment to noncontrolling interests - Operating Partnership	0		864			864	(864)
Balance at Sep. 30, 2015	$ 567,066	$ 358	$ 651,148	$ (1,589)	$ (115,888)	$ 534,029	$ 33,037
Balance (in shares) at Sep. 30, 2015	36,071,059	36,071,059

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows From Operating Activities:
Net loss	$ (9,154)	$ (54,205)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	25,074	18,800
Non-cash management internalization	0	36,173
Non-cash share-based compensation	1,826	716
Losses reclassified into earnings from other comprehensive loss	0	481
Amortization and write-off of deferred financing costs	3,341	2,673
Amortization of discount on securitization loan	225	41
Net gain on disposition of real estate	(2,320)	(161)
Other	1,129	1,226
Net change in assets and liabilities:
(Increase) decrease in escrow cash for operating activities and debt reserves	(3,776)	5,962
Increase in deferred lease fees and other assets	(3,733)	(1,453)
Increase in accounts payable, accrued property expenses, and prepaid rent	10,459	6,435
Decrease in related party payables, net	0	(7,611)
Net cash provided by operating activities	23,071	9,077
Cash Flows From Investing Activities:
Purchase of investments in real estate	(272,679)	(79,590)
Capital improvements of investments in real estate	(20,698)	(24,217)
Increase (decrease) in escrow cash for investing activities	959	(1,587)
Proceeds from disposition of real estate	21,063	5,406
Cash acquired in management internalization	0	2,067
Other	(43)	(218)
Net cash used by investing activities	(271,398)	(98,139)
Cash Flows From Financing Activities:
Proceeds from securitization loan	0	311,164
Payments on securitization loan	(6,866)	(615)
Proceeds from revolving credit facility	281,963	70,683
Paydown of revolving credit facility	(4,805)	(235,508)
Deferred financing costs paid	(5,783)	(12,201)
Purchase of interest rate cap agreements	(2,250)	(393)
Repurchase and retirement of common stock	(12,326)	(14,711)
Dividends paid	(10,434)	(2,760)
Net cash provided by financing activities	239,499	115,659
Net change in cash and cash equivalents	(8,828)	26,597
Cash and cash equivalents at beginning of period	49,854	43,717
Cash and cash equivalents at end of period	41,026	70,314
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	11,397	5,978
Decrease in fair value of interest rate cap agreements	1,503	208
Noncash investing and financing activities:
Common stock and unit dividends declared, but not paid	4,572	1,514
Capital improvements in accounts payable	$ 1,058	$ 2,352
Non-cash management internalization transaction:
Issuance of units to noncontrolling units	0	36,173
Other liabilities acquired in management internalization	$ 0	$ (2,067)

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 , the Company owned 9,074 single-family properties, excluding assets held for sale, in Arizona, California, Florida, Georgia , Nevada, North Carolina, Ohio, South Carolina and Texas. As of April 1, 2015, the Company substantially completed the acquisition (the "Portfolio Acquisition") of the portfolio of properties from The American Home Real Estate Investment Trust ("TAH"), a Maryland corporation. During the nine months ended September 30, 2015 , the Company acquired 2,456 properties (the “Acquired Properties”). The homes are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL, and Orlando, FL. See Note 3 for further description of this transaction. In connection with its initial public 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 September 30, 2015 , the Company owned, through a combination of direct and indirect interests, 94.2% 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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2015 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2015 may not be indicative of the results for a full year. The accompanying condensed 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 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 condensed consolidated financial statements have been prepared in accordance with GAAP. 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. Assets Held for Sale The Company evaluates its long-lived assets on a regular basis to ensure the individual properties still meet its investment criteria. If the Company determines 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 any losses are recognized immediately. The Company then markets the property for sale and classifies it as held for sale in the consolidated financial statements. In 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations or held for sale in previously issued financial statements. The Company adopted ASU 2014-08 during the quarter ended March 31, 2015. 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 restricted shares of common stock awarded to independent directors is based on the fair market value 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 restricted shares of common stock awarded 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 restricted stock awards are amortized ratably over the applicable service period. The Company recognizes compensation expense for performance stock units ("PSU") based on the grant-date fair value and the service period of the respective awards. These units represent shares potentially issuable in the future based upon the Company's stock performance over a three -year performance period. Fair value of the PSU's are estimated using a Monte-Carlo simulation model. Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has 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, the Company 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. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 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, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs for term debt in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact will be a reduction of other assets and the associated reported debt liability related to the securitization loan.

