Silver Bay Realty Trust (SBY) 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 16, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	SILVER BAY REALTY TRUST CORP.
Entity Central Index Key	1,557,255
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 600
Entity Common Stock, Shares Outstanding		35,471,905
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investments in real estate:
Land and land improvements	$ 216,956	$ 220,110
Building and improvements	992,867	989,574
Investments in real estate, gross	1,209,823	1,209,684
Accumulated depreciation	(106,463)	(74,907)
Investments in real estate, net	1,103,360	1,134,777
Assets held for sale	16,543	11,184
Cash	52,279	29,028
Escrow deposits	16,858	15,472
Resident security deposits	12,992	12,521
Other assets	16,529	13,298
Total assets	1,218,561	1,216,280
Liabilities:
Revolving credit facility	352,799	326,472
Securitization loan, net	296,782	295,741
Accounts payable and accrued expenses	17,862	16,752
Resident prepaid rent and security deposits	15,237	14,462
Total liabilities	682,680	653,427
10% cumulative redeemable preferred stock at liquidation value, $0.01 par; 50,000,000 shares authorized, 1,000 shares issued and outstanding	1,000	1,000
Stockholders’ equity:
Common stock $0.01 par; 450,000,000 shares authorized; 35,380,034 and 36,063,187, respectively, shares issued and outstanding	352	359
Additional paid-in capital	643,633	651,987
Accumulated other comprehensive income (loss)	2,841	(1,613)
Cumulative deficit	(143,679)	(121,620)
Total stockholders’ equity	503,147	529,113
Noncontrolling interests - Operating Partnership	31,734	32,740
Total equity	534,881	561,853
Total liabilities and equity	$ 1,218,561	$ 1,216,280

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
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 (in shares)	50,000,000	50,000,000
10% cumulative redeemable preferred stock, shares issued (in shares)	1,000	1,000
10% cumulative redeemable preferred stock, shares outstanding (in shares)	1,000	1,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	35,380,034	36,063,187
Common stock, shares outstanding (in shares)	35,380,034	36,063,187

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Rental revenue	$ 123,544	$ 111,159	$ 75,910
Other revenue	3,091	2,535	2,020
Total revenue	126,635	113,694	77,930
Expenses:
Property operating and maintenance	23,393	22,106	17,274
Real estate taxes	17,681	15,847	11,042
Homeowners’ association fees	1,665	1,912	1,260
Property management	10,895	11,093	9,401
Depreciation and amortization	37,291	35,189	25,623
Advisory management fee - affiliates	0	0	6,621
Management internalization	0	0	39,373
Portfolio acquisition expense	526	2,064	0
General and administrative	14,457	15,915	10,334
Share-based compensation	2,667	2,613	1,022
Severance and other	1,977	0	0
Interest expense	26,113	21,275	11,586
Impairment of real estate	1,105	95	601
Total expenses	137,770	128,109	134,137
Loss before other income (expense), income taxes and non-controlling interests	(11,135)	(14,415)	(56,207)
Other income (expense):
Net gain on disposition of real estate	10,657	4,044	174
Adjustments for derivative instruments, net	44	(51)	(480)
Other expense	(1,211)	(288)	(184)
Total other income (expense)	9,490	3,705	(490)
Loss before income taxes and non-controlling interests	(1,645)	(10,710)	(56,697)
Income tax (expense) benefit, net	(969)	758	0
Net loss	(2,614)	(9,952)	(56,697)
Net loss attributable to noncontrolling interests - Operating Partnership	151	577	143
Net loss attributable to controlling interests	(2,463)	(9,375)	(56,554)
Preferred stock distributions	(100)	(100)	(100)
Net loss attributable to common stockholders	$ (2,563)	$ (9,475)	$ (56,654)
Loss per share - basic and diluted:
Net loss attributable to common shares (in dollars per share)	$ (0.07)	$ (0.26)	$ (1.49)
Weighted average common shares outstanding (in shares)	35,557,636	36,209,999	38,119,971
Comprehensive Income (Loss):
Net loss	$ (2,614)	$ (9,952)	$ (56,697)
Other comprehensive income (loss):
Net change in fair value of cash flow hedges	4,147	(1,587)	(291)
Losses reclassified into earnings from other comprehensive income (loss)	307	60	481
Other comprehensive income (loss)	4,454	(1,527)	190
Comprehensive income (loss)	1,840	(11,479)	(56,507)
Comprehensive (income) loss attributable to noncontrolling interests- Operating Partnership	(109)	669	143
Comprehensive income (loss) attributable to controlling interests	$ 1,731	$ (10,810)	$ (56,364)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders' Equity	Common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Cumulative Deficit	Noncontrolling interests - Operating Partnership
Balance at Dec. 31, 2013	$ 657,960	$ 657,960	$ 385	$ 689,646	$ (276)	$ (31,795)	$ 0
Beginning balance (in shares) at Dec. 31, 2013			38,561,468
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	1,002	1,002		1,002
Non-cash equity awards, net (in shares)			68,062
Repurchase and retirement of common stock	(31,489)	(31,489)	$ (19)	(31,470)
Repurchase and retirement of common stock (in shares)			(1,917,836)
Dividends declared	(6,244)	(6,244)				(6,244)
Net loss	(56,697)	(56,554)				(56,554)	(143)
Issuance of common Operating Partnership units in connection with management internalization	36,173						36,173
Net change in fair value of cash flow hedges	(291)	(291)			(291)
Losses reclassified into earnings from other comprehensive income (loss)	481	481			481
Adjustment to noncontrolling interests - Operating Partnership	0	1,598		1,598			(1,598)
Balance at Dec. 31, 2014	600,895	566,463	$ 366	660,776	(86)	(94,593)	34,432
Ending balance (in shares) at Dec. 31, 2014			36,711,694
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	2,523	2,523	$ 1	2,522
Non-cash equity awards, net (in shares)			132,932
Repurchase and retirement of common stock	(12,434)	(12,434)	$ (8)	(12,426)
Repurchase and retirement of common stock (in shares)			(781,439)
Dividends declared	(17,652)	(17,652)				(17,652)
Net loss	(9,952)	(9,375)				(9,375)	(577)
Net change in fair value of cash flow hedges	(1,587)	(1,587)			(1,587)
Losses reclassified into earnings from other comprehensive income (loss)	60	60			60
Adjustment to noncontrolling interests - Operating Partnership	0	1,115		1,115			(1,115)
Balance at Dec. 31, 2015	$ 561,853	529,113	$ 359	651,987	(1,613)	(121,620)	32,740
Ending balance (in shares) at Dec. 31, 2015	36,063,187		36,063,187
Increase (Decrease) in Stockholders' Equity
Non-cash equity awards, net	$ 2,577	2,577	$ 1	2,576
Non-cash equity awards, net (in shares)			132,089
Repurchase and retirement of common stock	(11,793)	(11,793)	$ (8)	(11,785)
Repurchase and retirement of common stock (in shares)			(815,242)
Dividends declared	(19,596)	(19,596)				(19,596)
Net loss	(2,614)	(2,463)				(2,463)	(151)
Net change in fair value of cash flow hedges	4,147	4,147			4,147
Losses reclassified into earnings from other comprehensive income (loss)	307	307			307
Adjustment to noncontrolling interests - Operating Partnership	0	855		855			(855)
Balance at Dec. 31, 2016	$ 534,881	$ 503,147	$ 352	$ 643,633	$ 2,841	$ (143,679)	$ 31,734
Ending balance (in shares) at Dec. 31, 2016	35,380,034		35,380,034

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash Flows From Operating Activities:
Net loss	$ (2,614)	$ (9,952)	$ (56,697)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	37,291	35,189	25,623
Non-cash management internalization	0	0	36,173
Non-cash share-based compensation	2,577	2,523	1,002
Losses reclassified into earnings from other comprehensive income (loss)	307	60	481
Amortization and write-off of deferred financing costs	4,597	4,668	3,613
Amortization of discount on securitization loan	301	301	116
Bad debt expense	1,002	1,426	671
Net gain on disposition of real estate	(10,657)	(4,044)	(174)
Income tax valuation allowance reversal	0	941	0
Impairment of real estate	1,105	95	601
Other	611	471	239
Net change in assets and liabilities:
Decrease in escrow cash for operating activities and debt reserves	467	3,766	5,062
Increase in other assets	(5,008)	(7,505)	(2,184)
Increase in accounts payable, accrued expenses, and prepaid rent	2,252	3,208	1,799
Decrease in related party payables, net	0	0	(7,611)
Net cash provided by operating activities	32,231	31,147	8,714
Cash Flows From Investing Activities:
Purchase of investments in real estate	(44,037)	(273,266)	(136,045)
Capital improvements of investments in real estate	(14,498)	(25,651)	(37,846)
(Increase) decrease in escrow cash for investing activities	(77)	972	(731)
Proceeds from disposition of real estate	58,149	29,223	5,979
Cash acquired in management internalization	0	0	2,069
Other	0	(43)	(295)
Net cash used in investing activities	(463)	(268,765)	(166,869)
Cash Flows From Financing Activities:
Proceeds from securitization loan	0	0	311,164
Payments on securitization loan	(1,514)	(7,085)	(615)
Proceeds from revolving credit facility	47,819	281,963	137,779
Payments on revolving credit facility	(21,493)	(22,587)	(235,508)
Deferred financing costs paid	(48)	(5,783)	(12,348)
Purchase of interest rate cap agreements	(30)	(2,250)	(393)
Change in interest rate swap collateral	(1,776)	0	0
Repurchase and retirement of common stock	(11,793)	(12,434)	(31,489)
Dividends paid	(19,682)	(15,032)	(4,298)
Net cash (used in) provided by financing activities	(8,517)	216,792	164,292
Net change in cash	23,251	(20,826)	6,137
Cash at beginning of period	29,028	49,854	43,717
Cash at end of period	52,279	29,028	49,854
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	20,645	15,974	7,690
Cash paid for taxes	227	181	0
Increase (decrease) in fair value of cash flow hedges	4,147	(1,587)	(291)
Non-cash investing and financing activities:
Common stock and unit dividends declared, but not paid	4,869	4,978	2,331
Interest rate swap contingent consideration	1,184	0	0
Capital improvements in accounts payable	442	597	1,950
Non-cash management internalization transaction:
Issuance of units to noncontrolling interests	0	0	36,173
Other liabilities acquired in management internalization	$ 0	$ 0	$ (2,067)