Investments in Real Estate

Investments in Real Estate	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Investments in Real Estate	Investments in Real Estate Acquisition of The American Home Real Estate Investment Trust, Inc. Portfolio As of April 1, 2015, the Company substantially completed the Portfolio Acquisition of the portfolio of properties from TAH. During the nine months ended September 30, 2015 , the Company acquired 2,456 properties from TAH. The aggregate purchase price for the Portfolio Acquisition was $263,000 . The Portfolio Acquisition was financed using proceeds obtained under the Company's revolving credit facility, which was amended and restated on February 18, 2015 to increase the borrowing capacity to $400,000 from $200,000 (see Note 4). The homes are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL, and Orlando, FL. Information regarding the Portfolio Acquisition is detailed in these notes to the Company’s condensed financial statements reflect the full acquisition of the portfolio. The purchase price included a holdback of $7,890 , which is held by a third-party escrow agent on TAH's behalf under the terms of an escrow agreement and will be used to satisfy any claims by the Company made within 15 months of the closing date, including for breach by TAH or certain of its subsidiaries under the purchase agreement. The Company also incurred $66 and $2,046 in transaction expenses associated with the Portfolio Acquisition in the three and nine months ended September 30, 2015 . These costs are expensed as incurred in accordance with Codification Topic 805 Business Combinations and are included in portfolio acquisition expense in the condensed consolidated statements of operations and comprehensive loss. The following table summarizes the acquisition date fair values of the assets and liabilities acquired as part of the Portfolio Acquisition: Land $ 55,684 Buildings and improvements 207,316 Estimated fair value of assets and liabilities acquired $ 263,000 These preliminary allocations are subject to revision within the measurement period, not to exceed one year from the date of the Portfolio Acquisition. The following table illustrates the effect on net income, earnings per share - basic and diluted as if the Company had completed the Portfolio Acquisition on January 1, 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue (1) $ 30,617 $ 26,113 $ 89,668 $ 74,854 Net loss (1) (2) (3) $ (1,361 ) $ (47,437 ) $ (9,296 ) $ (65,126 ) Net loss attributable to common shareholders (1) (2) (3) $ (1,302 ) $ (47,462 ) $ (8,840 ) $ (65,201 ) Loss per share - basic and diluted (1) (2) (3) $ (0.04 ) $ (1.24 ) $ (0.24 ) $ (1.70 ) Common shares outstanding 36,071,146 38,315,231 36,257,449 38,440,421 (1) The unaudited pro forma information includes revenue and operating expenses based on the historical operations of TAH as well the Company and does not purport to be indicative of what the Company's operating results would have been had the Portfolio Acquisition occurred on January 1, 2014. (2) Assumes portfolio acquisition expense for the three and nine months ended September 30, 2015 had been incurred on January 1, 2014, and thus is included in the nine months ended September 30, 2014 . (3) Includes net gain on disposition of real estate as noted in the condensed consolidated statements of operations and comprehensive loss. Sale of Real Estate Assets During the three and nine months ended September 30, 2015 , the Company sold its Houston portfolio along with certain other properties for an aggregate sales price of $18,356 and $21,063 , respectively, resulting in an aggregate net gain of $2,089 and $2,320 , respectively, which has been classified as net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with these asset sales, certain debt repayments were made that are more fully described in Note 4. In accordance with ASC 2014-08, the disposals were not considered a discontinued operation. Any holding costs associated with homes being sold are reflected within held for sale expenses and are classified as other income (expense) in the condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2014 , the Company sold certain properties for an aggregate sales price of $1,972 and $5,406 , respectively, resulting in an aggregate net gain of $84 and $161 , respectively. In connection with assets held for sale, the Company recognized $14 and $46 in impairment charges for the three and nine months ended September 30, 2015 and $197 and $591 in impairment charges for the three and nine months ended September 30, 2014 classified within other income (expense).

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Securitization Loan On August 12, 2014, the Company completed a securitization transaction (the "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. 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") sold to one of the Company's affiliates from its portfolio. 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% , inclusive of the amortization of the original issue discount, plus monthly servicing fees of 0.1355% per tranche. The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. 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"). The Securitization Loan was subsequently deposited into a trust in exchange for the pass-through certificates. 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 Company used the proceeds of the Securitization Loan to pay down the balance of Company's revolving credit facility at closing and 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. During the nine months ended September 30, 2015 , the Company paid down $6,866 on the Securitization Loan to effect the release of certain properties from the first priority mortgages securing the Securitization Loan, including those properties in the Houston portfolio as described in Note 3. 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 1.94% at September 30, 2015 , as a result of the pay down as noted above, 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 Certificates. In connection with entering into the loan, the Company recorded $311,164 as securitization loan in the accompanying condensed consolidated balance sheets. The original issue discount (the difference between the $312,667 balance of certificates sold and the gross proceeds of $311,164 ) is accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. In the three and nine months ended September 30, 2015 , the Company incurred gross interest expense of $1,706 and $5,081 , respectively, excluding amortization of the discount and deferred financing costs and before the effect of capitalizing interest related to property renovations. In the three and nine months ended September 30, 2014 , the Company incurred gross interest expense of $914 for both the three and nine months ended September 30, 2014 , excluding amortization of the discount and deferred financing costs and before the effect of capitalizing interest related to property renovations. As of September 30, 2015 and December 31, 2014, the loan had a weighted-average interest rate of 2.18% and 2.11% , respectively, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount and deferred financing costs. 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 September 30, 2015 and December 31, 2014, the Company had $4,055 and $4,635 , respectively, 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. In addition, as of September 30, 2015 and December 31, 2014, the cash management account had a balance of $2,786 and $3,542 , respectively, classified as escrow deposits on the condensed consolidated balance sheets. As of September 30, 2015 and December 31, 2014, the Company was in compliance with all financial covenants. Revolving Credit Facility Certain of the Company's subsidiaries have a revolving credit facility (the "revolving credit facility") with a syndicate of banks. On February 18, 2015, the Company amended and restated the revolving credit facility to increase the borrowing capacity to $400,000 from $200,000 and subsequently amended the revolving credit facility to address certain interest calculation mechanics. As amended, the revolving credit facility bears interest at a varying rate of LIBOR plus 300 basis points with a LIBOR floor of 0.0% . Prior to the amendment, the revolving credit facility bore interest at varying rates of LIBOR plus 3.5% 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, when the balance outstanding is less than $200,000 , or 0.3% per annum when the balance outstanding is equal to or greater than $200,000 . As part of the amendment, the term of the revolving credit facility was extended to February 18, 2018 and the advance rate for borrowings was increased to 65% from 55% . The advance rate is based on the aggregate value of the eligible properties which value is calculated as 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 Company used proceeds from the revolving credit facility to fund the Portfolio Acquisition. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties. As of September 30, 2015 and December 31, 2014 , $344,254 and $67,096 , respectively, was outstanding under the revolving credit facility. During the nine months ended September 30, 2015 , the Company paid down $4,805 on the revolving credit facility to effect the release of certain properties, including those properties in the Houston portfolio as described in Note 3. The interest rate on the revolving credit facility as of September 30, 2015 and 2014 was 3.4% and 4.0% , respectively. In the three and nine months ended September 30, 2015 , the Company incurred $2,989 and $6,898 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs, before the effect of capitalizing interest related to property renovations and interest expense related to the interest rate cap agreements. In the three and nine months ended September 30, 2014 , the Company incurred $1,302 and $5,549 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs, before the effect of capitalizing interest related to property renovations and interest expense related to the interest rate cap agreements. 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 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 revolving credit facility agreement. The Company must maintain at all times total liquidity of $25,000 and a net worth of at least $125,000 , in each case as determined in accordance with the revolving credit facility agreement. As of September 30, 2015 , and December 31, 2014 , 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 September 30, 2015 and December 31, 2014 , the Company had $15,950 and $6,457 , respectively, included in escrow deposits associated with the required reserves. The revolving credit facility 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. 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 condensed consolidated statements of operations and comprehensive loss. In connection with its Securitization Loan, the Company incurred deferred financing costs of $0 and $460 for the three and nine months ended September 30, 2015 . 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 $585 and $1,752 for the three and nine months ended September 30, 2015 and $302 for both the three and nine months ended September 30, 2014 . In conjunction with the pay down of the Securitization Loan related to the sale of the Houston portfolio, the Company wrote off $174 in deferred financing costs for both the three and nine months ended September 30, 2015 , which has been included in net gain on disposition of real estate in the condensed consolidated statements of operations and comprehensive loss. In connection with its revolving credit facility, the Company incurred deferred financing costs of $21 and $5,323 for the three and nine months ended September 30, 2015 and $28 and $1,726 for the three and nine months ended September 30, 2014 , respectively. Amortization of the deferred financing costs was $582 and $1,558 for the three and nine months ended September 30, 2015 and $345 and $1,313 for three and nine months ended September 30, 2014 , respectively. Interest Rate Cap Agreements The variable rate of interest on the Company's debt exposes the Company to interest rate risk. The Company seeks to manage this risk through the use of interest rate cap agreements. As of December 31, 2014, the Company held four interest rate cap agreements, including 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. 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 $1,383 . The 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% . 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 $272 . On March 31, 2015, the Company entered into an interest rate cap associated with the revolving credit facility at a purchase price of $595 . The interest rate cap has an effective date of March 31, 2015, a termination date of February 18, 2018, a notional amount of $266,100 , and a LIBOR cap rate of 3.0% . The Company determined that the interest rate caps purchased in the nine months ended September 30, 2015 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 9). 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. 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 $0 and $311 for the three and nine months ended September 30, 2015 , respectively, and $251 and $497 for the three and nine months ended September 30, 2014 , respectively.

Equity Incentive Plan

Equity Incentive Plan	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan Restricted Stock Awards 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. 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 annually in three equal installments commencing on the date of the grant, as long as such individual is an employee on the vesting date. On May 20, 2015, the Company awarded each of its independent directors an equity retainer in the form of an award of restricted stock with a fair market value of $50 through the issuance of 16,110 total shares. This annual equity retainer for such independent directors will vest as to all of such shares on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the Company’s next annual meeting of stockholders, subject in each case, to the independent director’s continued service to the Company through the vesting date. Performance Stock Units On February 12, 2015, the Company granted 165,000 performance stock units to certain members of executive and senior management under its equity incentive plan. 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 earned 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 6.5% —% 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. Additionally, each PSU contains one dividend equivalent right, which is equal to the cash dividend that would have been paid on the PSU had the PSU been an issued and outstanding common share on the record date for the dividend and is payable in additional shares if the market and service conditions are met. The Company utilized a Monte-Carlo simulation to calculate the weighted-average grant date fair value of $7.00 per unit, using the following assumptions: Expected volatility (1) 17.55 % Dividend assumption (2) — % Expected term in years 3.00 Risk-free rate 1.02 % Stock price (per share) (3) $ 15.72 Beginning average stock price (per share) (4) $ 16.06 (1) Expected volatility is calculated as a 50.0% relative weighting of the Company's historical volatility of 15.54% (over the period from August 1, 2013 through the date of grant of the PSUs) and a 50.0% relative weighting on the implied volatility of 19.55% . (2) An assumed dividend yield of 0% is the mathematical equivalent to the reinvestment of dividends, which is consistent with the TSR definition described above. (3) Based on the closing price of the Company's common stock on February 12, 2015. (4) Based on the 30 trading days ended on February 12, 2015. During the three and nine months ended September 30, 2015 , the Company recognized non-cash performance-based stock unit expense of $96 and $243 , which is included within share-based compensation in the condensed consolidated statements of operations and comprehensive loss. Unrecognized compensation expense at September 30, 2015 was $912 , which is expected to be recognized over the remaining three -year service period of the PSUs.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock 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 SEC rules. In the nine months ended September 30, 2015 , the Company repurchased and retired 770,417 shares under the program for a total cost of $12,260 , at an average purchase price of $15.91 , inclusive of commissions. Common Stock Dividends The following table presents cash dividends declared by the Company on its common stock during the three months ended September 30, 2015 , and the six immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share September 25, 2015 October 6, 2015 October 16, 2015 $ 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 December 18, 2014 December 29, 2014 January 9, 2015 0.06 September 4, 2014 September 22, 2014 October 3, 2014 0.04 June 19, 2014 June 30, 2014 July 11, 2014 0.03 March 13, 2014 March 24, 2014 April 4, 2014 0.03 Preferred Stock Dividends The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock during the three months ended September 30, 2015 , and the six immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share September 29, 2015 October 16, 2015 $ 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22 January 9, 2015 January 9, 2015 26.67 October 3, 2014 October 3, 2014 22.78 June 25, 2014 June 30, 2014 26.94 April 2, 2014 April 4, 2014 23.33