Organization and Operations

Organization and Operations	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations Silver Bay Realty Trust Corp. ("Silver Bay" or the "Company"), is a Maryland corporation that focuses on the acquisition, renovation, leasing, and management of single-family properties in select markets in the United States. As of December 31, 2016 , the Company owned 9,044 single-family properties for rental purposes in Arizona, California, Florida, Georgia, Nevada, North Carolina, Ohio, South Carolina and Texas, excluding properties reflected as assets held for sale on its consolidated balance sheets. The Company is the continuation of the operations of Silver Bay Property Investment LLC (the "Predecessor"). At the time of its formation, the Predecessor was a wholly owned subsidiary of Two Harbors Investment Corp. ("Two Harbors"). The Predecessor began formal operations in February 2012, when it started acquiring single-family residential rental properties. The Company in its current form was created on December 19, 2012, through a series of formation transactions (the "Formation Transactions"), which included an initial public offering (the "Offering"), the contribution of equity interests in the Predecessor by Two Harbors, and the acquisition of entities (the "Provident Entities") managed by Provident Real Estate Advisors LLC ("Provident"), which owned 881 single-family properties. In connection with the Offering, the Company restructured its ownership to conduct its business through a traditional umbrella partnership ("UPREIT structure") in which substantially all of its assets are held by, and its operations are conducted through, Silver Bay Operating Partnership L.P. (the "Operating Partnership"), a Delaware limited partnership. The Company's wholly owned subsidiary, Silver Bay Management LLC, is the sole general partner of the Operating Partnership. As of December 31, 2016 , the Company owned, through a combination of direct and indirect interests, 94.1% 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. In connection with the Internalization, the officers and employees who worked for the Former Manager became employees of the Company (see Note 10). During the year ended December 31, 2015, the Company acquired a portfolio of 2,461 properties (the "Acquired Properties") from The American Home Real Estate Investment Trust ("TAH"). The acquisition was substantially completed on April 1, 2015 with an aggregate purchase price of $263,000 (the "Portfolio Acquisition"). 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 . The properties acquired in the Portfolio Acquisition are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL, and Orlando, FL.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , if the primary beneficiary of the VIE as determined by its power to direct the VIEs activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the consolidated financial statements. The Company adopted ASU 2015-02, Amendments to the Consolidation Analysis, during the quarter ended March 31, 2016. This guidance improved 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. Based on its review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of approximately 94.1% of the Operating Partnership with the power to direct its activities, the Company will continue to consolidate the Operating Partnership under this new guidance. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. As of both December 31, 2016 and 2015 the Company had one VIE. 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 equity. Investments in Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, including other capitalizable costs incurred during their possession, renovation and acquisition. Single-family properties acquired that are not subject to an existing lease are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements (“ASC 820”), and is primarily based on unobservable data inputs which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties that are not subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”), and, as such, are recorded at fair value, assigned to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. The Company engages a third party valuation specialist to assist management in the determination of fair value for purposes of assigning the purchase price of properties acquired as part of portfolio level transactions along with information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The value of acquired lease related intangibles, if any, is estimated based upon the costs the Company would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. The nature of the Company's business requires that in certain circumstances Silver Bay acquires single-family properties subject to existing liens. Liens that the Company expects to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. Building and improvements depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5 -year estimated life with no salvage value. Depreciation on land improvements is computed on the straight-line basis over the estimated useful lives of the assets, generally 3 to 15 years with no salvage value. Land is not depreciated. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature ( one or two years). The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building improvement costs or land improvement costs as part of such properties’ initial renovation. If the Company acquires a property with an existing lease, the Company capitalizes the cost of the initial renovation of such property following lease expiration and resident move out. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life. The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset. Single-Family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, being listed for sale and the home is in present condition for immediate sale, the existence of an active program to locate a buyer and the probable sale of the home within one year. Upon identification as held for sale, the property is subject to the Company’s impairment test and an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. The property is then marketed for sale and classified as held for sale in the consolidated financial statements. Depreciation ceases to be recorded upon designation of an asset as held for sale. As of December 31, 2016 and 2015 , the Company had 104 and 98 single-family properties, respectively, classified as held for sale. These properties did not have material historical operating results under the Company's ownership. At December 31, 2016 and 2015 , the Company had $16,543 and $11,184 , respectively, of assets held for sale. For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized impairment charges of $1,105 , $95 and $601 , respectively, classified as impairment of real estate on the consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized a net gain on sale of assets of $10,657 , $4,044 and $174 , respectively, classified as net gain on disposition of real estate on the consolidated statements of operations and comprehensive income (loss). ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , defines a discontinued operation 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. 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 and did not have any discontinued operations during the years ended December 31, 2016 , 2015 and 2014 . Cash The Company maintains its cash and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance. Escrow Deposits Escrow deposits primarily include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 5. In addition, escrow deposits include money held at financial institutions for cash flow hedge collateral and refundable earnest money on deposit with certain third party property managers for property operating costs. Deferred Lease Costs, Net Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as other assets on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization on the consolidated statements of operations and comprehensive income (loss). Rent and Other Receivables, Net The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted. At December 31, 2016 and 2015 , the Company had $738 and $978 in gross rent receivables, respectively, and $89 and $164 in allowances for doubtful accounts, respectively, classified as other assets on the consolidated balance sheets. For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized $1,002 , $1,426 and $671 in bad debt expense, respectively, classified as property operating and maintenance on the consolidated statements of operations and comprehensive income (loss). Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either accumulated other comprehensive income (loss) (a component of stockholders’ equity) or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes. Deferred Financing Costs, Net Costs incurred in the placement of the Company’s debt are deferred and amortized, as a component of interest expense on the consolidated statements of operations and comprehensive income (loss), using the effective interest method, or alternative methods that approximate the effective interest method. The costs are amortized over the terms of the related debt, which, where applicable, reflect the intended exercise of renewal options. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as of January 1, 2016, which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount, rather than as an asset. As a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $5,884 and $8,139 at December 31, 2016 and 2015, respectively, are netted against the carrying values of the Securitization Loan (see Note 5). Previously, these costs were recorded as part of deferred financing costs, net on the consolidated balance sheets. Additionally, in accordance with ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company presents debt issuance costs related to its revolving credit facility as an asset within other assets on the consolidated balance sheets and amortize them ratably over the term of the related facility. Revenue Recognition Rental income, net of concessions and sales tax, attributable to resident leases is recorded on a straight-line basis over the term of the lease. Leases entered into between residents and the Company for the rental of property units are generally year-to-year and renewable upon consent of both parties on an annual or monthly basis. The Company recognizes other revenues such as pet fees, late fees, and application fee income when the related fees are earned and are realized or realizable. The Company recognizes sales of real estate when the sale has closed, title has passed, adequate initial and continuing investment by the buyer is received, possession and other attributes of ownership have been transferred to the buyer, and the Company is not obligated to perform significant additional activities after closing. All of these conditions are typically met at or shortly after closing. Noncontrolling Interests The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic, Derivatives and Hedging —Contracts in Entity’s Own Equit y (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets. Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Additional issuance or repurchase of shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds or costs therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership. At both December 31, 2016 and 2015 , the Company had 2,231,511 common Operating Partnership units classified as noncontrolling interests, respectively. As described in Note 10, the 2,231,511 common Operating Partnership units were issued on September 30, 2014 pursuant to the Internalization. Preferred Stock The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic, Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms. Earnings (Loss) Per Share Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the years ended December 31, 2016 , 2015 and 2014 . For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units and any performance stock units whose market conditions have been met are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive. Equity Incentive Plan The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of restricted shares of common stock awarded to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic, Compensation - Stock Compensation (“ASC 718”). Prior to the Internalization, the cost of equity awards to employees of the Former Manager and the Former Manager’s operating subsidiary were measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic, Equity (“ASC 505”). On the date of the Internalization, the employees of the Former Manager and the Former Manager's operating subsidiary became employees of the Company and the Company fixed the measurement of the awards to the respective employees to the stock price as of such date in accordance with ASC 718. The respective awards will not be subsequently remeasured and future awards to employees, subsequent to the Internalization, will be measured based on the price of the Company's stock as of the date of grant in accordance with ASC 718. All equity awards are amortized ratably over the applicable service period. The Company recognizes compensation expense for performance stock units ("PSUs") 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 PSUs are estimated using a Monte-Carlo simulation model. Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its TRS entities) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed or acquired TRS entities, as defined in the Code, to engage in such activities. These TRS activities are subject to federal, state, and local income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic, Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as income tax expense, on its consolidated statements of operations and comprehensive income (loss). Deferred Tax Assets and Liabilities Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing basis on capitalized assets, differing treatment for certain acquired assets and real estate asset impairments and the timing of expense recognition for certain accrued liabilities and net operating losses. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP. The Company's deferred tax assets also include net operating losses generated or acquired. As a result of these temporary differences, the Company’s TRS entities, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP. As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income from the TRS entities. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur. Segment reporting In accordance with Codification Topic, Segment Reporting ("ASC 280"), the Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level and while each market and its properties are unique, the aggregate market portfolios have similar economic interests and operating performance. The distribution of the properties throughout the United States reflects the Company's belief that geographic diversification helps insulate the portfolio from regional economic influences. 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 will cease to be an "emerging growth company" under the JOBS Act on December 31, 2017. 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 (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The new standard specifically excludes lease revenue, but will apply to other revenue real estate sales. The standard’s core principle is that a company will 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. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning on January 1, 2018, and for interim periods within those annual periods. The Company can elect to adopt guidance using the full retrospective approach or the modified retrospective approach. 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 method of adoption and the impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , a new lease standard which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). Under ASU 2016-02, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and ASU 2014-09. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company’s rental revenue is primarily generated from short-term operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard is expected to impact the Company’s consolidated financial statements as the Company has operating office lease arrangements for which it is the lessee. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, requiring application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients. The Company is currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its consolidated financial statements and has adopted as of January 1, 2017. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments , which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit losses and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. The guidance will be effective for annual periods beginning after December 15, 2019 and interim periods within that reporting period with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Investments in Real Estate	Investment in Real Estate Acquisition of Properties On October 1, 2016, the Company completed the acquisition of a portfolio of 322 homes located in its core markets. The aggregate purchase price for the acquisition was $41,455 which was primarily financed using proceeds obtained under the Company’s revolving credit facility. The homes are located in Atlanta, GA, Tampa, FL and Orlando, FL. During the year ended December 31, 2015, the Company acquired a portfolio of 2,461 properties from TAH. The aggregate purchase price for the Portfolio Acquisition was $263,000 and was substantially completed on April 1, 2015. 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 5). The homes are primarily located in Atlanta, GA, Charlotte, NC, Tampa, FL, and Orlando, FL. Transaction costs associated with portfolio acquisitions are expensed as incurred in accordance with ASC 805. During the years ended December 31, 2016 and 2015 the Company incurred $526 and $2,064 , respectively, in transaction expenses associated with the acquisition of properties. These costs are included in portfolio acquisition expense in the consolidated statements of operations and comprehensive income (loss). The following table summarizes the acquisition date fair values of the assets acquired as part of the Portfolio Acquisition: Land and land improvements $ 55,684 Buildings and improvements 207,316 Estimated fair value of assets acquired $ 263,000 Since the date of the Portfolio Acquisition, the Company has consolidated the 2,461 properties acquired as part of the transaction and the related results of these operations are reflected in the Company's consolidated financial statements. Total revenue and net income (loss) attributable to the Portfolio Acquisition that was included in the Company's consolidated statements of operations and comprehensive income (loss) from the date of acquisition through December 31, 2015 were $19,919 and $(3,909) , respectively. The following table illustrates the effect on net loss and loss per share - basic and diluted as if the Company had completed the Portfolio Acquisition on January 1, 2014 (unaudited): Year Ended December 31, 2015 2014 Revenue (1) $ 120,309 $ 101,868 Net loss (1) (2) (3) $ (10,076 ) $ (70,754 ) Net loss attributable to common stockholders (1) (2) (3) $ (9,599 ) $ (70,711 ) Loss per share - basic and diluted (1) (2) (3) $ (0.27 ) $ (1.85 ) Weighted average common shares outstanding 36,209,999 38,119,971 (1) The unaudited pro forma information includes revenue and operating expenses based on the historical operations of TAH as well as 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 year ended December 31, 2015 had been incurred on January 1, 2014, and thus is included in the year ended December 31, 2014. (3) Includes net gain on disposition of real estate as noted in the consolidated statements of operations and comprehensive income (loss). Disposition of Real Estate Assets During the year ended December 31, 2016 , the Company sold certain properties, primarily in Southeast Florida and Southern California, for an aggregate sales price of $58,149 , resulting in an aggregate net gain of $10,657 , which has been classified as net gain on disposition of real estate in the consolidated statements of operations and comprehensive income (loss). In connection with these asset sales, certain debt repayments were made. During the year ended December 31, 2015 , the Company sold certain properties, primarily in Houston, TX, for an aggregate sales price of $29,223 resulting in an aggregate net gain of $4,044 . During the year ended December 31 2014 , the Company sold certain properties for an aggregate sales price of $5,979 , resulting in an aggregate net gain of $174 . In accordance with ASC 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , 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 expense in the consolidated statements of operations and comprehensive income (loss).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the years ended December 31, 2016 , 2015 and 2014 , the Company believes that it qualified to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of states also recognize the Company’s REIT status, and as such, the Company has generally only incurred certain state franchise taxes. The TRS entities are subject to all applicable federal, state and local income, excise and franchise taxes. The Company’s TRS entities file separate tax returns and are fully taxed as standalone U.S. corporations. Certain activities the Company performs may produce income which will not be qualifying income for REIT purposes. The Company has designated the TRS entities to engage in these activities to mitigate any negative impact on the Company’s REIT status. The following table summarizes the tax expense (benefit) recorded at the taxable subsidiary level for the years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): Federal $ 153 $ 19 $ — State and local 297 184 — Total current tax expense 450 203 — Deferred tax expense (benefit) (1) 713 (246 ) (201 ) Valuation allowance (194 ) (715 ) 201 Income tax expense (benefit) $ 969 $ (758 ) $ — (1) In addition to the deferred tax benefit generated for the year ended December 31, 2014, the Company acquired $486 of deferred tax assets in connection with the Internalization transaction. The following is a reconciliation of the Company’s statutory federal and state rates to the effective rates, for the years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Computed income tax benefit at federal rate $ (681 ) $ (3,749 ) $ (19,277 ) State and local tax, net of federal (benefit) expense (86 ) 101 (21 ) Permanent differences in taxable income from GAAP income 49 60 7 Valuation allowance (198 ) (628 ) 120 Tax at statutory rate on earnings not subject to federal income tax 1,885 3,458 19,171 Expense (benefit) from income taxes $ 969 $ (758 ) $ — The Company’s consolidated balance sheets as of December 31, 2016 and 2015 contained the following current and deferred tax assets and liabilities, which are included in other assets and are recorded at the taxable subsidiary level. December 31, December 31, Current tax payable Federal income tax payable $ (114 ) $ (19 ) State and local income tax payable (217 ) (3 ) Current tax payable, net (331 ) (22 ) Deferred tax assets (liabilities) Deferred tax asset 1,154 1,923 Deferred tax liability (70 ) (126 ) Deferred tax asset, net 1,084 1,797 Valuation allowance (642 ) (836 ) Total tax asset, net $ 111 $ 939 The cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2016 and 2015 was $1,109,152 and $1,141,531 , respectively (unaudited). Deferred tax assets and liabilities applicable to the TRS entities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. Similarly, deferred income tax assets and liabilities are recorded at the date of contribution to the TRS entities to reflect the tax benefit/detriment on the movement of assets from the non-taxed REIT to the taxable TRS entities. The TRS entities deferred tax assets and liabilities are generally the result of real estate asset impairments, differing basis on capitalized assets, the timing of expense recognition for certain accrued liabilities, and net operating losses. In addition, during calendar year 2014, the Company recognized deferred tax assets assumed in the Internalization, which relate to net operating losses and differences in GAAP and tax treatment of assets acquired from the third-party property manager in Tampa (refer to Note 10 for descriptions of these transactions). As of December 31, 2016 and 2015 , the TRS entities have recorded net deferred tax assets of $1,084 and $1,797 , respectively. Certain TRS entities have a history of operating losses and as a result, historically resulted in a full valuation allowance for their deferred tax assets. As of December 31, 2015, the Company determined it was more likely than not that certain deferred tax assets, including certain net operating loss carryforwards, would be realized. In making this determination, the Company analyzed, among other things, its recent history of earnings from certain sales of depreciable property and forecasts of future taxable earnings. The reversal of the deferred tax asset valuation resulted in an income tax benefit of $964 during the year ended December 31, 2015 which is reported as income tax (expense) benefit, net on the consolidated statements of operations and comprehensive income (loss) and an offsetting asset of the same amount is included in other assets on the consolidated balance sheets. The Company’s TRS entities have approximately $1,598 and $3,900 , respectively, of net operating loss carry-forwards available as of December 31, 2016 and 2015 that will expire between December 31, 2032 and December 31, 2035. Based on the Company’s evaluation, it has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements of a contingent tax liability for uncertain tax positions. None of the Company’s consolidated entities are currently under federal or state audit for the years ended December 31, 2016 , 2015 and 2014 , but these years remain subject to examination by the applicable tax jurisdictions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in the consolidated financial statements. During the years ended December 31, 2016 , 2015 and 2014 the Company’s tax treatment of dividends and distributions per share were as follows: Year Ended December 31, 2016 2015 2014 Tax treatment of dividends and distributions: Ordinary dividends $ — $ — $ — Long-term capital gains — — — Nondividend distributions (return of capital) 0.52 0.46 0.16 Dividends and distributions declared per common share/unit outstanding $ 0.52 $ 0.46 $ 0.16