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2015
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 three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net loss attributable to controlling interests $ (1,343 ) $ (44,870 ) $ (8,623 ) $ (54,205 ) Preferred stock distributions (25 ) (25 ) (75 ) (75 ) Net loss attributable to common stockholders $ (1,368 ) $ (44,895 ) $ (8,698 ) $ (54,280 ) Basic and diluted weighted average common shares outstanding 36,071,146 38,315,231 36,257,449 38,440,421 Net loss per common share - basic and diluted $ (0.04 ) $ (1.17 ) $ (0.24 ) $ (1.41 ) A total of 2,231,511 common units not owned by the Company were outstanding for the three and nine months ended September 30, 2015 , but have been excluded from the calculation of diluted EPS as their inclusion would not be dilutive. In addition, 165,000 PSUs have been excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2015 , as the requisite performance conditions had not been met as of such date.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
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 and the settlement was de minimus. 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 $39,179 in the third quarter of 2014 in connection with the Internalization, which is recorded as management internalization expense in the accompanying condensed 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 a one-time 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 $2,067 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 of $1,508 , which expire through 2032. The Company recorded a deferred tax asset of $623 , which was fully offset by a valuation allowance due to the uncertainty in forecasting future taxable income of this entity. The Company elected to have this new entity be treated for tax purposes as a taxable REIT subsidiary. Advisory Management Agreement On September 30, 2014, the Company closed the Internalization after receiving the required stockholder approval for the transaction. 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 management 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 three and nine months ended September 30, 2014 , the Company expensed $2,251 and $6,621 in advisory management fees, net of the reduction for the 5% property management fee described below. The Company also reimbursed the Former Manager for certain general and administrative expenses, primarily related to employee compensation and certain office costs. Direct and allocated costs incurred by the Former Manager on behalf of the Company totaled $1,777 and $5,476 for the three and nine months ended September 30, 2014 . 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. During the three and nine months ended September 30, 2014 , the Company incurred property management expense of $2,336 and $7,569 , respectively. These amounts included direct expense reimbursements of $1,717 and $5,120 , respectively, and the 5% property management fee of $97 and $288 , respectively. The remaining amounts in property management fees of $522 and $2,161 , respectively, were incurred to reimburse the Former Manager's operating subsidiary for expenses payable to third-party property managers and direct property management type expenses. In addition, the Company incurred charges with the Former Manager's operating subsidiary of $220 and $608 , respectively, in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs of $0 and $11 , respectively, for leasing services, which are reflected as other assets and amortized over the life of the leases.

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Derivative and Other Fair Value Instruments	Derivative and Other Fair Value Instruments Codification Topic Fair Value Measurement (“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 4). 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 tables provide a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location September 30, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 803 $ — $ 803 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2014 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 58 $ — $ 58 $ — Interest Rate Caps Other Assets 13 — 13 — Total $ 71 $ — $ 71 $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2015 : 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 $ (1,503 ) Interest Expense $ (1 ) Ineffectiveness of Interest Rate Cap Agreements $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 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 $ (208 ) Interest Expense $ (1 ) Ineffectiveness of Interest Rate Cap Agreements $ (480 ) As of September 30, 2015 and December 31, 2014 , there were $1,589 and $86 , respectively, in deferred losses in accumulated other comprehensive loss related to interest rate cap agreements. The Company expects to recognize $181 in interest expense during the twelve months ending September 30, 2016, 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. During the nine months ended September 30, 2015 , the Company recorded $9 in losses as interest expense related to the change in fair value of interest rate caps not designated as cash flow hedges. Nonrecurring Fair Value For long-lived assets held for sale, 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 based on market convention (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 condensed 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 September 30, 2015 . • Cash and cash equivalents, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued property 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. As the revolving credit facility was amended and restated on February 18, 2015, the interest rate on this borrowing is at market as of September 30, 2015 and thus, the carrying value of the debt approximates fair value. The Company categorizes the fair value measurement of this liability as Level 2. • The fair value of the Company's Securitization Loan was $ 296,821 as of September 30, 2015 , 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 September 30, 2015 . The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concentrations As of September 30, 2015 , approximately 58% of the Company’s properties were located in Atlanta, GA, Phoenix, AZ, and Tampa, FL, which exposes the Company to greater economic risks than if the Company owned a more geographically dispersed portfolio. Resident Security Deposits As of September 30, 2015 , the Company had $12,331 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 September 30, 2015 , the Company had earnest deposits for property purchases of $31 . As of September 30, 2015 , for properties acquired through individual broker transactions and the remaining Portfolio Acquisition properties, which involve submitting a purchase offer, the Company had offers accepted to purchase residential properties for an aggregate amount of $1,075 . Not all of the properties are certain to be acquired because properties may fall out of escrow through the closing process for various reasons and the escrow deposits may be lost. 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 adverse effect on the Company's condensed consolidated financial statements.

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Basis of Presentation and Significant Accounting Policies
Consolidation and Basis of Presentation	Consolidation and Basis of Presentation The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted according to such SEC rules and regulations. Management believes, however, that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2015 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2015 may not be indicative of the results for a full year.
Principles of Consolidation	The accompanying condensed 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 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 condensed consolidated financial statements have been prepared in accordance with GAAP.
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.
Assets Held for Sale	Assets Held for Sale The Company evaluates its long-lived assets on a regular basis to ensure the individual properties still meet its investment criteria. If the Company determines 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 any losses are recognized immediately. The Company then markets the property for sale and classifies it as held for sale in the consolidated financial statements. In 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”), which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is defined as: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. The application of this guidance is prospective from the date of adoption and applies only to disposals (or new classifications to held for sale) that have not been reported as discontinued operations or held for sale in previously issued financial statements. The Company adopted ASU 2014-08 during the quarter ended March 31, 2015.
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 restricted shares of common stock awarded to independent directors is based on the fair market value 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 restricted shares of common stock awarded 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 restricted stock awards are amortized ratably over the applicable service period. The Company recognizes compensation expense for performance stock units ("PSU") based on the grant-date fair value and the service period of the respective awards. These units represent shares potentially issuable in the future based upon the Company's stock performance over a three -year performance period. Fair value of the PSU's are estimated using a Monte-Carlo simulation model.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Under the Jumpstart Our Business Startups Act (the "JOBS Act"), the Company meets the definition of an “emerging growth company.” The Company has 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, the Company 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. The Company considers the applicability and impact of all accounting standard updates ("ASUs"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial position or results of operations. In May 2014, the FASB issued ASU 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, 2017 and allows for either full retrospective or modified retrospective adoption. Early adoption of this standard is only allowed as of the original effective date, annual periods beginning after December 15, 2016. The Company is currently evaluating the impact the adoption of Topic 606 will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This update is intended to improve targeted areas of consolidation guidance by simplifying the consolidation evaluation process, and by placing more emphasis on risk of loss when determining a controlling financial interest. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs for term debt in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The impact will be a reduction of other assets and the associated reported debt liability related to the securitization loan.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets and Liabilities Acquired	The following table summarizes the acquisition date fair values of the assets and liabilities acquired as part of the Portfolio Acquisition: Land $ 55,684 Buildings and improvements 207,316 Estimated fair value of assets and liabilities acquired $ 263,000
Pro Forma Information	The following table illustrates the effect on net income, earnings per share - basic and diluted as if the Company had completed the Portfolio Acquisition on January 1, 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenue (1) $ 30,617 $ 26,113 $ 89,668 $ 74,854 Net loss (1) (2) (3) $ (1,361 ) $ (47,437 ) $ (9,296 ) $ (65,126 ) Net loss attributable to common shareholders (1) (2) (3) $ (1,302 ) $ (47,462 ) $ (8,840 ) $ (65,201 ) Loss per share - basic and diluted (1) (2) (3) $ (0.04 ) $ (1.24 ) $ (0.24 ) $ (1.70 ) Common shares outstanding 36,071,146 38,315,231 36,257,449 38,440,421 (1) The unaudited pro forma information includes revenue and operating expenses based on the historical operations of TAH as well the Company and does not purport to be indicative of what the Company's operating results would have been had the Portfolio Acquisition occurred on January 1, 2014. (2) Assumes portfolio acquisition expense for the three and nine months ended September 30, 2015 had been incurred on January 1, 2014, and thus is included in the nine months ended September 30, 2014 . (3) Includes net gain on disposition of real estate as noted in the condensed consolidated statements of operations and comprehensive loss.

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 6.5% —% 8% 50% 10% 100% 12% 150% 16% 200%
Schedule of Valuation Techniques	The Company utilized a Monte-Carlo simulation to calculate the weighted-average grant date fair value of $7.00 per unit, using the following assumptions: Expected volatility (1) 17.55 % Dividend assumption (2) — % Expected term in years 3.00 Risk-free rate 1.02 % Stock price (per share) (3) $ 15.72 Beginning average stock price (per share) (4) $ 16.06 (1) Expected volatility is calculated as a 50.0% relative weighting of the Company's historical volatility of 15.54% (over the period from August 1, 2013 through the date of grant of the PSUs) and a 50.0% relative weighting on the implied volatility of 19.55% . (2) An assumed dividend yield of 0% is the mathematical equivalent to the reinvestment of dividends, which is consistent with the TSR definition described above. (3) Based on the closing price of the Company's common stock on February 12, 2015. (4) Based on the 30 trading days ended on February 12, 2015.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Common Stock Dividends
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 common stock during the three months ended September 30, 2015 , and the six immediately preceding quarters: Declaration Date Record Date Payment Date Cash Dividend per Share September 25, 2015 October 6, 2015 October 16, 2015 $ 0.12 June 17, 2015 June 29, 2015 July 10, 2015 0.12 March 25, 2015 April 6, 2015 April 17, 2015 0.09 December 18, 2014 December 29, 2014 January 9, 2015 0.06 September 4, 2014 September 22, 2014 October 3, 2014 0.04 June 19, 2014 June 30, 2014 July 11, 2014 0.03 March 13, 2014 March 24, 2014 April 4, 2014 0.03
Preferred Stock Dividends
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 during the three months ended September 30, 2015 , and the six immediately preceding quarters: Declaration Date Payment Date Cash Dividend per Share September 29, 2015 October 16, 2015 $ 26.67 June 17, 2015 June 30, 2015 23.06 March 25, 2015 April 17, 2015 27.22 January 9, 2015 January 9, 2015 26.67 October 3, 2014 October 3, 2014 22.78 June 25, 2014 June 30, 2014 26.94 April 2, 2014 April 4, 2014 23.33