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt The following table presents the Company's debt as of December 31, 2016 and 2015 : Carrying Amount Interest Rate as of December 31, 2016 Maturity Date December 31, 2016 December 31, 2015 Securitization loan 2.68 % (1) September 9, 2019 (2) 303,452 $ 304,966 Unamortized original issue discount (3) (786 ) (1,086 ) Unamortized deferred financing costs (5,884 ) (8,139 ) Securitization loan, net 296,782 295,741 Revolving credit facility 4.04 % (4) February 18, 2018 (5) 352,799 326,472 Total $ 649,581 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan had an initial term of two years, with three , 12 -month extension options, which management intends to exercise, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the borrower complies with other terms set forth in the loan agreement. During the twelve months ended December 31, 2016, the Company executed the first 12-month extension option. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% , subject to a LIBOR floor of 0.0% and includes an unused fee as further described below. (5) The revolving credit facility had a borrowing capacity of up to $400,000 and a maturity date of February 18, 2018. The revolving period ended on February 18, 2017 and the Company is no longer able to draw additional amounts under the revolving credit facility. Beginning August 18, 2017, pursuant to a recent amendment, all net cash generated by the properties in the Pledged Subsidiaries (as defined below) (after paying associated property-level expenses) is directed towards principal repayment rather than being distributed to the Company. Securitization Loan On August 12, 2014, the Company completed a securitization transaction (the "Securitization Transaction") in which a newly-formed special purpose entity (the "Borrower") entered into a loan with a third-party lender for $312,667 represented by a promissory note (the "Securitization Loan"). The Borrower is wholly-owned by another special purpose entity (the "Equity Owner"), and the Equity Owner is wholly-owned by the Operating Partnership. The Borrower and Equity Owner are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. The Securitization Loan provides for monthly payments 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 rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). The Securitization Loan has a blended effective rate of one-month LIBOR plus 1.95% , including the amortization of the original issue discount, plus monthly servicing fees of 0.1355% . The Securitization Loan was issued at a discount of $1,503 , which will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. The principal amount of each component of the loan corresponds to the respective class of certificates which were issued in connection with the Securitization Transaction. In the years ended December 31, 2016 , 2015 and 2014 , the Company incurred gross interest expense of $7,584 , $6,791 and $2,594 , respectively, excluding amortization of the discount, deferred financing costs, other fees, the effect of any hedging derivatives and before the effect of capitalizing interest related to property renovations. As of December 31, 2016 and 2015 , the loan had a weighted-average interest rate of 2.68% and 2.30% respectively, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. During the years ended December 31, 2016 and 2015 , the Company paid down $1,514 and $7,085 , respectively, on the Securitization Loan to effect the release of certain properties from the first priority mortgages securing the Securitization Loan, including certain properties sold from the Southeast Florida and Houston, TX markets as described in Note 3. The Securitization Loan has an initial term of two years, with three , 12 -month extension options, resulting in a fully extended maturity date of September 9, 2019. The Borrower may execute the extension options provided there is no event of default under the Securitization Loan, the Borrower obtains a replacement interest rate cap agreement in a form reasonably acceptable to the lender and the Borrower complies with the other terms set forth in the loan agreement. During the twelve months ended December 31, 2016, the Company executed the first 12-month extension option. As part of the Securitization Transaction, the Securitization Loan (including the related promissory note) was transferred by the third-party lender to one of the Company's subsidiaries and subsequently deposited into a REMIC trust in exchange for pass-through certificates. The pass-through certificates represent the entire beneficial interest in the trust and were sold to investors in a private offering through the placement agents retained for the transaction for gross proceeds of $311,164 , net of the original issue discount of $1,503 . At closing, the Company transferred the Securitization Properties (as defined below) to the Borrower. The Securitization Properties are substantially similar to the other properties owned by the Company and were leased to residents underwritten on substantially the same basis as the Company's other properties. During the duration of the Securitization Loan, the Company can substitute properties only if a property owned by the Borrower becomes a disqualified property under the terms of the Securitization Loan. The lender immediately transferred the Securitization Loan, upon closing, to a subsidiary of the Company and then to a trust in exchange for the certificates. The Company accounted for the transfer of the Securitization Loan from its subsidiary to the trust as a sale under Codification Topic, Transfers and Servicing ("ASC 860"), with no resulting gain or loss as the Securitization Loan was both originated by the lender and immediately transferred at the same fair market value. The Company has also evaluated and not identified any variable interests in the trust. All amounts outstanding under the Securitization Loan are secured by first priority mortgages on the securitization properties (the "Securitization Properties"), a pool of 2,975 properties excluding properties recorded as assets held for sale, 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 Company used $235,160 of the Securitization Loan proceeds in 2014 to pay down the full balance of the 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. Simultaneously, the Company reduced the size of the revolving credit facility from $350,000 to $200,000 . As a result, the Company wrote off $1,058 of deferred financing fees and reclassified $480 from accumulated other comprehensive income (loss) to earnings due to hedge ineffectiveness in the associated interest rate cap agreements for the year ended December 31, 2014. The Securitization Loan provides for the restriction of cash whereby the Company must set aside funds for payment of real estate taxes, capital expenditures and other reserves associated with the Securitization Properties. There is also a cash management account controlled by the lender for the collection of all rents and cash generated by the Borrower's properties. In the event of default, the lender may apply funds, as the lender elects, from the cash management account, foreclose on its security interests, appoint a new property manager, and in limited circumstances, enforce the Company's guaranty. As of December 31, 2016 and 2015 , the Company had $3,715 and $5,139 , respectively, included in escrow deposits associated with the required reserves on the consolidated balance sheets. 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. As of December 31, 2016 and 2015 , the Company believes it 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. The revolving period ended February 18, 2017 and the Company is no longer able to draw additional amounts under the revolving credit facility. As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0%, subject to 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% , payable monthly. 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 and other acquisitions of properties as referenced in Note 3. The remaining proceeds were used for working capital and other corporate purposes, including the acquisition, financing and renovation of properties. As of December 31, 2016 and 2015 , $352,799 and $326,472 , respectively, was outstanding under the revolving credit facility. As of December 31, 2016 and 2015 , the interest rate on the revolving credit facility was 4.04% and 3.68% , respectively, inclusive of the unused fee. In the years ended December 31, 2016 , 2015 and 2014 , the Company incurred $13,020 , $9,843 and $6,073 , respectively, in gross interest expense on the revolving credit facility, excluding amortization of deferred financing costs, interest rate cap accretion and before the effect of capitalizing interest related to property renovations. All amounts outstanding under the revolving credit facility are collateralized by the equity interests and assets of certain of the Company’s subsidiaries ("Pledged Subsidiaries"), which exclude the owners of 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. As of December 31, 2016 , there were approximately 5,840 properties pledged as collateral under the revolving credit facility, excluding properties recorded as held for sale. The revolving credit facility provides for the restriction of cash whereby the Company must set aside funds for payment of insurance, real estate taxes and certain property operating and maintenance expenses associated with properties in the Pledged Subsidiaries' portfolios. As of December 31, 2016 and 2015 , the Company had $11,037 and $10,101 , respectively, included in escrow deposits associated with the required reserves. The Pledged Subsidiaries are separate legal entities, but continue to be reported in the Company’s consolidated financial statements. As long as the revolving credit facility is outstanding, the assets of the Pledged Subsidiaries are not available to satisfy the other debts and obligations of the other Pledged Subsidiaries or the Company. The revolving credit facility does not contractually restrict the Company’s ability to pay dividends. 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, however certain covenants contained therein may limit the amount of cash available for distribution. For example, beginning on August 18, 2017, pursuant to a recent amendment, all net cash generated by the properties in the Pledged Subsidiaries (after paying associated property-level expenses) is directed towards principal repayment rather than being distributed to the Company. The revolving credit facility agreement requires the Company to meet certain quarterly financial tests pertaining to net worth, total liquidity, debt yield and debt service coverage ratios. The Company must maintain total liquidity of $25,000 and a net worth of at least $125,000 , as determined in accordance with the revolving credit facility agreement. 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. The Company believes it was in compliance with all financial covenants under the revolving credit facility as of December 31, 2016 and 2015 . Total Borrowings As of December 31, 2016 , the Company had total outstanding borrowings of $656,251 , of which borrowings under the Securitization Loan were $303,452 and borrowings under the revolving credit facility were $352,799 . The following table summarizes the Company's contractual maturities of debt as of December 31, 2016 (in thousands): 2017 $ — 2018 352,799 2019 303,452 2020 — Thereafter — Total $ 656,251 The revolving credit facility was amended and restated on February 18, 2015 and has a maturity date of February 18, 2018. The Securitization Loan has an initial maturity date of September 9, 2016 and three , 12 -month extension options resulting in a fully extended maturity date of September 9, 2019; this table assumes the exercise of the three extension options, which is the Company's intent. During the twelve months ended December 31, 2016, the Company executed the first 12-month extension option. Deferred Financing Costs Costs incurred in the placement of the Company’s debt are being amortized using the straight-line method, which approximates the effective interest method, over the terms of the related debt. Amortization of deferred financing costs is recorded as interest expense in the accompanying consolidated statements of operations and comprehensive income (loss). In connection with its Securitization Loan, the Company incurred deferred financing costs of $19 , $460 and $11,040 for the years ended December 31, 2016 , 2015 and 2014 , respectively. 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 $2,260 , $2,321 and $865 for the years ended December 31, 2016 , 2015 and 2014 , respectively. In conjunction with the paydown of the Securitization Loan related to the sale of the Houston portfolio, the Company wrote off $174 in deferred financing costs for the year ended December 31, 2015, which has been included in net gain on disposition of real estate in the consolidated statements of operations and comprehensive income (loss). In connection with its revolving credit facility, the Company incurred deferred financing costs of $29 , $5,323 and $1,852 , respectively, for the years ended December 31, 2016 , 2015 and 2014 . Amortization of the deferred financing costs was $2,337 , $2,141 and $1,691 , respectively, for the years ended December 31, 2016 , 2015 and 2014 . Interest Expense The following table presents the Company's total interest expense for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Gross interest expense (1) $ 20,604 $ 16,634 $ 8,667 Amortization of discount on Securitization Loan 301 301 116 Amortization and write-off of deferred financing costs (2) 4,597 4,494 3,613 Other interest (3) 611 157 48 Capitalized interest (4) — (311 ) (858 ) Total interest expense $ 26,113 $ 21,275 $ 11,586 (1) Includes the Securitization Loan's monthly servicing fees. (2) For 2015, excludes deferred financing fees written-off in conjunction with the paydown of the Securitization Loan related to the sale of the Houston portfolio. (3) Includes monitoring service fees and interest related to the Company's designated derivative financial instruments (see Note 11). (4) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013. Derivative Financial Instruments The variable rate of interest on the Company's debt exposes the Company to interest rate risk. Currently, the Company uses interest rate cap agreements and interest rate swap transactions (collectively "Hedging Derivatives") to manage this interest rate risk. These instruments are carried at fair value in the Company’s financial statements (see Note 11). Changes in the fair value of the designated portion of the Company's Hedging Derivatives that qualify for hedge accounting are recognized through other comprehensive income (loss) (see Note 11). Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or for which the Company did not elect to designate as accounting hedges. The Company does not enter into derivative transactions for speculative or trading purposes, but may enter into derivatives to manage the economic risk of changes in interest rates. The following table summarizes the consolidated derivative positions at December 31, 2016 : Non-designated Hedged Interest Rate Caps (1) Cash Flow Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Swaps Notional balance $ 304,367 $ 370,100 $ 296,000 Weighted average interest rate (2) 2.68 % 4.04 % N/A Weighted average capped/swapped interest rate (3)(4) 5.08 % 6.00 % 2.63 % Earliest maturity date September 15, 2017 February 17, 2018 August 15, 2017 Latest maturity date September 15, 2019 February 18, 2018 September 15, 2019 (1) The full notional balance is hedged through September 15, 2017 after which $200,000 is hedged through September 15, 2019. (2) For interest rate caps, represents the weighted average interest rate on the hedged debt as of December 31, 2016 . (3) For interest rate caps, represents the capped interest rate, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. (4) The swap transactions are structured with a fixed rate that steps up over the three-year term locking in the forward LIBOR curve at the time of execution. This structure resulted in an average effective rate of 2.77% over the three -year term. As of December 31, 2015, the Company held four interest rate cap agreements, which included two interest rate cap agreements with an aggregate notional amount of $349,100 , LIBOR caps of 3.00% , and termination dates of February 17, 2018 and February 18, 2018 associated with the revolving credit facility, one interest rate cap agreement 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 and one forward-starting interest rate cap agreement with a notional amount of $200,000 , a LIBOR cap of 3.1085% , and a termination date of September 15, 2019. The two interest rate cap agreements associated with the revolving credit facility with an aggregate notional amount of $349,100 , were purchased in the first quarter of 2015, at an aggregate purchase price of $867 . In August 2014, the Company entered into the first interest rate cap agreement associated with the Securitization Loan with a notional amount of $312,667 at a purchase price of $293 . In January 2015, the Company entered into a forward-starting interest rate cap agreement associated with the Securitization Loan at a purchase price of $1,383 . Portions of the purchase prices of the interest rate cap agreements, representing the premiums paid to enter into the contracts, were capitalized as deferred financing costs and are being amortized using the straight-line method over the terms of the related agreements. The Company determined that the interest rate caps qualified for hedge accounting and, therefore, were designated as cash flow hedges with future changes in fair value recognized through other comprehensive income (loss) (see Note 11). Ineffectiveness was 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 and is recorded in adjustments for derivative instruments, net in the consolidated statements of operations and comprehensive income (loss). In July 2016, the Company entered into one interest rate cap agreement at LIBOR of 3.1085% with a notional amount of $104,367 and a termination date of September 15, 2017 to hedge interest rate risk associated with its Securitization Loan. The Company determined that the interest rate cap agreement qualified for hedge accounting and, therefore, designated the derivative as a cash flow hedge. The interest rate cap agreement was subsequently de-designated as noted below. In August 2016, the Company, through its Operating Partnership, entered into interest rate swap transactions with two counterparties (the “Swaps”). The Company entered into the Swaps to effectively fix the interest rate on $296,000 of the Company’s floating rate indebtedness under the Securitization Loan for three years . The Swaps have an effective date and maturity date as reflected in the table below. From each respective effective date through the corresponding maturity date, the Company will be required to make monthly fixed rate payments at the fixed swap rate and on the notional amounts reflected in the table below, while the counterparty will be obligated to make monthly floating rate payments to the Company based on one-month LIBOR and referencing the same notional amount. In connection with the Swaps, the Company is required to maintain cash reserves of at least $15,000 . The Company determined that the Swaps qualified for hedge accounting and designated the derivatives as cash flow hedges. Concurrently, the Company de-designated three interest rate cap agreements also associated with the Securitization Loan and will reclassify the balance of deferred losses of $1,255 in accumulated other comprehensive income (loss) to earnings over the remaining life of the associated interest rate cap agreements. Notional Amount Fixed Swap Rate Effective Date Maturity Date $ 177,600 0.6495 % August 15, 2016 August 15, 2017 $ 177,600 0.8045 % August 15, 2017 August 15, 2018 $ 177,600 0.9200 % August 15, 2018 September 15, 2019 $ 118,400 0.6600 % August 15, 2016 August 15, 2017 $ 118,400 0.8030 % August 15, 2017 August 15, 2018 $ 118,400 0.9300 % August 15, 2018 September 15, 2019 In connection with the financing of the October 1, 2016 acquisition (see Note 3), effective September 29, 2016, the Company modified an existing interest rate cap agreement originally entered into on March 31, 2015 to increase the notional amount from $266,100 to $287,100 to hedge interest rate risk associated with its revolving credit facility. The Company determined that the interest rate cap agreement qualified for hedge accounting and, therefore, continued its designation of the derivative as a cash flow hedge. Ineffectiveness was 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. During the years ended December 31, 2016 and 2015 , the Company paid $30 and $2,250 , respectively, in connection with the purchase of interest rate cap agreements which are included in other assets on the consolidated balance sheets and recorded at fair value (see Note 11). 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 , $311 and $858 , respectively, for the years ended December 31, 2016 , 2015 and 2014 .