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
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 three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net loss attributable to controlling interests $ (1,343 ) $ (44,870 ) $ (8,623 ) $ (54,205 ) Preferred stock distributions (25 ) (25 ) (75 ) (75 ) Net loss attributable to common stockholders $ (1,368 ) $ (44,895 ) $ (8,698 ) $ (54,280 ) Basic and diluted weighted average common shares outstanding 36,071,146 38,315,231 36,257,449 38,440,421 Net loss per common share - basic and diluted $ (0.04 ) $ (1.17 ) $ (0.24 ) $ (1.41 )

Derivative and Other Fair Val22

Derivative and Other Fair Value Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements for interest rate cap agreements and location within condensed consolidated balance sheets	The following tables provide a summary of the aggregate fair value measurements for the interest rate cap agreements and the location within the condensed consolidated balance sheets at September 30, 2015 and December 31, 2014 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location September 30, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 803 $ — $ 803 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2014 Quoted Prices (Unadjusted) for Identical Assets/Liabilities (Level 1) Quoted Prices for Similar Assets and Liabilities in Active Markets (Level 2) Significant Unobservable Inputs (Level 3) Interest Rate Caps (cash flow hedges) Other Assets $ 58 $ — $ 58 $ — Interest Rate Caps Other Assets 13 — 13 — Total $ 71 $ — $ 71 $ —
Summary of effect of cash flow hedges	The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2015 : 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 $ (1,503 ) Interest Expense $ (1 ) Ineffectiveness of Interest Rate Cap Agreements $ — The following table provides a summary of the effect of cash flow hedges on the Company's condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 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 $ (208 ) Interest Expense $ (1 ) Ineffectiveness of Interest Rate Cap Agreements $ (480 )

Organization and Operations (De

Organization and Operations (Details)	Sep. 30, 2015property	Sep. 30, 2014employee
Organization and operations
Number of single-family properties owned	9,074
Number of employees | employee		0
Silver Bay Operating Partnership L.P.
Organization and operations
Direct and indirect partnership interests in Operating Partnership	94.20%
Portfolio Acquisition
Organization and operations
Number of single-family properties owned	2,456

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2015
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details)	Apr. 01, 2015USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Proceeds from disposition of real estate		$ 18,356,000	$ 1,972,000	$ 21,063,000	$ 5,406,000
Number of single-family properties owned | property		9,074		9,074
Escrow holdback		$ 23,028,000		$ 23,028,000				$ 20,211,000
Portfolio acquisition expense		66,000	0	2,046,000	0
Net gain on disposition of real estate		2,089,000	84,000	2,320,000	161,000
Impairment of Long-Lived Assets to be Disposed of		14,000	$ 197,000	46,000	$ 591,000
Revolving Credit Facility
Business Acquisition [Line Items]
Maximum borrowing capacity						$ 400,000,000	$ 200,000,000
Escrow holdback		$ 15,950,000		$ 15,950,000				$ 6,457,000
Line of Credit [Member] | Revolving Credit Facility
Business Acquisition [Line Items]
Maximum borrowing capacity						$ 400,000,000	$ 200,000,000
Portfolio Acquisition
Business Acquisition [Line Items]
Number of single-family properties owned | property		2,456		2,456
Aggregate purchase price	$ 263,000,000
Escrow holdback		$ 7,890,000		$ 7,890,000
Claim period		15 months

Investments in Real Estate - Fa

Investments in Real Estate - Fair Value of Assets and Liabilities Acquired (Details) - Portfolio Acquisition $ in Thousands	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Land	$ 55,684
Buildings and improvements	207,316
Estimated fair value of assets and liabilities acquired	$ 263,000

Investments in Real Estate - Pr

Investments in Real Estate - Pro Forma Information (Details) - Portfolio Acquisition - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Revenue	$ 30,617	$ 26,113	$ 89,668	$ 74,854
Net loss	(1,361)	(47,437)	(9,296)	(65,126)
Net loss attributable to common shareholders	$ (1,302)	$ (47,462)	$ (8,840)	$ (65,201)
Loss per share - basic and diluted (in dollars per share)	$ (0.04)	$ (1.24)	$ (0.24)	$ (1.70)
Common shares outstanding	36,071,146	38,315,231	36,257,449	38,440,421

Debt - Securitization Loan (Det

Debt - Securitization Loan (Details) $ in Thousands	Aug. 12, 2014USD ($)propertyextensionclasscomponent	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Proceeds from securitization loan				$ 0	$ 311,164
Number of classes of pass-through certificates | class	6
Payments on securitization loan				6,866	615
Escrow deposits		$ 23,028		23,028		$ 20,211
Escrow Deposit
Debt Instrument [Line Items]
Escrow deposits		2,786		2,786		$ 3,542
Secured Debt
Debt Instrument [Line Items]
Number of single-family properties pledged as security | property	3,084
Debt servicing fee	0.1355%
Number of extension options | extension	3
Length of loan extensions	12 months
Term of debt instrument	2 years
Gross interest expense		1,706	$ 914	$ 5,081	$ 914
Weighted average interest rate (as a percent)				2.18%		2.11%
Escrow deposits		$ 4,055		$ 4,055		$ 4,635
Secured Debt | Securitization Transaction
Debt Instrument [Line Items]
Proceeds from securitization loan	$ 311,164
Original issue discount	1,503
Face amount of debt instrument	$ 312,667
Number of floating rate components | component	6
Secured Debt | Securitization Transaction | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)	1.92%			1.94%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($)	Feb. 18, 2015	Feb. 17, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Line of Credit Facility [Line Items]
Revolving credit facility			$ 344,254,000		$ 344,254,000		$ 67,096,000
Escrow deposits			23,028,000		23,028,000		20,211,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000
Interest rate margin (as a percent)		3.50%
Interest rate, variable interest rate floor (as a percent)		0.50%
Baseline for unused commitment fee	$ 200,000,000
Maximum amount allowed to be drawn under credit facility as a percentage of aggregate value of eligible properties	65.00%	55.00%
Revolving credit facility			344,254,000		$ 344,254,000		67,096,000
Weighted average interest rate (as a percent)					3.40%	4.00%
Gross interest expense			2,989,000	$ 1,302,000	$ 6,898,000	$ 5,549,000
Escrow deposits			$ 15,950,000		15,950,000		$ 6,457,000
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.50%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Monthly fee on the unused portion of the credit facility (as a percent)	0.30%
Total liquidity to be maintained as defined by the agreement					25,000,000
Net worth to be maintained as defined by the agreement					125,000,000
Revolving Credit Facility | Company and Operating Partnership
Line of Credit Facility [Line Items]
Maximum amount guaranteed for completion of certain property renovations					$ 20,000,000
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.00%
Interest rate, variable interest rate floor (as a percent)	0.00%