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plan	Equity Incentive Plan Restated 2012 Equity Incentive Plan On December 4, 2012, the Company adopted an equity incentive plan (the "2012 Plan") which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The 2012 Plan provides for grants of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, originally subject to a ceiling of 921,053 shares available for issuance. The 2012 Plan allows for the Company’s board of directors to expand the types of awards available to include long-term incentive plan units in the future. If an award granted under the 2012 Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of future awards. No award may be granted under the equity incentive plan to any person who, assuming payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. On February 9, 2016 the Company's board of directors approved the amendment and restatement of the 2012 Plan (the "Restated 2012 Plan"), which was approved by stockholders on May 17, 2016. The amendment and restatement of the 2012 Plan increased the number of shares available for issuance by 1,500,000 shares and made certain other changes. Unless previously terminated by the Company's board of directors, no new award may be granted under the Restated 2012 Plan after February 9, 2026. The compensation committee of the Company’s board of directors has the full authority to administer and interpret the plan, to authorize the granting of awards, to determine the eligibility of directors, officers, advisors, consultants and other personnel of the Company to receive an award, to determine the number of shares of common stock to be covered by each award, to determine the terms, provisions and conditions of each award, to prescribe the form of instruments evidencing awards and to take any other actions and make all other determinations that it deems necessary or appropriate in connection with the equity incentive plan or the administration or interpretation thereof. In connection with this authority, the compensation committee may, among other things, establish performance goals that must be met in order for awards to be granted or to vest, or for the restrictions on any such awards to lapse. Restricted Stock Awards Restricted shares that have been awarded to certain personnel of the Company through December 31, 2015 vest in three annual installments commencing on the date of the grant, as long as such individual is an employee on the vesting date. Restricted shares that have been awarded to personnel and certain officers of the Company during the year ended December 31, 2016 vest in one year commencing on the date of the grant, as long as the individual is an employee on the vesting date. Restricted share awards to independent directors generally vest on the earlier of (i) the one year anniversary of the date of grant and (ii) the date immediately preceding the date of the annual meeting of the Company’s stockholders for the year following the year of grant for the award, as long as such director is serving as a board member on the vesting date. The Company’s unvested restricted stockholders have the same voting rights as any other common stockholder. During the period of restriction, the Company’s unvested restricted stockholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other common stockholder. For the years ended December 31, 2016 , 2015 and 2014 inclusive of the impact of cash dividends, the Company recognized $2,489 , $2,274 and $1,022 , respectively, of stock compensation expense related to the restricted stock awards. On February 9, 2016, the Company issued, in aggregate, 127,648 shares of restricted common stock to certain officers and employees of the Company. The estimated fair value of these awards was $12.97 per share, based upon the closing price of the Company’s stock on the date prior to the grant. 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, unless earlier accelerated pursuant to its terms. On May 17, 2016, the Company awarded each of its four independent directors an equity retainer in the form of an award of 3,432 shares of restricted stock at a grant date fair value of $14.57 per share. On August 2, 2016 the Company appointed a new independent director to the Company's Board of Directors who received 2,179 shares of restricted stock at a grant date fair value of $18.11 per share. On August 31, 2016 the Company accepted the resignation from one independent director on the Company's Board of Directors effective August 31, 2016. In connection with this resignation, the Board of Directors accelerated the vesting of 997 shares of restricted stock held by such director. As of December 31, 2016 , the total compensation cost related to nonvested awards not yet recognized was $508 and the weighted-average period over which such amount is expected to be recognized is 0.61 years . The table below summarizes the award activity of the restricted stock awards for 2016 , 2015 and 2014 : 2016 2015 2014 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at beginning of period 176,863 $ 15.79 107,088 $ 16.68 82,463 $ 18.44 Granted 143,555 13.20 142,100 15.67 77,559 15.95 Vested (148,934 ) (15.36 ) (63,157 ) (16.07 ) (43,437 ) (18.35 ) Forfeited (11,466 ) (14.25 ) (9,168 ) (16.06 ) (9,497 ) (18.37 ) Outstanding at end of period 160,018 $ 13.92 176,863 $ 15.79 107,088 $ 16.68 On January 4, 2017, the Company appointed a new independent director to the Company's Board of Directors who received 1,055 shares at a grant date fair value of $17.27 per share. On January 27, 2017, the Company issued, in aggregate, 121,067 shares of restricted common stock to certain officers and employees of the Company. The estimated fair value of these awards was $16.82 per share, based upon the closing price of the Company’s stock on the date prior to the grant. 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, unless earlier accelerated pursuant to its terms. Performance Stock Units The table below summarizes the award activity of the PSUs for 2016 and 2015 . There were no PSUs granted prior to 2015. 2016 2015 Shares Weighted Average Grant Date Shares Weighted Average Grant Date Outstanding at beginning of period 165,000 $ 7.00 — $ — Granted 60,000 15.76 165,000 7.00 Vested — — — — Forfeited (85,000 ) 7.00 — — Outstanding at end of period 140,000 $ 10.75 165,000 $ 7.00 As of December 31, 2016, the Company had 140,000 performance stock units (“PSUs”) granted to certain members of executive management under its equity incentive plan. Each PSU represents the potential to receive Silver Bay common stock based on the extent to which specified performance targets are met during the 36 -month performance period, which begins on the grant date and is subject to continued employment until the end of the performance period. 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"). On February 12, 2015, the Company granted 165,000 PSUs which would vest based on the Company’s annualized TSR during the performance period on an absolute (i.e., non-relative) basis (the “Absolute TSR PSUs”). On June 21, 2016, the Company granted an additional 30,000 Absolute TSR PSUs to the Chief Executive Officer. On January 27, 2017, the Company granted an additional 30,000 Absolute TSR PSUs. The number 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 (1) 6.5% —% 8% 50% 10% 100% 12% 150% 16% 200% (1) 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. On each of June 21, 2016 and January 27, 2017, the Company granted an additional 30,000 PSUs to its Chief Executive Officer which will vest based on the Company’s TSR during the performance period relative to a peer group index (the “Relative TSR PSUs”) comprised initially of those companies in the Apartment and Single Family Home subsectors of the FTSE NAREIT All REIT Index (the “Index”) with equal weighting provided to each subsector in constructing the peer group index. The number of shares of common stock eligible to be received will be determined by multiplying the target number of PSUs by the TSR Multiplier determined in accordance with the following table: TSR Relative to Peer Group TSR Multiplier (2) Underperform index by 6 percentage points —% Underperform index by 3 percentage points 50% Outperform index by 3 percentage points 100% Outperform index by 6 percentage points 200% (2) To the extent the Company's TSR performance compared to the Index TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier. Notwithstanding the foregoing, the payout of any Relative TSR PSU will be capped at 110% if the Absolute PSU TSR during the performance period is negative. 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 for all outstanding PSUs. The grant date fair value of the Absolute TSR PSUs granted in 2016 and 2015 were $12.84 and $7.00 , respectively. The grant date fair value of the Relative TSR PSUs granted in 2016 was $18.68 . The grant date fair value of the Absolute TSR PSUs and Relative TSR PSUs granted on January 27, 2017 was $7.78 and $13.67 , respectively. The following table summarizes the Monte-Carlo simulation inputs used to calculate the weighted-average grant date fair value of PSUs issued during the years ended December 31, 2016 and 2015 : 2016 2015 Expected volatility (1) 18.48 % 17.55 % Dividend assumption (2) — % — % Expected term in years 3.00 3.00 Risk-free rate 0.89 % 1.02 % Stock price (per share) (3) $ 16.40 $ 15.72 Beginning average stock price (per share) (4) $ 14.47 $ 16.06 (1) For the 2016 grants, expected volatility is based on the Company's historical stock price volatility over the last three years using daily data points. For the 2015 grants, 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 the date of the grant. (4) For the 2016 grants, based on the average closing price over the period from January 19, 2016 to June 21, 2016. For the 2015 grants, based on the 30 trading days ended on February 12, 2015. During the year ended December 31, 2016 and 2015 , the Company recognized non-cash performance-based stock unit expense of $178 and $339 , respectively, which is included within share-based compensation in the consolidated statements of operations and comprehensive income (loss). Unrecognized compensation expense at December 31, 2016 was $988 , and the weighted-average period over which such amount is expected to be recognized is 1.70 years . On January 27, 2017, certain executives were awarded 39,610 PSUs which would vest based on the Company's annualized TSR during the performance period based on an absolute period (the "Outperformance TSR PSUs") with a grant date fair value of $5.37 . The number of shares of common stock is determined by multiplying the number of PSUs by the TSR multiplier, determined in accordance with the following table: Annualized TSR TSR Multiplier (1) 6.5% —% 8% 25% 10% 50% 12% 100% 14% 125% 16% 150% (1) 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.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Preferred Stock	Preferred Stock During the Company's formation, it issued 1,000 shares of its 10% cumulative redeemable preferred stock to a subsidiary of Two Harbors, which subsequently sold the shares. This preferred stock ranks, with respect to dividend rights and rights upon the Company's liquidation, dissolution or winding up, senior to the rights of holders of the Company’s common stock. The Company may issue other classes or series of capital stock in the future, including classes or series of preferred stock, and expressly designate such classes or series as ranking junior to, on parity with or senior to the 10% cumulative redeemable preferred stock. The Company may not, however, issue capital stock ranking as to dividends or rights upon the Company's liquidation, dissolution or winding up, senior to the 10% cumulative redeemable preferred stock, without the affirmative vote or consent of two-thirds of the issued and outstanding shares of 10% cumulative redeemable preferred stock. Dividends shall accrue on a daily basis and be cumulative from the initial issue date. Dividends, if authorized by the board of directors, will be payable annually in arrears on June 30 of each year, or more frequently as determined by the board of directors. The Company has the option at any time after five years from the initial issue date of December 18, 2012 to redeem the 10% cumulative redeemable preferred stock at a redemption price of $1 per share, plus all accrued and unpaid dividends. At any time, beginning on the sixth anniversary of the initial issue date, a preferred stockholder, with adequate notice, may put their shares back to the Company, at a redemption price of $1 per share, plus all accrued and unpaid dividends. As of both December 31, 2016 and 2015 , there was $21 in preferred stock dividends included in accounts payable and accrued expenses on the consolidated balance sheets.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common stock As of December 31, 2016 , the Company had 35,380,034 shares of common stock outstanding. The following table presents the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2016 , 2015 and 2014 : Number of Common Shares Common shares outstanding, January 1, 2014 38,561,468 Restricted stock grants, net 68,062 Repurchase and retirement of common stock (1,917,836 ) Common shares outstanding, December 31, 2014 36,711,694 Restricted stock grants, net 132,932 Repurchase and retirement of common stock (781,439 ) Common shares outstanding, December 31, 2015 36,063,187 Restricted stock grants, net 132,089 Repurchase and retirement of common stock (815,242 ) Common shares outstanding, December 31, 2016 35,380,034 On July 1, 2013, the Company’s board of directors authorized the Company to repurchase up to 2,500,000 shares of its common stock through a share repurchase program. On November 25, 2014, the Company's board of directors authorized an increase of 2,500,000 shares to the previously authorized share repurchase program for a total of 5,000,000 shares. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. In the years ended December 31, 2016 , 2015 and 2014 , the Company repurchased and retired 776,202 , 770,417 and 1,912,139 common shares, respectively, under the program for a total cost of $11,281 , $12,260 and $31,396 , respectively, at an average purchase price of $14.53 , $15.91 and $16.42 , respectively, inclusive of commission. In the years ended December 31, 2016 , 2015 and 2014 , respectively, the Company repurchased and retired 39,040 , 11,022 and 5,697 common shares, respectively, outside of the repurchase program for a total cost of $512 , $174 and $93 , respectively, at an average purchase price of $13.13 , $15.74 and $16.28 , respectively. The shares were repurchased from certain employees, officers, directors, advisors and certain personnel of the Former Manager and the Former Manager's operating subsidiary to cover the minimum statutory tax withholding obligations related to the vesting of restricted common stock. On September 30, 2014, the Company issued 2,231,511 common units of the Operating Partnership to acquire the Former Manager (see Note 10). Common Stock Dividends The following table presents cash dividends declared by the Company on its common stock for the three years ended December 31, 2016 : Declaration Date Record Date Payment Date Cash Dividend per Share December 20, 2016 December 30, 2016 January 13, 2017 $ 0.13 September 22, 2016 October 3, 2016 October 14, 2016 0.13 June 21, 2016 July 1, 2016 July 15, 2016 0.13 March 23, 2016 April 4, 2016 April 15, 2016 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 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 On February 27, 2017 , our board of directors declared a quarterly dividend of $0.13 per share payable on April 14, 2017 , to shareholders of record on April 3, 2017 . Preferred Stock Dividends The following table presents cash dividends declared by the Company on its 10% cumulative redeemable preferred stock for the three years ended December 31, 2016 : Declaration Date Payment Date Cash Dividend per Share December 20, 2016 January 13, 2017 $ 24.72 September 22, 2016 October 14, 2016 24.72 June 22, 2016 June 30, 2016 25.00 March 30, 2016 April 15, 2016 26.94 January 8, 2016 January 8, 2016 22.78 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 January 1, 2014 January 10, 2014 24.72

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Net loss attributable to controlling interests $ (2,463 ) $ (9,375 ) $ (56,554 ) Preferred distributions (100 ) (100 ) (100 ) Net loss attributable to common stockholders $ (2,563 ) $ (9,475 ) $ (56,654 ) Basic and diluted weighted average common shares outstanding 35,557,636 36,209,999 38,119,971 Net loss per common share - Basic and Diluted $ (0.07 ) $ (0.26 ) $ (1.49 ) A total of 2,231,511 common units were outstanding from September 30, 2014 through December 31, 2016 which have been excluded from the calculations of diluted EPS as their inclusion would not be dilutive. In addition, 102,458 performance stock units, inclusive of applicable dividend equivalent rights, have been excluded from the calculation of diluted EPS for the year ended December 31, 2016 as their inclusion would not be dilutive, even though their market conditions had been met. During the year ended December 31, 2015 , 165,000 performance stock units have been excluded from the calculation of diluted EPS as their market conditions had not been met. There were no PSUs granted prior to February 12, 2015.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
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 minimis. As a result of this transaction, as of September 30, 2014, the Company no longer pays fees or expense reimbursements to the Former Manager or the Former Manager's operating subsidiary. The Company recognized $39,373 in the third and fourth quarters of 2014 in connection with the Internalization, which is recorded as management internalization expense in the accompanying consolidated statements of operations and comprehensive income (loss). The Internalization expense primarily consists of the issuance of the 2,231,511 common units of the Operating Partnership with a fair value of $36,173 , based on the stock price on the date of closing of $16.21 . The issuance of the common units was recognized as an expense as it represented the cost of terminating the advisory management fee agreement. The remaining amounts in management internalization were attributable to transaction fees and expenses, and the assumption of certain liabilities in connection with the transaction. The Company acquired cash of $2,069 and other net liabilities of $2,067 in the transaction. Upon Internalization, the Company assumed net operating losses and a deferred tax asset of the Former Manager's operating subsidiary. The Company has elected to have this new entity be treated for tax purposes as a TRS. See Note 4 for further detail on income taxes. Advisory Management Agreement Prior to the Internalization, the Company and the Former Manager maintained an advisory management agreement whereby the Former Manager designed and implemented the Company’s business strategy and administered its business activities and day-to-day operations, subject to oversight by the Company’s board of directors. In exchange for these services, the Former Manager earned a fee equal to 1.5% per annum, or 0.375% per quarter, of the Company’s daily average fully diluted market capitalization, as defined by the agreement, calculated and payable quarterly in arrears. The fee was reduced for the 5% property management fee (described below) received by the Former Manager’s operating subsidiary or its affiliates under the property management and acquisition services agreement. The Company also reimbursed the Former Manager for all expenses incurred on its behalf or otherwise in connection with the operation of its business, other than compensation for the Chief Executive Officer and personnel providing data analytics directly supporting the investment function. During the year ended December 31, 2014, the Company expensed $6,621 in advisory management fees, net of the reduction for the 5% property management fee described below. As of December 31, 2014, the Company had settled the final advisory management fee payable and had $0 outstanding related to the advisory management fee. 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 $0 for both the years ended December 31, 2016 and 2015 and totaled $5,476 for the year ended December 31, 2014 . As of December 31, 2016 and 2015 , the Company did not have an outstanding balance due to the Former Manager and affiliates on the consolidated balance sheets. Property Management and Acquisition Services Agreement Prior to the Internalization, the Company and the Former Manager's operating subsidiary maintained a property management and acquisition services agreement pursuant to which the Former Manager's operating subsidiary acquired and managed single-family properties on the Company's behalf. For these services, the Company reimbursed the Former Manager’s operating subsidiary for all direct expenses incurred in the operation of its business, including the compensation of its employees. The Former Manager’s operating subsidiary also received a property management fee equal to 5% of certain costs and expenses incurred by it in the operation of its business that were reimbursed by the Company. Prior to the Internalization, this 5% property management fee reduced the advisory management fee paid to the Former Manager on a dollar-for-dollar basis. Upon Internalization, the Former Manager's operating subsidiary performing these services was acquired. Prior to the Internalization, through the nine months ended September 30, 2014, the Company incurred property management expense of $7,569 , which included direct expense reimbursements of $5,120 and the 5% property management fee of $288 . The remaining $2,161 of property management fees incurred prior to the Internalization was incurred to reimburse the Former Manager's operating subsidiary for direct property management type expenses and payments due directly to third-party property managers. In addition, the Company incurred charges with the Former Manager's operating subsidiary of $608 in acquisitions and renovation fees, which the Company capitalized as part of property acquisition and renovation costs and $11 for leasing services, which are reflected as other assets and are being amortized over the life of the leases (typically one year or less). Following the Internalization, the Company incurred property management expense of $1,832 for total 2014 expense of $9,401 . As of December 31, 2016 and 2015 , the Company did not have an outstanding balance due to the Former Manager and affiliates on the consolidated balance sheets for property management and acquisition services. In June 2014, the Former Manager's operating subsidiary acquired the Company's third-party property manager in Tampa, who provided services exclusively to the Company, for $775 . No significant assets or liabilities were acquired or assumed as part of the transaction and the payment was recorded as a one-time general and administrative expense.

Derivative and Other Fair Value

Derivative and Other Fair Value Instruments	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and Other Fair Value Instruments	Derivative and Other Fair Value Instruments ASC 820 established a three level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1 — Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Recurring Fair Value The Company uses Hedging Derivatives to manage its exposure to interest rate risk (refer to Note 5) and in conjunction with certain variable rate secured debt to satisfy lender requirements. The Hedging Derivatives are valued using models developed by the respective counterparty that use as their basis readily observable market parameters (such as forward yield curves). The following table provides a summary of the aggregate fair value measurements for the Hedging Derivatives and the location within the consolidated balance sheets at December 31, 2016 and 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Non-Designated Hedges Interest Rate Caps Other Assets $ 245 $ — $ 245 $ — Cash Flow Hedges Interest Rate Caps Other Assets 2 — 2 — Interest Rate Swaps Other Assets 4,830 — 4,830 — Total $ 5,077 $ — $ 5,077 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Non-Designated Hedges Interest Rate Caps Other Assets $ 9 $ — $ 9 $ — Cash Flow Hedges Interest Rate Caps Other Assets 712 — 712 — Total $ 721 $ — $ 721 $ — The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2016 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Non-Designated Hedges Interest Rate Caps $ — Adjustments for derivative instruments, net $ (136 ) N/A $ — Cash Flow Hedges Interest Rate Caps (683 ) Interest Expense (171 ) N/A — Interest Rate Swaps 4,830 N/A — N/A — $ 4,147 $ (307 ) $ — The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Cash Flow Hedges Interest Rate Caps $ (1,587 ) Interest Expense $ (9 ) Adjustments for derivative instruments, net $ (51 ) The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2014 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Cash Flow Hedges Interest Rate Caps $ (291 ) Interest Expense $ (1 ) N/A $ (480 ) As of December 31, 2016 and 2015 , there were approximately $2,841 and $(1,613) , respectively, in deferred gains (losses) in accumulated other comprehensive income (loss) related to Hedging Derivatives. The Company expects to recognize approximately $593 in interest expense during the year ending December 31, 2017 , pertaining to the interest rate cap agreements, which will be reclassified out of accumulated other comprehensive income (loss), in accordance with the amortization schedules established upon designation of the interest rate caps as cash flow hedges. In addition, the Company expects to recognize approximately $207 into earnings during the year ended December 31, 2017 , pertaining to the de-designated interest rate cap agreements (as discussed below), which will be reclassified out of accumulated other comprehensive income (loss) into adjustments for derivative instruments, net, in accordance with the amortization schedules established upon designation of the interest rate cap agreements as cash flow hedges. In association with the pay down of the revolving credit facility in the third quarter of 2014, the Company de-designated the three interest rate cap agreements associated with the revolving credit facility and concurrently reclassified $480 in deferred losses from accumulated other comprehensive income (loss) to income which is recorded as adjustments for derivative instruments, net on the consolidated statements of operations and comprehensive income (loss). All future gains and losses associated with these interest rate cap agreements were recorded in earnings. During the year ended December 31, 2014, the Company recorded a loss of $49 related to the change in fair value following the de-designation of the three interest rate cap agreements associated with the revolving credit facility (see Note 5). In conjunction with the paydown of the revolving credit facility in the fourth quarter of 2015, the Company recorded a portion of the $266,100 interest rate cap agreement as ineffective. Current and future gains and losses associated with the ineffective portion of this interest rate cap agreement will be recorded as adjustments for derivative instruments, net on the consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2015, the Company recorded $51 in losses as ineffectiveness in interest rate cap agreements associated with the revolving credit facility. In August 2016, the Company entered into a series of interest rate swaps (see Note 5) and determined they qualified for hedge accounting and designated the derivatives as cash flow hedges. In connection with entering into these interest rate swaps, the Company de-designated three interest rate cap agreements associated with the Securitization Loan. As the Company still holds a balance on the Securitization Loan, it will reclassify the balance at December 31, 2016 of $1,255 in deferred losses in accumulated other comprehensive income (loss) to earnings over the remaining life of the associated interest rate cap agreements. During the year ended December 31, 2016 , the Company realized $180 in gains related to the change in fair value on the de-designated interest rate cap agreements which is recorded in adjustments for derivative instruments, net. Nonrecurring Fair Value For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset at the time the Company has determined to sell the asset. Assets held for sale are valued based on comparable sales data, less estimates of third-party broker commissions, which are gathered from the markets (see Note 2). These impairment measurements constitute nonrecurring fair value measures under ASC 820 and the inputs are characterized as Level 2. Fair Value of Other Financial Instruments In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. Descriptions are not provided for those items that have zero balances as of December 31, 2016 and 2015 . • Cash, escrow deposits, resident prepaid rent and security deposits, resident rent receivable (included in other assets), accounts payable, and accrued expenses have carrying values which approximate fair value because of the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets and liabilities as Level 1. • The Company’s revolving credit facility has a floating interest rate based on an index plus a spread and the credit spread is consistent with those demanded in the market for facilities with similar risk and maturities. Accordingly, the interest rate on this borrowing is at market and thus the carrying value of the debt approximated fair value as of December 31, 2016 and 2015 . The Company categorizes the fair value measurement of this liability as Level 2. • The fair value of the Company's Securitization Loan was $301,582 and $293,536 as of December 31, 2016 and 2015 , respectively, based on an average of market quotations. The Company categorizes the fair value measurement of this liability as Level 2. • The Company’s 10% cumulative redeemable preferred stock had a fair value which approximates its liquidation value at December 31, 2016 and 2015 . The Company categorizes the fair value measurement of this instrument as Level 2.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Concentrations As of December 31, 2016 , approximately 61% of the Company’s properties were located in Phoenix, AZ, Tampa, FL, and Atlanta, GA, which exposes the Company to greater economic risks than if the Company owned a more geographically dispersed portfolio. Resident security deposits As of December 31, 2016 , the Company had $12,992 in resident security deposits. Security deposits are refundable, net of any outstanding charges and fees, upon expiration of the underlying lease. Operating leases Upon Internalization, the Company assumed certain commitments that were previously those of the Former Manager or the Former Manager’s operating subsidiary. The Company leases certain office facilities under operating leases, some of which include rent payment escalation clauses, with lease terms ranging from one to five years . In addition to minimum lease payments, some of the Company's office facility leases require payment of a proportionate share of fees and taxes and building operating expenses. In the years ended December 31, 2016 , 2015 and 2014 the Company incurred $890 , $837 and $104 , respectively, in rental expense on operating leases. A schedule of future minimum lease payments under non-cancelable operating leases for the following years is as follows: 2017 $ 574 2018 445 2019 360 2020 296 2021 203 Thereafter — Total $ 1,878 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 consolidated financial statements and, therefore, no accrual has been recorded as of December 31, 2016 .

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarterly Financial Data (Unaudited) Following is quarterly financial data for 2016 and 2015 : 2016 Quarter Ended March 31 June 30 September 30 December 31 Total revenue $ 31,136 $ 31,488 $ 31,561 $ 32,450 Net (loss) income (3,589 ) (222 ) (1,665 ) 2,862 Net (loss) income attributable to common stockholders (3,404 ) (234 ) (1,592 ) 2,667 (Loss) income per share attributable to common shares - basic $ (0.09 ) $ (0.01 ) $ (0.05 ) $ 0.08 (Loss) income per share attributable to common shares and units - diluted $ (0.09 ) $ (0.01 ) $ (0.05 ) $ 0.07 2015 Quarter Ended March 31 June 30 September 30 December 31 Total revenue $ 22,252 $ 30,184 $ 30,617 $ 30,641 Net loss (3,841 ) (3,886 ) (1,427 ) (798 ) Net loss attributable to common stockholders (3,644 ) (3,686 ) (1,368 ) (777 ) Loss per share attributable to common shares - basic and diluted (0.10 ) (0.10 ) (0.04 ) (0.02 ) During the quarter ended December 31, 2016 , the Company recorded net income attributable to common stockholders of $2,667 , as such, the Company has reported diluted EPS of $0.07 for the quarter. The diluted weighted average shares outstanding during the quarter included 2,231,511 common units and 147,176 performance stock units, inclusive of applicable dividend equivalent rights, as their market conditions had been met. D uring the fourth quarter of 2015, the Company recorded a tax benefit of $964 related to the reversal of a deferred tax valuation allowance for the portion of the Company’s deferred tax assets that the Company believes meets the “more-likely than not” realizability test as described in Note 4.

Subsequent Events (Notes)

Subsequent Events (Notes)	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 27, 2017, Silver Bay Realty Trust Corp. the General Partner, and the Operating Partnership (Silver Bay Realty Trust Corp., the Operating Partnership and the General Partner collectively referred to as the “Company Parties”), entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Tricon Capital Group, Inc., a company incorporated under the laws of the Province of Ontario (“Tricon Ultimate Parent”), TAH Acquisition Holdings LLC, a Delaware limited liability company (“Tricon Parent”) and TAH Acquisition LP, a Delaware limited partnership (“Tricon LP” and, together with Tricon Ultimate Parent and Tricon Parent, the “Tricon Parties”). Under the Merger Agreement, Silver Bay Realty Trust Corp. will merge with and into Tricon Parent, with Tricon Parent being the surviving entity (the “Merger”). The board of directors of Silver Bay Realty Trust Corp. has unanimously approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, each outstanding share of Silver Bay Realty Trust Corp. common stock, par value $0.01 per share (other than shares held by any Tricon Party or any subsidiary thereof or any wholly-owned subsidiary of the Company), will be converted into the right to receive an amount in cash equal to $21.50 , without interest (as the same may be adjusted, the “Merger Consideration”), subject to any applicable withholding tax, and each outstanding share of Silver Bay Realty Trust Corp. 10% cumulative redeemable preferred stock, par value $0.01 per share, will be converted into the right to receive an amount in cash equal to $1,000 per share, plus an amount equal to all dividends accrued and unpaid on such share of preferred stock immediately prior to the Merger effective time, without interest (the “Preferred Merger Consideration”), subject to applicable withholding tax. The Merger Agreement also provides for the merger of Tricon LP with and into the Operating Partnership, with the Operating Partnership being the surviving entity (the “Partnership Merger”). The completion of the Merger and the Partnership Merger is subject to customary conditions, including, among others: (i) approval by a majority of Silver Bay Realty Trust Corp.’s stockholders; (ii) the absence of a material adverse effect on the Company; (iii) the receipt of a tax opinion relating to REIT status of the Company and (iv) the absence of any order, action or law by a governmental authority preventing, prohibiting, enjoining or making illegal the consummation of the Merger and the Partnership Merger. The Company anticipates the Merger and Partnership Merger will close in the second quarter of 2017.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Silver Bay Realty Trust Corp. Schedule III — Real Estate and Accumulated Depreciation As of December 31, 2016 (dollars in thousands) Encumbrances Initial Cost to Company Costs Capitalized Subsequent to Acquisitions Total Cost Market Location Number of Owned Properties Number of Encumbered Properties (1) Encumbrances (1) Land Building Land Improvements Building Improvements Land and Land Improvements Building and Improvements Total (2) Accumulated Depreciation (3) Date of Construction Range Date Acquired Atlanta, GA 2,949 2,922 $ 177,088 $ 68,523 $ 243,412 $ 32 $ 39,943 $ 68,555 $ 283,355 $ 351,910 $ 23,737 1900 - 2013 2012 - 2016 Phoenix, AZ 1,422 1,422 137,502 34,070 136,484 23 33,187 34,093 169,671 203,764 23,526 1944 - 2010 2012 - 2013 Tampa, FL 1,136 1,098 95,552 30,872 104,533 114 29,340 30,986 133,873 164,859 16,404 1941 - 2010 2012 - 2016 Charlotte, NC 689 671 36,782 15,957 63,237 9 7,020 15,966 70,257 86,223 5,323 1941 - 2013 2012 - 2016 Orlando, FL 522 490 29,548 12,171 48,954 22 10,136 12,193 59,090 71,283 5,544 1937 - 2012 2012 - 2016 Dallas, TX 511 493 32,682 11,643 44,963 38 12,448 11,681 57,411 69,092 5,623 1958 - 2010 2012 - 2016 Jacksonville, FL 451 418 28,268 11,937 35,005 6 12,732 11,943 47,737 59,680 4,349 1944 - 2009 2013 - 2015 Northern CA 381 381 36,749 14,943 47,608 79 10,482 15,022 58,090 73,112 8,179 1909 - 2006 2012 - 2013 Las Vegas, NV 290 290 28,593 2,064 32,916 — 6,429 2,064 39,345 41,409 5,624 1970 - 2009 2012 - 2014 Columbus, OH 284 284 18,741 4,468 18,032 — 10,881 4,468 28,913 33,381 3,284 1947 - 2009 2013 - 2014 Tucson, AZ 209 208 12,819 2,673 10,266 10 4,736 2,683 15,002 17,685 2,208 1940 - 2008 2012 - 2013 Southeast FL 200 142 12,925 7,290 19,511 12 10,612 7,302 30,123 37,425 2,662 1950 - 2005 2013 - 2015 9,044 8,819 $ 647,249 $ 216,611 $ 804,921 $ 345 $ 187,946 $ 216,956 $ 992,867 $ 1,209,823 $ 106,463 (1) Encumbrances include the number of properties pledged under the revolving credit facility and the number of properties secured by first priority mortgages under the Securitization Loan, as well as the aggregate value of outstanding debt attributable to such properties, excluding the original issue discount. There are 87 properties in various markets classified as assets held for sale as of December 31, 2016 that are encumbered under the Company's revolving credit facility and Securitization Loan for an aggregate total of $9.0 million that have been excluded from Schedule III. (2) The gross aggregate cost of total real estate for federal income tax purposes was approximately $1,217,745 at December 31, 2016 (unaudited). (3) Depreciation of building and improvements is computed on the straight-line basis over the estimated useful life of 3 to 27.5 years , with no salvage value. The changes in investments in real estate for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 1,209,684 $ 948,370 $ 776,304 Acquisition of real estate 44,037 273,266 136,045 Improvements 14,157 24,299 38,188 Dispositions and other (1) (58,055 ) (36,251 ) (2,167 ) Balance, end of year $ 1,209,823 $ 1,209,684 $ 948,370 The changes in accumulated depreciation for the years ended December 31, 2016 , 2015 and 2014 are as follows: 2016 2015 2014 Balance, beginning of year $ 74,907 $ 43,150 $ 18,897 Depreciation expense 35,962 33,617 24,281 Dispositions and other (1) (4,406 ) (1,860 ) (28 ) Balance, end of year $ 106,463 $ 74,907 $ 43,150 (1) Includes assets transferred to held for sale.