Debt - Deferred Financing Costs

Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs incurred	$ 21	$ 28	$ 5,323	$ 1,726
Amortization of deferred financing costs	582	345	1,558	1,313
Secured Debt
Debt Instrument [Line Items]
Deferred financing costs incurred	0		460
Amortization of deferred financing costs	585	$ 302	1,752	$ 302
Secured Debt | Houston Portfolio
Debt Instrument [Line Items]
Write off of deferred financing costs	$ 0		$ 174

Debt - Interest Rate Cap Agreem

Debt - Interest Rate Cap Agreements and Capitalized Interest (Details)	Feb. 18, 2015USD ($)	Jan. 28, 2015USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)agreement
Debt Instrument [Line Items]
Number of interest rate cap agreements | agreement								4
Aggregate purchase price						$ 2,250,000	$ 393,000
Secured Debt
Debt Instrument [Line Items]
Number of interest rate cap agreements | agreement								1
Revolving Credit Facility
Debt Instrument [Line Items]
Number of interest rate cap agreements | agreement								3
Interest costs capitalized			$ 0		$ 251,000	$ 311,000	$ 497,000
Interest Rate Cap | Secured Debt
Debt Instrument [Line Items]
Aggregate notional amount		$ 200,000,000						$ 312,667,000
Aggregate purchase price		$ 1,383,000
Interest Rate Cap | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap		3.1085%						3.1085%
Interest Rate Cap | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate notional amount	$ 83,000,000			$ 266,100,000				$ 245,000,000
Aggregate sales price	4,000
Aggregate purchase price	$ 272,000			$ 595,000
Interest Rate Cap | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate cap	3.00%			3.00%				3.00%

Equity Incentive Plan - Narrati

Equity Incentive Plan - Narrative (Details) $ / shares in Units, $ in Thousands	May. 20, 2015USD ($)shares	Feb. 13, 2015item$ / sharesshares	Feb. 12, 2015$ / sharesshares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $				$ 718	$ 259	$ 1,895	$ 716
Restricted Stock | Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)			69,605
Granted (in dollars per share) | $ / shares			$ 15.72
Vesting period			1 year
Restricted Stock | Certain Personnel
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)		56,385
Granted (in dollars per share) | $ / shares		$ 15.67
Number of annual installments | item		3
Restricted Stock | Independent Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)	16,110
Fair market value of restricted stock award | $	$ 50
Vesting period	1 year
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants (in shares)			165,000
Granted (in dollars per share) | $ / shares			$ 7
Share-based compensation | $				96		243
Unrecognized compensation expense | $				$ 912		$ 912
Performance Stock Unit | Certain Executives and Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Stock Targets (Details) - Performance Stock Unit	Feb. 12, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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 Multiplier, 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%

Equity Incentive Plan - Fair Va

Equity Incentive Plan - Fair Value Assumptions (Details)	Feb. 18, 2015	Feb. 12, 2015trading_days$ / shares	Feb. 12, 2015$ / shares	Sep. 30, 2014$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price (per share) (in dollars per share)				$ 16.21
Relative weighting		50.00%
Performance Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)		17.55%	15.54%
Implied volatility (percent)	19.55%
Dividend assumption (percent)		0.00%
Expected term in years		3 years
Risk-free rate (percent)		1.02%
Stock Price (per share) (in dollars per share)		$ 15.72	$ 15.72
Beginning average stock price (in dollars per share)		$ 16.06
Relative weighting		50.00%
Trading days | trading_days		30

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Nov. 25, 2014	Sep. 30, 2014	Jul. 01, 2013
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)		5,000,000
Increase in number of shares authorized to be repurchased (shares)		2,500,000
Average purchase price (in dollars per share)			$ 16.21
Share repurchase program
Share Repurchase Plan
Number of shares authorized to be repurchased (in shares)				2,500,000
Number of shares repurchased (in shares)	770,417
Total cost of shares repurchased	$ 12,260
Average purchase price (in dollars per share)	$ 15.91