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership and its consolidated subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All intercompany balances and transactions have been eliminated in consolidation. The Company consolidates real estate partnerships and other entities that are not variable interest entities ("VIE") when it owns, directly or indirectly, a majority voting interest in the entity or is otherwise able to control the entity. The Company consolidates VIEs in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , if the primary beneficiary of the VIE as determined by its power to direct the VIEs activities and the obligation to absorb its losses or the right to receive its benefits, which are potentially significant to the VIE. Ownership interests in certain consolidated subsidiaries of the Company held by outside parties are included in noncontrolling interest within the consolidated financial statements. The Company adopted ASU 2015-02, Amendments to the Consolidation Analysis, during the quarter ended March 31, 2016. This guidance improved 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. Based on its review and subsequent analysis of its legal entities structure, the Company concluded that the Operating Partnership is a VIE as the limited partners of the Operating Partnership do not have substantive kick-out rights. As the general partner and controlling owner of approximately 94.1% of the Operating Partnership with the power to direct its activities, the Company will continue to consolidate the Operating Partnership under this new guidance. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. As of both December 31, 2016 and 2015 the Company had one VIE.
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 equity.
Investments in Real Estate	Investments in Real Estate Operating real estate assets are stated at cost and consist of land and improvements, buildings and improvements, including other capitalizable costs incurred during their possession, renovation and acquisition. Single-family properties acquired that are not subject to an existing lease are treated as asset acquisitions and, as such, are recorded at their purchase price, including acquisition costs, which is allocated to land and building based upon their relative fair values at the date of acquisition. Fair value is determined under the guidance of Codification Topic, Fair Value Measurements (“ASC 820”), and is primarily based on unobservable data inputs which are categorized as Level 3 valuations. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties that are not subject to an existing lease, the Company utilizes its own market knowledge and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. Single-family properties that are acquired either subject to an existing lease or as part of a portfolio level transaction are treated as a business combination under the guidance of Codification Topic, Business Combinations (“ASC 805”), and, as such, are recorded at fair value, assigned to land, building and the existing lease, if applicable, based upon their fair values at the date of acquisition, with acquisition fees and other costs expensed as incurred. The Company engages a third party valuation specialist to assist management in the determination of fair value for purposes of assigning the purchase price of properties acquired as part of portfolio level transactions along with information obtained from county tax assessment records to assist in the determination of the fair value of the land and building. The value of acquired lease related intangibles, if any, is estimated based upon the costs the Company would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. The nature of the Company's business requires that in certain circumstances Silver Bay acquires single-family properties subject to existing liens. Liens that the Company expects to be extinguished in cash are estimated and accrued for on the date of acquisition and recorded as a cost of the property. Building and improvements depreciation is computed on the straight-line basis over the estimated useful lives of the assets. The Company generally uses a 27.5 -year estimated life with no salvage value. Depreciation on land improvements is computed on the straight-line basis over the estimated useful lives of the assets, generally 3 to 15 years with no salvage value. Land is not depreciated. The Company considers the value of acquired in-place leases in the allocation of purchase price and the amortization period reflects the average remaining term of each respective in-place acquired lease. The lease periods are generally short-term in nature ( one or two years). The Company incurs costs to prepare certain of its acquired properties to be placed in service. These costs are capitalized and allocated to building improvement costs or land improvement costs as part of such properties’ initial renovation. If the Company acquires a property with an existing lease, the Company capitalizes the cost of the initial renovation of such property following lease expiration and resident move out. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and expenditures for significant capital expenditures that improve the asset and extend the useful life of the asset are capitalized and depreciated over their remaining useful life. The Company evaluates its long-lived assets for indicators of impairment periodically or whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and the Company’s ability to hold, and its intent with regard to, each asset. If an impairment indicator exists, the Company compares the expected future undiscounted cash flows against the carrying amount of the asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company records an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
Single-Family Properties Held for Sale and Discontinued Operations	Single-Family Properties Held for Sale and Discontinued Operations Single-family properties are classified as held for sale when they meet the applicable GAAP criteria, including, but not limited to, being listed for sale and the home is in present condition for immediate sale, the existence of an active program to locate a buyer and the probable sale of the home within one year. Upon identification as held for sale, the property is subject to the Company’s impairment test and an impairment loss is immediately recognized when the estimated fair value, less costs to sell, is less than the carrying amount of the asset. The property is then marketed for sale and classified as held for sale in the consolidated financial statements. Depreciation ceases to be recorded upon designation of an asset as held for sale. As of December 31, 2016 and 2015 , the Company had 104 and 98 single-family properties, respectively, classified as held for sale. These properties did not have material historical operating results under the Company's ownership. At December 31, 2016 and 2015 , the Company had $16,543 and $11,184 , respectively, of assets held for sale. For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized impairment charges of $1,105 , $95 and $601 , respectively, classified as impairment of real estate on the consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2016 , 2015 and 2014 , the Company recognized a net gain on sale of assets of $10,657 , $4,044 and $174 , respectively, classified as net gain on disposition of real estate on the consolidated statements of operations and comprehensive income (loss). ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , defines a discontinued operation 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. 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 and did not have any discontinued operations during the years ended December 31, 2016 , 2015 and 2014 .
Cash	Cash The Company maintains its cash and escrow deposits at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Escrow Deposits	Escrow Deposits Escrow deposits primarily include cash held in reserve at financial institutions, as required by the Company's debt agreements described in Note 5. In addition, escrow deposits include money held at financial institutions for cash flow hedge collateral and refundable earnest money on deposit with certain third party property managers for property operating costs.
Deferred Lease Costs, Net	Deferred Lease Costs, Net Direct and incremental costs incurred by the Company to lease properties are capitalized and amortized over the life of the lease and reflected as other assets on the consolidated balance sheets. Amortization of leasing costs is included in depreciation and amortization on the consolidated statements of operations and comprehensive income (loss).
Rent and Other Receivables, Net	Rent and Other Receivables, Net The Company maintains an allowance for doubtful accounts for estimated losses that may result from the inability of residents to make required rent or other payments. This allowance is estimated based on payment history and current occupancy status. The Company generally does not require collateral or other security from its residents, other than security deposits. If estimates of collectability differ from the cash received, the timing and amount of the Company’s reported revenue could be impacted.
Fair Value of Financial Instruments, Including Derivative Instruments	Fair Value of Financial Instruments, Including Derivative Instruments The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments. In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks through the use of derivatives to hedge interest rate risk on debt instruments. The Company recognizes derivatives as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either accumulated other comprehensive income (loss) (a component of stockholders’ equity) or net income (loss) depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. The Company does not use derivatives for trading or speculative purposes.
Deferred Financing Costs, Net	Deferred Financing Costs, Net Costs incurred in the placement of the Company’s debt are deferred and amortized, as a component of interest expense on the consolidated statements of operations and comprehensive income (loss), using the effective interest method, or alternative methods that approximate the effective interest method. The costs are amortized over the terms of the related debt, which, where applicable, reflect the intended exercise of renewal options. The Company adopted ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as of January 1, 2016, which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the original issue discount, rather than as an asset. As a result of the retrospective adoption of this guidance, deferred financing costs, net of amortization of $5,884 and $8,139 at December 31, 2016 and 2015, respectively, are netted against the carrying values of the Securitization Loan (see Note 5). Previously, these costs were recorded as part of deferred financing costs, net on the consolidated balance sheets. Additionally, in accordance with ASU 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, issued in August 2015, the Company presents debt issuance costs related to its revolving credit facility as an asset within other assets on the consolidated balance sheets and amortize them ratably over the term of the related facility.
Revenue Recognition	Revenue Recognition Rental income, net of concessions and sales tax, attributable to resident leases is recorded on a straight-line basis over the term of the lease. Leases entered into between residents and the Company for the rental of property units are generally year-to-year and renewable upon consent of both parties on an annual or monthly basis. The Company recognizes other revenues such as pet fees, late fees, and application fee income when the related fees are earned and are realized or realizable. The Company recognizes sales of real estate when the sale has closed, title has passed, adequate initial and continuing investment by the buyer is received, possession and other attributes of ownership have been transferred to the buyer, and the Company is not obligated to perform significant additional activities after closing. All of these conditions are typically met at or shortly after closing.
Noncontrolling Interests	Noncontrolling Interests The ownership interests in a consolidated subsidiary that are not held by the Company are noncontrolling interests and are reported on the consolidated balance sheets within equity, separately from the Company’s equity. However, securities that are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, must be classified outside of permanent equity. This would result in certain outside ownership interests being included as redeemable noncontrolling interests outside of permanent equity in the consolidated balance sheets. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considered the guidance in the Codification Topic, Derivatives and Hedging —Contracts in Entity’s Own Equit y (“ASC 815-40”) to evaluate whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. The Company presents the noncontrolling interest for common Operating Partnership units in the equity section of its consolidated balance sheets. Net income (loss) is allocated to common Operating Partnership unit holders based on their respective ownership percentage of the Operating Partnership. Such ownership percentage is calculated by dividing the number of common Operating Partnership units held by the common Operating Partnership unit holders by the total Operating Partnership units held by the common Operating Partnership unit holders and the Company. Additional issuance or repurchase of shares of common stock or common Operating Partnership units changes the percentage ownership of both the noncontrolling interests — common Operating Partnership unit holders and the Company. Due in part to the exchange rights (which provide for the redemption of common Operating Partnership units into shares for common stock on a one-for-one basis), such transactions and the proceeds or costs therefrom are treated as capital transactions and result in an allocation between stockholders’ equity and noncontrolling interests to account for the change in the respective percentage ownership of the underlying equity of the Operating Partnership.
Preferred Stock	Preferred Stock The Company accounts for its 10% cumulative redeemable preferred stock in accordance with the Codification Topic, Distinguishing Liabilities from Equity—SEC Materials (“ASC 480-10-S99”). Holders of the Company’s 10% cumulative redeemable preferred stock have certain preference rights with respect to the common stock. Based on the Company’s analysis, the preferred stock has been classified as redeemable interests outside of permanent equity in the mezzanine section of the Company’s consolidated balance sheets as a result of certain redemption requirements or other terms.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic and diluted earnings (loss) per share are computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares and potential common shares outstanding during the years ended December 31, 2016 , 2015 and 2014 . For both basic and diluted per share calculations, potential common shares represent issued and unvested shares of restricted stock, which have full rights to the common stock dividend declarations of the Company. The common Operating Partnership units and any performance stock units whose market conditions have been met are excluded from the calculation of earnings (loss) per share as their inclusion would not be dilutive.
Equity Incentive Plan	Equity Incentive Plan The Company adopted an equity incentive plan which provides incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel of the Company. The plan permits the granting of stock options, restricted shares of common stock, restricted stock units, phantom shares, dividend equivalent rights, or other equity-based awards. The equity incentive plan is administered by the compensation committee of the Company’s board of directors. The cost of restricted shares of common stock awarded to independent directors is based on the price of the Company’s stock as of the date of grant, in accordance with Codification Topic, Compensation - Stock Compensation (“ASC 718”). Prior to the Internalization, the cost of equity awards to employees of the Former Manager and the Former Manager’s operating subsidiary were measured at each reporting date based on the price of the Company’s stock as of period end, in accordance with Codification Topic, Equity (“ASC 505”). On the date of the Internalization, the employees of the Former Manager and the Former Manager's operating subsidiary became employees of the Company and the Company fixed the measurement of the awards to the respective employees to the stock price as of such date in accordance with ASC 718. The respective awards will not be subsequently remeasured and future awards to employees, subsequent to the Internalization, will be measured based on the price of the Company's stock as of the date of grant in accordance with ASC 718. All equity awards are amortized ratably over the applicable service period. The Company recognizes compensation expense for performance stock units ("PSUs") 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 PSUs are estimated using a Monte-Carlo simulation model.
Income Taxes	Income Taxes The Company intends to operate and to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code") and intends to comply with the requirements of the Code relating to REITs. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders (not including taxable income retained in its TRS entities) within the time frame set forth in the Code and the Company must also meet certain other requirements. In addition, because certain activities, if performed by the Company, may cause the Company to earn income which is not qualifying for the REIT gross income tests, the Company formed or acquired TRS entities, as defined in the Code, to engage in such activities. These TRS activities are subject to federal, state, and local income taxes on any taxable income of such entities after consideration of any net operating losses, as well as any REIT taxable income not distributed to stockholders. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with Codification Topic, Income Taxes (“ASC 740”). The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company classifies interest and penalties on material uncertain tax positions as income tax expense, on its consolidated statements of operations and comprehensive income (loss). Deferred Tax Assets and Liabilities Income recognition for GAAP and tax differ in certain respects. These differences often reflect differing accounting treatments for tax and GAAP, such as differing basis on capitalized assets, differing treatment for certain acquired assets and real estate asset impairments and the timing of expense recognition for certain accrued liabilities and net operating losses. Some of these differences are temporary in nature and create timing mismatches between when taxable income is earned and the tax is paid versus when the GAAP income is recognized and the tax provision is recorded. Some of these differences are permanent since certain income (or expense) may be recorded for tax but not for GAAP (or vice-versa). One such significant permanent difference is the Company’s ability as a REIT to deduct dividends paid to stockholders as an expense for tax, but not for GAAP. The Company's deferred tax assets also include net operating losses generated or acquired. As a result of these temporary differences, the Company’s TRS entities, may recognize taxable income in periods prior or subsequent to when it recognizes income for GAAP. When this occurs, the TRS will pay or defer the tax liability and establish deferred tax assets or deferred tax liabilities, respectively, for GAAP. As income previously taxed is subsequently realized in future periods under GAAP, the deferred tax asset is reversed and a tax expense is recognized. Alternatively, as income previously recognized for GAAP is subsequently realized in future periods for tax, the deferred tax liability is reversed and a tax benefit is recognized. To date, the Company’s deferred tax assets and/or liabilities are generated solely by differences in GAAP and taxable income from the TRS entities. GAAP and tax differences in the REIT may create additional deferred tax assets to the extent the Company does not distribute all of its taxable income. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of deferred tax assets will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances and that causes the Company to change judgment about the realizability of the related deferred tax asset is included in the provision when such changes occur.
Segment Reporting	Segment reporting In accordance with Codification Topic, Segment Reporting ("ASC 280"), the Company has determined that it has one reportable segment with activities related to leasing and operating single-family homes as rental properties. The Company's properties are geographically dispersed and management evaluates operating performance at the market level and while each market and its properties are unique, the aggregate market portfolios have similar economic interests and operating performance. The distribution of the properties throughout the United States reflects the Company's belief that geographic diversification helps insulate the portfolio from regional economic influences.
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 will cease to be an "emerging growth company" under the JOBS Act on December 31, 2017. 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 (Topic 606) , which provides guidance on revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , most industry-specific guidance and some cost guidance included in Subtopic 605-35, “ Revenue Recognition-Construction-Type and Production-Type Contracts .” The new standard specifically excludes lease revenue, but will apply to other revenue real estate sales. The standard’s core principle is that a company will 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. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The guidance will be effective for the Company for annual reporting periods beginning on January 1, 2018, and for interim periods within those annual periods. The Company can elect to adopt guidance using the full retrospective approach or the modified retrospective approach. 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 method of adoption and the impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases , a new lease standard which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). Under ASU 2016-02, lessor accounting will be substantially similar to the current model, but aligned with certain changes to the lessee model and ASU 2014-09. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The Company’s rental revenue is primarily generated from short-term operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard is expected to impact the Company’s consolidated financial statements as the Company has operating office lease arrangements for which it is the lessee. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted. The new standard must be adopted using a modified retrospective transition, requiring application of the new guidance at the beginning of the earliest comparative period presented and provides for certain practical expedients. The Company is currently evaluating the impact on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in this ASU include multiple provisions intended to simplify various aspects of the accounting for share-based payments. The guidance will be effective for annual reporting periods beginning after December 15, 2016, and for interim reporting periods within those annual periods, with early adoption permitted. The Company does not anticipate the adoption of this ASU will have a material impact on its consolidated financial statements and has adopted as of January 1, 2017. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments , which changes how companies will measure credit losses for certain financial assets. This guidance requires an entity to estimate its expected credit losses and record an allowance based on this estimate so that it is presented at the net amount expected to be collected on the financial asset. The guidance will be effective for annual periods beginning after December 15, 2019 and interim periods within that reporting period with early adoption permitted beginning after December 15, 2018 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments should be presented and classified on the statement of cash flows. The guidance will be effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows, Restricted Cash , which requires the statement of cash flows to explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments do not provide a definition of restricted cash or restricted cash equivalents. The guidance will be effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations, Clarifying the Definition of a Business , which amends the guidance in ASC 805 to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance will be effective for annual periods beginning after December 15, 2017 and interim periods within that reporting period. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired as part of the Portfolio Acquisition: Land and land improvements $ 55,684 Buildings and improvements 207,316 Estimated fair value of assets acquired $ 263,000
Pro Forma Information	The following table illustrates the effect on net loss and loss per share - basic and diluted as if the Company had completed the Portfolio Acquisition on January 1, 2014 (unaudited): Year Ended December 31, 2015 2014 Revenue (1) $ 120,309 $ 101,868 Net loss (1) (2) (3) $ (10,076 ) $ (70,754 ) Net loss attributable to common stockholders (1) (2) (3) $ (9,599 ) $ (70,711 ) Loss per share - basic and diluted (1) (2) (3) $ (0.27 ) $ (1.85 ) Weighted average common shares outstanding 36,209,999 38,119,971 (1) The unaudited pro forma information includes revenue and operating expenses based on the historical operations of TAH as well as 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 year ended December 31, 2015 had been incurred on January 1, 2014, and thus is included in the year ended December 31, 2014. (3) Includes net gain on disposition of real estate as noted in the consolidated statements of operations and comprehensive income (loss).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of tax (benefit) provision recorded at the taxable subsidiary level	The following table summarizes the tax expense (benefit) recorded at the taxable subsidiary level for the years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Current tax expense (benefit): Federal $ 153 $ 19 $ — State and local 297 184 — Total current tax expense 450 203 — Deferred tax expense (benefit) (1) 713 (246 ) (201 ) Valuation allowance (194 ) (715 ) 201 Income tax expense (benefit) $ 969 $ (758 ) $ — (1) In addition to the deferred tax benefit generated for the year ended December 31, 2014, the Company acquired $486 of deferred tax assets in connection with the Internalization transaction.
Schedule of reconciliation of the statutory federal and state rates to the effective rates	The following is a reconciliation of the Company’s statutory federal and state rates to the effective rates, for the years ended December 31, 2016 , 2015 and 2014 . Year Ended December 31, 2016 2015 2014 Computed income tax benefit at federal rate $ (681 ) $ (3,749 ) $ (19,277 ) State and local tax, net of federal (benefit) expense (86 ) 101 (21 ) Permanent differences in taxable income from GAAP income 49 60 7 Valuation allowance (198 ) (628 ) 120 Tax at statutory rate on earnings not subject to federal income tax 1,885 3,458 19,171 Expense (benefit) from income taxes $ 969 $ (758 ) $ —
Schedule of current and deferred tax assets and liabilities	The Company’s consolidated balance sheets as of December 31, 2016 and 2015 contained the following current and deferred tax assets and liabilities, which are included in other assets and are recorded at the taxable subsidiary level. December 31, December 31, Current tax payable Federal income tax payable $ (114 ) $ (19 ) State and local income tax payable (217 ) (3 ) Current tax payable, net (331 ) (22 ) Deferred tax assets (liabilities) Deferred tax asset 1,154 1,923 Deferred tax liability (70 ) (126 ) Deferred tax asset, net 1,084 1,797 Valuation allowance (642 ) (836 ) Total tax asset, net $ 111 $ 939
Schedule of tax treatment of dividends and distributions per share	During the years ended December 31, 2016 , 2015 and 2014 the Company’s tax treatment of dividends and distributions per share were as follows: Year Ended December 31, 2016 2015 2014 Tax treatment of dividends and distributions: Ordinary dividends $ — $ — $ — Long-term capital gains — — — Nondividend distributions (return of capital) 0.52 0.46 0.16 Dividends and distributions declared per common share/unit outstanding $ 0.52 $ 0.46 $ 0.16

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The following table presents the Company's debt as of December 31, 2016 and 2015 : Carrying Amount Interest Rate as of December 31, 2016 Maturity Date December 31, 2016 December 31, 2015 Securitization loan 2.68 % (1) September 9, 2019 (2) 303,452 $ 304,966 Unamortized original issue discount (3) (786 ) (1,086 ) Unamortized deferred financing costs (5,884 ) (8,139 ) Securitization loan, net 296,782 295,741 Revolving credit facility 4.04 % (4) February 18, 2018 (5) 352,799 326,472 Total $ 649,581 $ 622,213 (1) The securitization loan provides for monthly payments at a blended rate equal to the one-month LIBOR plus 1.84% and a monthly servicing fee of 0.1355% (excluding the amortization of the original issue discount and deferred financing costs). (2) The securitization loan had an initial term of two years, with three , 12 -month extension options, which management intends to exercise, resulting in a fully extended maturity date of September 9, 2019. The extension options may be executed provided there is no event of default under the securitization loan, a replacement interest rate cap agreement is obtained in a form reasonably acceptable to the lender and the borrower complies with other terms set forth in the loan agreement. During the twelve months ended December 31, 2016, the Company executed the first 12-month extension option. (3) The original issue discount will be accreted and recognized to interest expense through the fully extended maturity date of September 9, 2019. (4) As amended, the revolving credit facility bears interest at a varying rate of three-month LIBOR plus 3.0% , subject to a LIBOR floor of 0.0% and includes an unused fee as further described below. (5) The revolving credit facility had a borrowing capacity of up to $400,000 and a maturity date of February 18, 2018. The revolving period ended on February 18, 2017 and the Company is no longer able to draw additional amounts under the revolving credit facility. Beginning August 18, 2017, pursuant to a recent amendment, all net cash generated by the properties in the Pledged Subsidiaries (as defined below) (after paying associated property-level expenses) is directed towards principal repayment rather than being distributed to the Company.
Schedule of Contractual Maturities of Debt	The following table summarizes the Company's contractual maturities of debt as of December 31, 2016 (in thousands): 2017 $ — 2018 352,799 2019 303,452 2020 — Thereafter — Total $ 656,251
Interest Expense Disclosure	The following table presents the Company's total interest expense for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Gross interest expense (1) $ 20,604 $ 16,634 $ 8,667 Amortization of discount on Securitization Loan 301 301 116 Amortization and write-off of deferred financing costs (2) 4,597 4,494 3,613 Other interest (3) 611 157 48 Capitalized interest (4) — (311 ) (858 ) Total interest expense $ 26,113 $ 21,275 $ 11,586 (1) Includes the Securitization Loan's monthly servicing fees. (2) For 2015, excludes deferred financing fees written-off in conjunction with the paydown of the Securitization Loan related to the sale of the Houston portfolio. (3) Includes monitoring service fees and interest related to the Company's designated derivative financial instruments (see Note 11). (4) The Company capitalizes interest for properties undergoing renovation activities and purchased subsequent to the Company obtaining debt in May 2013.
Schedule of Derivative Instruments	The following table summarizes the consolidated derivative positions at December 31, 2016 : Non-designated Hedged Interest Rate Caps (1) Cash Flow Hedges Interest Rate Caps Cash Flow Hedges Interest Rate Swaps Notional balance $ 304,367 $ 370,100 $ 296,000 Weighted average interest rate (2) 2.68 % 4.04 % N/A Weighted average capped/swapped interest rate (3)(4) 5.08 % 6.00 % 2.63 % Earliest maturity date September 15, 2017 February 17, 2018 August 15, 2017 Latest maturity date September 15, 2019 February 18, 2018 September 15, 2019 (1) The full notional balance is hedged through September 15, 2017 after which $200,000 is hedged through September 15, 2019. (2) For interest rate caps, represents the weighted average interest rate on the hedged debt as of December 31, 2016 . (3) For interest rate caps, represents the capped interest rate, which is inclusive of the monthly servicing fees, but excludes amortization of the original issue discount, deferred financing costs and interest rate cap accretion. (4) The swap transactions are structured with a fixed rate that steps up over the three-year term locking in the forward LIBOR curve at the time of execution. This structure resulted in an average effective rate of 2.77% over the three -year term.
Schedule of Interest Rate Derivatives	Notional Amount Fixed Swap Rate Effective Date Maturity Date $ 177,600 0.6495 % August 15, 2016 August 15, 2017 $ 177,600 0.8045 % August 15, 2017 August 15, 2018 $ 177,600 0.9200 % August 15, 2018 September 15, 2019 $ 118,400 0.6600 % August 15, 2016 August 15, 2017 $ 118,400 0.8030 % August 15, 2017 August 15, 2018 $ 118,400 0.9300 % August 15, 2018 September 15, 2019

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of award activity of Equity Incentive Plan	The table below summarizes the award activity of the restricted stock awards for 2016 , 2015 and 2014 : 2016 2015 2014 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding at beginning of period 176,863 $ 15.79 107,088 $ 16.68 82,463 $ 18.44 Granted 143,555 13.20 142,100 15.67 77,559 15.95 Vested (148,934 ) (15.36 ) (63,157 ) (16.07 ) (43,437 ) (18.35 ) Forfeited (11,466 ) (14.25 ) (9,168 ) (16.06 ) (9,497 ) (18.37 ) Outstanding at end of period 160,018 $ 13.92 176,863 $ 15.79 107,088 $ 16.68
Schedule of Nonvested Performance-based Units Activity	The table below summarizes the award activity of the PSUs for 2016 and 2015 . There were no PSUs granted prior to 2015. 2016 2015 Shares Weighted Average Grant Date Shares Weighted Average Grant Date Outstanding at beginning of period 165,000 $ 7.00 — $ — Granted 60,000 15.76 165,000 7.00 Vested — — — — Forfeited (85,000 ) 7.00 — — Outstanding at end of period 140,000 $ 10.75 165,000 $ 7.00
Performance stock award targets	The number of shares of common stock is determined by multiplying the number of PSUs by the TSR multiplier, determined in accordance with the following table: Annualized TSR TSR Multiplier (1) 6.5% —% 8% 25% 10% 50% 12% 100% 14% 125% 16% 150% (1) 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 number 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 (1) 6.5% —% 8% 50% 10% 100% 12% 150% 16% 200% (1) 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 number of shares of common stock eligible to be received will be determined by multiplying the target number of PSUs by the TSR Multiplier determined in accordance with the following table: TSR Relative to Peer Group TSR Multiplier (2) Underperform index by 6 percentage points —% Underperform index by 3 percentage points 50% Outperform index by 3 percentage points 100% Outperform index by 6 percentage points 200% (2) To the extent the Company's TSR performance compared to the Index TSR falls between two discrete points, linear interpolation will be used to determine the TSR Multiplier.
Schedule of valuation techniques	The following table summarizes the Monte-Carlo simulation inputs used to calculate the weighted-average grant date fair value of PSUs issued during the years ended December 31, 2016 and 2015 : 2016 2015 Expected volatility (1) 18.48 % 17.55 % Dividend assumption (2) — % — % Expected term in years 3.00 3.00 Risk-free rate 0.89 % 1.02 % Stock price (per share) (3) $ 16.40 $ 15.72 Beginning average stock price (per share) (4) $ 14.47 $ 16.06 (1) For the 2016 grants, expected volatility is based on the Company's historical stock price volatility over the last three years using daily data points. For the 2015 grants, 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 the date of the grant. (4) For the 2016 grants, based on the average closing price over the period from January 19, 2016 to June 21, 2016. For the 2015 grants, based on the 30 trading days ended on February 12, 2015.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' equity
Schedule of changes in the Company's issued and outstanding common shares	The following table presents the changes in the Company’s issued and outstanding common shares for the years ended December 31, 2016 , 2015 and 2014 : Number of Common Shares Common shares outstanding, January 1, 2014 38,561,468 Restricted stock grants, net 68,062 Repurchase and retirement of common stock (1,917,836 ) Common shares outstanding, December 31, 2014 36,711,694 Restricted stock grants, net 132,932 Repurchase and retirement of common stock (781,439 ) Common shares outstanding, December 31, 2015 36,063,187 Restricted stock grants, net 132,089 Repurchase and retirement of common stock (815,242 ) Common shares outstanding, December 31, 2016 35,380,034
Common stock
Stockholders' equity
Schedule of cash dividends declared by the Company since its formation	The following table presents cash dividends declared by the Company on its common stock for the three years ended December 31, 2016 : Declaration Date Record Date Payment Date Cash Dividend per Share December 20, 2016 December 30, 2016 January 13, 2017 $ 0.13 September 22, 2016 October 3, 2016 October 14, 2016 0.13 June 21, 2016 July 1, 2016 July 15, 2016 0.13 March 23, 2016 April 4, 2016 April 15, 2016 0.13 December 17, 2015 December 28, 2015 January 8, 2016 0.13 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
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 for the three years ended December 31, 2016 : Declaration Date Payment Date Cash Dividend per Share December 20, 2016 January 13, 2017 $ 24.72 September 22, 2016 October 14, 2016 24.72 June 22, 2016 June 30, 2016 25.00 March 30, 2016 April 15, 2016 26.94 January 8, 2016 January 8, 2016 22.78 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 January 1, 2014 January 10, 2014 24.72

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Summary of elements used in calculating basic and diluted EPS computations	The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share ("EPS") for the years ended December 31, 2016 , 2015 and 2014 : 2016 2015 2014 Net loss attributable to controlling interests $ (2,463 ) $ (9,375 ) $ (56,554 ) Preferred distributions (100 ) (100 ) (100 ) Net loss attributable to common stockholders $ (2,563 ) $ (9,475 ) $ (56,654 ) Basic and diluted weighted average common shares outstanding 35,557,636 36,209,999 38,119,971 Net loss per common share - Basic and Diluted $ (0.07 ) $ (0.26 ) $ (1.49 )