Stockholders' Equity - Common a

Stockholders' Equity - Common and Preferred Stock Dividends (Details) - $ / shares	Oct. 16, 2015	Sep. 29, 2015	Sep. 25, 2015	Jul. 10, 2015	Jun. 30, 2015	Jun. 17, 2015	Apr. 17, 2015	Mar. 25, 2015	Jan. 09, 2015	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	Sep. 30, 2015	Dec. 31, 2014
Common and Preferred Stock Dividends
Cash dividend per share declared, common stock (in dollars per share)			$ 0.12			$ 0.12		$ 0.09		$ 0.06		$ 0.04				$ 0.03			$ 0.03
Cash dividend per share paid, common stock (in dollars per share)				$ 0.12			$ 0.09		$ 0.06		$ 0.04		$ 0.03				$ 0.03
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)																				10.00%	10.00%
Cash dividend per share declared, preferred stock (in dollars per share)		$ 26.67				$ 23.06		$ 27.22	26.67		22.78				$ 26.94			$ 23.33
Cash dividend per share paid, preferred stock (in dollars per share)					$ 23.06		$ 27.22		$ 26.67		$ 22.78			$ 26.94			$ 23.33
Subsequent Event
Common and Preferred Stock Dividends
Cash dividend per share paid, common stock (in dollars per share)	$ 0.12
Cash dividend per share paid, preferred stock (in dollars per share)	$ 26.67

Earnings (Loss) Per Share (Det

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Calculation of basic and diluted earnings (loss) per share
Net loss attributable to controlling interests	$ (1,343)	$ (44,870)	$ (8,623)	$ (54,205)
Preferred stock distributions	(25)	(25)	(75)	(75)
Net loss attributable to common stockholders	$ (1,368)	$ (44,895)	$ (8,698)	$ (54,280)
Basic and diluted weighted average common shares outstanding	36,071,146	38,315,231	36,257,449	38,440,421
Net loss per common share - basic and diluted (in dollars per share)	$ (0.04)	$ (1.17)	$ (0.24)	$ (1.41)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	2,231,511		2,231,511
Performance Stock Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)	165,000		165,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)$ / sharesshares
Related Party Transactions
Stock Price (per share) (in dollars per share) | $ / shares		$ 16.21		$ 16.21
Cash acquired			$ 0	$ 2,067,000
Other net liabilities acquired			0	2,067,000
Advisory Management Agreement
Advisory management fee expense	$ 0	$ 2,251,000	0	6,621,000
Property Management And Acquisition Services Agreement
Property management expense	$ 3,167,000	2,336,000	$ 8,262,000	7,569,000
Manager
Advisory Management Agreement
Direct and allocated costs expensed		1,777,000		5,476,000
Contribution Agreement | Manager
Related Party Transactions
Cash acquired		2,067,000
Other net liabilities acquired		2,067,000
Contribution Agreement | Manager's operating subsidiary
Related Party Transactions
Net operating losses acquired		1,508,000		1,508,000
Deferred tax asset recorded		623,000		623,000
Advisory Management Agreement
Advisory Management Agreement
Advisory management fee expense		2,251,000		$ 6,621,000
Advisory Management Agreement | Manager
Advisory Management Agreement
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				0.375%
Property management fee percentage, deducted from advisory fee				5.00%
Property Management and Acquisition Services Agreement | Manager's operating subsidiary
Property Management And Acquisition Services Agreement
Direct expense reimbursements		1,717,000		$ 5,120,000
Property management fee		97,000		288,000
Portion of property management fee related to reimbursement of or direct payment due to third-party managers		522,000		2,161,000
Acquisitions and renovation fees		220,000		608,000
Fee for leasing services		$ 0		$ 11,000
Silver Bay Operating Partnership L.P.
Related Party Transactions
Number of common units issued to acquire Manager (shares) | shares		2,231,511		2,231,511
Silver Bay Operating Partnership L.P. | Contribution Agreement
Related Party Transactions
Conversion ratio of limited partners capital account units		1		1
Fair value of common units issued		$ 36,173,000		$ 36,173,000
Silver Bay Operating Partnership L.P. | Contribution Agreement | Manager
Related Party Transactions
Number of common units issued to acquire Manager (shares) | shares		2,231,511		2,231,511
Closing net worth amount in which cash payment is required		$ 0		$ 0
One-time expense recognized on issuance of common units		$ 39,179,000

Derivative and Other Fair Val39

Derivative and Other Fair Value Instruments (Details) - Other Assets - Recurring - Interest Rate Cap - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	$ 803	$ 58
Interest Rate Caps (not designated as hedging instruments)		13
Total		71
Level 2
Recurring Fair Value
Interest Rate Caps (cash flow hedges)	$ 803	58
Interest Rate Caps (not designated as hedging instruments)		13
Total		$ 71

Derivative and Other Fair Val40

Derivative and Other Fair Value Instruments (Details 2) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Effect of cash flow hedges
Reclassification from accumulated other comprehensive loss to interest expense	$ 0	$ (481)
Fair Value of Other Financial Instruments
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%		10.00%
Securitization Transaction | Level 2 | Secured Debt
Fair Value of Other Financial Instruments
Fair value of long term-debt	$ 296,821
Interest Rate Cap
Effect of cash flow hedges
Deferred losses in AOCL related to interest rate cap agreements	1,589		$ 86
Interest expense to be recognized within next twelve months which will be reclassified out of accumulated other comprehensive loss	181
Interest Rate Cap | Interest Expense
Effect of cash flow hedges
Losses related to the change in fair value of interest rate caps not designated as cash flow hedges	9
Cash Flow Hedging | Interest Rate Cap
Effect of cash flow hedges
Amount of Gain (Loss) Recognized in Other Comprehensive Income Loss on Derivative	(1,503)	(208)
Cash Flow Hedging | Interest Rate Cap | Interest Expense
Effect of cash flow hedges
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income, Effective Portion	(1)	(1)
Reclassification from accumulated other comprehensive loss to interest expense	$ 0	$ (480)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Concentrations
Resident security deposits	$ 12,331
Earnest deposits
Amount of property purchases for which earnest deposits have been made	31
Aggregate amount of offers accepted to purchase residential properties	$ 1,075
Real Estate Properties | Geographically Dispersed Portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA
Concentrations
Concentration (as a percent)	58.00%