Derivative and Other Fair Val29

Derivative and Other Fair Value Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of aggregate fair value measurements for the interest rate cap agreements and location within the consolidated balance sheets	The following table provides a summary of the aggregate fair value measurements for the Hedging Derivatives and the location within the consolidated balance sheets at December 31, 2016 and 2015 , respectively: Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2016 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Non-Designated Hedges Interest Rate Caps Other Assets $ 245 $ — $ 245 $ — Cash Flow Hedges Interest Rate Caps Other Assets 2 — 2 — Interest Rate Swaps Other Assets 4,830 — 4,830 — Total $ 5,077 $ — $ 5,077 $ — Fair Value Measurements at Reporting Date Using Description Balance Sheet Location December 31, 2015 Quoted Prices (Unadjusted) for Identical Assets/Liabilities Quoted Prices for Similar Assets and Liabilities in Active Markets Significant Non-Designated Hedges Interest Rate Caps Other Assets $ 9 $ — $ 9 $ — Cash Flow Hedges Interest Rate Caps Other Assets 712 — 712 — Total $ 721 $ — $ 721 $ —
Summary of effect of cash flow hedges on the Company's consolidated statements of operations and comprehensive loss	The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2016 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Non-Designated Hedges Interest Rate Caps $ — Adjustments for derivative instruments, net $ (136 ) N/A $ — Cash Flow Hedges Interest Rate Caps (683 ) Interest Expense (171 ) N/A — Interest Rate Swaps 4,830 N/A — N/A — $ 4,147 $ (307 ) $ — The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2015 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Cash Flow Hedges Interest Rate Caps $ (1,587 ) Interest Expense $ (9 ) Adjustments for derivative instruments, net $ (51 ) The following table provides a summary of the effect of Hedging Derivatives on the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2014 : Effective Portion Ineffective Portion Description Amount of Gain/(Loss) Recognized in Other Comprehensive Income (Loss) on Derivative Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Location of Gain/(Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income Cash Flow Hedges Interest Rate Caps $ (291 ) Interest Expense $ (1 ) N/A $ (480 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum operating lease payments	A schedule of future minimum lease payments under non-cancelable operating leases for the following years is as follows: 2017 $ 574 2018 445 2019 360 2020 296 2021 203 Thereafter — Total $ 1,878

Quarterly Financial Data (Una31

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial data	Following is quarterly financial data for 2016 and 2015 : 2016 Quarter Ended March 31 June 30 September 30 December 31 Total revenue $ 31,136 $ 31,488 $ 31,561 $ 32,450 Net (loss) income (3,589 ) (222 ) (1,665 ) 2,862 Net (loss) income attributable to common stockholders (3,404 ) (234 ) (1,592 ) 2,667 (Loss) income per share attributable to common shares - basic $ (0.09 ) $ (0.01 ) $ (0.05 ) $ 0.08 (Loss) income per share attributable to common shares and units - diluted $ (0.09 ) $ (0.01 ) $ (0.05 ) $ 0.07 2015 Quarter Ended March 31 June 30 September 30 December 31 Total revenue $ 22,252 $ 30,184 $ 30,617 $ 30,641 Net loss (3,841 ) (3,886 ) (1,427 ) (798 ) Net loss attributable to common stockholders (3,644 ) (3,686 ) (1,368 ) (777 ) Loss per share attributable to common shares - basic and diluted (0.10 ) (0.10 ) (0.04 ) (0.02 )

Organization and Operations (De

Organization and Operations (Details) $ in Thousands	Apr. 01, 2015USD ($)property	Dec. 31, 2016property	Dec. 31, 2015property	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Sep. 30, 2014employee	Aug. 12, 2014USD ($)	Aug. 11, 2014USD ($)	Dec. 19, 2012property
Organization and operations
Number of single-family residential properties owned		9,044
Number of employees | employee						0
Line of credit | Revolving credit facility
Organization and operations
Maximum Borrowing Capacity | $				$ 400,000	$ 200,000		$ 200,000	$ 350,000
Portfolio Acquisition
Organization and operations
Number of single-family residential properties owned	2,461		2,461
Cash paid to acquire business | $	$ 263,000
Provident Entities
Organization and operations
Number of single-family residential properties owned									881
Silver Bay Operating Partnership L.P.
Organization and operations
Partnership interests in Operating Partnership owned through a combination of direct and indirect interests (as a percent)		94.10%

Basis of Presentation and Sig33

Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)entity	Dec. 31, 2015USD ($)entity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable interest entity, number of entities | entity	1	1
Securitization loan maturing twenty nineteen | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	$ 5,884	$ 8,139
Deferred Financing Costs, Net | Accounting Standards Update 2015-03 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred financing costs, net	$ (5,884)	$ (8,139)

Basis of Presentation and Sig34

Basis of Presentation and Significant Accounting Policies (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)segmentpropertyshares	Dec. 31, 2015USD ($)propertyshares	Dec. 31, 2014USD ($)	Sep. 30, 2014shares
Significant Accounting Policies:
Estimated life of building	27 years 6 months
Salvage value	$ 0
Number of single-family residential properties held for sale and discontinued operations | property	9,044
Variable interest entities	Yes	Yes
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
Assets held for sale	$ 16,543	$ 11,184
Impairment charges	1,105	95	$ 601
Net gain on sale of assets	10,657	4,044	174
Rent and Other Receivables, Net
Gross rent receivables	738	978
Allowances for doubtful accounts	89	164
Bad debt expense	$ 1,002	$ 1,426	$ 671
Number of reportable segments | segment	1
PSUs
Significant Accounting Policies:
Vesting period	3 years
Silver Bay Operating Partnership L.P.
Significant Accounting Policies:
Units classified as noncontrolling interests | shares	2,231,511	2,231,511		2,231,511
Held-for-sale
Significant Accounting Policies:
Number of single-family residential properties held for sale and discontinued operations | property	104	98
Minimum
Significant Accounting Policies:
In-place acquired lease period	1 year
Maximum
Significant Accounting Policies:
In-place acquired lease period	2 years
Land Improvements | Minimum
Significant Accounting Policies:
Estimated life of building	3 years
Land Improvements | Maximum
Significant Accounting Policies:
Estimated life of building	15 years
Salvage value	$ 0

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Thousands	Oct. 01, 2016USD ($)property	Apr. 01, 2015USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Aug. 12, 2014USD ($)	Aug. 11, 2014USD ($)
Business Acquisition [Line Items]
Number of single-family residential properties owned | property				9,044
Portfolio acquisition expense				$ 526	$ 2,064	$ 0
Proceeds from disposition of real estate				58,149	29,223	5,979
Net gain on disposition of real estate				$ 10,657	$ 4,044	$ 174
Revolving credit facility
Business Acquisition [Line Items]
Face amount of debt instruments							$ 400,000
Revolving credit facility | Line of credit
Business Acquisition [Line Items]
Maximum borrowing capacity							$ 400,000	$ 200,000	$ 200,000	$ 350,000
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Number of single-family residential properties owned | property	322
Aggregate purchase price of acquisition	$ 41,455
Portfolio Acquisition
Business Acquisition [Line Items]
Number of single-family residential properties owned | property		2,461	2,461		2,461
Cash paid to acquire business		$ 263,000
Total revenue since acquisition			$ 19,919
Net income (loss) since acquisition			$ (3,909)

Investments in Real Estate - Fa

Investments in Real Estate - Fair Value of Assets and Liabilities Acquired (Details) - Portfolio Acquisition $ in Thousands	Apr. 01, 2015USD ($)
Business Acquisition [Line Items]
Land and land improvements	$ 55,684
Buildings and improvements	207,316
Estimated fair value of assets acquired	$ 263,000

Investments in Real Estate - Pr

Investments in Real Estate - Pro Forma Information (Details) - Portfolio Acquisition - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenue	$ 120,309	$ 101,868
Net loss	(10,076)	(70,754)
Net loss attributable to common shareholders	$ (9,599)	$ (70,711)
Loss per share - basic and diluted (in dollars per share)	$ (0.27)	$ (1.85)
Weighted average common shares outstanding (shares)	36,209,999	38,119,971

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current tax (benefit) provision:
Federal	$ 153	$ 19	$ 0
State and local	297	184	0
Total current tax (benefit) provision	450	203	0
Deferred tax (benefit) expense	713	(246)	(201)
Valuation allowance	(194)	(715)	201
Income tax (benefit) expense	969	(758)	0
Acquired deferred tax assets			486
TRS
Current tax (benefit) provision:
Valuation allowance		(964)
Income tax (benefit) expense	969	(758)	0
Amount
Computed income tax benefit at federal rate	(681)	(3,749)	(19,277)
State and local tax, net of federal (benefit) expense	(86)	101	(21)
Permanent differences in taxable income from GAAP income	49	60	7
Valuation allowance	(198)	(628)	120
Tax at statutory rate on earnings not subject to federal income tax	$ 1,885	$ 3,458	$ 19,171

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current Tax
Federal income tax payable	$ (114)	$ (19)
State and local income tax payable	(217)	(3)
Current tax payable, net	(331)	(22)
Deferred tax assets (liabilities)
Deferred tax asset	1,154	1,923
Deferred tax liability	(70)	(126)
Deferred tax asset, net	1,084	1,797
Valuation allowance	(642)	(836)
Total tax asset and liabilities, net	111	939
Cost basis of land and depreciable property, net of accumulated depreciation, for federal income tax purposes	1,109,152	1,141,531
Valuation allowance	$ 194	$ 715	$ (201)
Tax treatment of dividends and distributions :
Ordinary dividends (in dollars per share)	$ 0	$ 0	$ 0
Long-term capital gains (in dollars per share)	0	0	0
Nondividend distributions (in dollars per share)	0.52	0.46	0.16
Dividends and distributions declared per Common share/unit outstanding (in dollars per share)	$ 0.52	$ 0.46	$ 0.16
TRS
Deferred tax assets (liabilities)
Valuation allowance		$ 964
Net operating loss carry-forwards	$ 1,598	$ 3,900

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Securitization loan	$ 656,251
Securitization loan, net	296,782	$ 295,741
Revolving credit facility	352,799	326,472
Long-term debt	$ 649,581	$ 622,213
Secured debt | Securitization loan maturing twenty nineteen
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	2.68%	2.30%
Securitization loan	$ 303,452	$ 304,966
Unamortized original issue discount	(786)	(1,086)
Unamortized deferred financing costs	(5,884)	(8,139)
Securitization loan, net	$ 296,782	$ 295,741
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Interest rate (as a percent)	4.04%	3.68%
Revolving credit facility	$ 352,799	$ 326,472

Debt - Securitization Loan (Nar

Debt - Securitization Loan (Narrative) (Details)	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Aug. 12, 2014USD ($)option	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 11, 2014USD ($)
Debt Instrument [Line Items]
Gross interest expense				$ 20,604,000	$ 16,634,000	$ 8,667,000
Payments on securitization loan				1,514,000	7,085,000	615,000
Proceeds from securitization loan				0	0	311,164,000
Losses reclassified into earnings from other comprehensive income (loss)				307,000	60,000	481,000
Escrow deposits				$ 16,858,000	$ 15,472,000
Cash flow hedge | Interest rate cap agreements | Interest Expense
Debt Instrument [Line Items]
Losses reclassified into earnings from other comprehensive income (loss)			$ 480,000
Revolving credit facility
Debt Instrument [Line Items]
Face amount of debt instruments	$ 400,000,000
Write off of deferred debt issuance cost			$ 1,058,000
London Interbank Offered Rate (LIBOR) | Revolving credit facility
Debt Instrument [Line Items]
Interest rate margin (as a percent)	3.00%
Securitization Transaction
Debt Instrument [Line Items]
Number of real estate properties pledged in collateralized borrowing | property				2,975
Secured debt
Debt Instrument [Line Items]
Term of debt instrument			2 years
Length of loan extensions	12 months
Repayments of revolving credit facility			$ 235,160,000
Secured debt | Securitization Transaction
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)				2.68%	2.30%
Debt servicing fee				0.1355%
Number of options to extend term of loan | option			3
Length of loan extensions			12 months
Face amount of debt instruments			$ 312,667
Original issue discount			1,503,000
Gross interest expense				$ 7,584,000	$ 6,791,000	2,594,000
Proceeds from securitization loan			311,164,000
Escrow deposits				3,715,000	5,139,000
Secured debt | Securitization Transaction | Southwest Florida and Houston, Texas
Debt Instrument [Line Items]
Payments on securitization loan				$ 1,514,000	7,085,000
Secured debt | Securitization Transaction | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)				1.84%
Blended effective rate				1.95%
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000	$ 200,000,000	$ 200,000,000				$ 350,000,000
Gross interest expense				$ 13,020,000	9,843,000	$ 6,073,000
Number of real estate properties pledged in collateralized borrowing | property				5,840
Escrow deposits				$ 11,037,000	$ 10,101,000
Line of credit | London Interbank Offered Rate (LIBOR) | Revolving credit facility
Debt Instrument [Line Items]
Interest rate margin (as a percent)		3.50%		3.00%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Narrative) (Details) $ in Thousands	Feb. 18, 2015USD ($)	Feb. 17, 2015USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 12, 2014USD ($)	Aug. 11, 2014USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility			$ 352,799	$ 326,472
Gross interest expense			20,604	16,634	$ 8,667
Escrow deposits			16,858	15,472
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum amount guaranteed for completion of certain property renovations			20,000
Revolving credit facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	3.00%
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Total liquidity to be maintained as defined by the agreement			25,000
Net worth to be maintained as defined by the agreement			125,000
Line of credit | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000	$ 200,000				$ 200,000	$ 350,000
Line of Credit Facility, Baseline for Unused Commitment Fee	$ 200,000
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			$ 352,799	$ 326,472
Interest rate (as a percent)			4.04%	3.68%
Gross interest expense			$ 13,020	$ 9,843	$ 6,073
Number of real estate properties pledged in collateralized borrowing | property			5,840
Escrow deposits			$ 11,037	$ 10,101
Line of credit | Revolving credit facility | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)		3.50%	3.00%
Line of credit | 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%
Line of credit | Revolving credit facility | Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Interest rate margin (as a percent)	0.00%	0.50%	0.00%
Line of credit | 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%

Debt - Contractual Maturities o

Debt - Contractual Maturities of Debt (Details) $ in Thousands	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
2,017	$ 0
2,018	352,799
2,019	303,452
2,020	0
Thereafter	0
Total	$ 656,251

Debt - Total Borrowings and Def

Debt - Total Borrowings and Deferred Financing Costs (Narrative) (Details) $ in Thousands	Feb. 18, 2015extension	Aug. 12, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding borrowings			$ 656,251
Long-term debt			303,452
Revolving credit facility			352,799	$ 326,472
Payments of Financing Costs			48	5,783	$ 12,348
Amortization expense			4,597	4,494	3,613
Revolving credit facility
Debt Instrument [Line Items]
Amortization expense			2,337	2,141	1,691
Write off of deferred debt issuance cost		$ 1,058
Secured debt
Debt Instrument [Line Items]
Number of extension options | extension	3
Length of loan extension options	12 months
Amortization expense			2,260	2,321	865
Secured debt | Houston Portfolio
Debt Instrument [Line Items]
Write off of deferred debt issuance cost				174
Secured debt | Securitization loan maturing twenty nineteen
Debt Instrument [Line Items]
Outstanding borrowings			303,452	304,966
Length of loan extension options		12 months
Payments of Financing Costs			19	460	11,040
Line of credit | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility			352,799	326,472
Payments of Financing Costs			$ 29	$ 5,323	$ 1,852

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Gross interest expense	$ 20,604	$ 16,634	$ 8,667
Amortization of discount on securitization loan	301	301	116
Amortization and write-off of deferred financing costs	4,597	4,494	3,613
Other interest	611	157	48
Capitalized interest	0	(311)	(858)
Total interest expense	26,113	21,275	11,586
Capitalized interest costs associated with renovation activities	$ 0	$ (311)	$ (858)

Debt - Derivative Financial Ins

Debt - Derivative Financial Instruments (Narrative) (Details)

Aug. 31, 2016USD ($)agreementcounterparty

Jan. 28, 2015USD ($)

Aug. 31, 2014USD ($)

Mar. 31, 2015USD ($)agreement

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)agreement

Dec. 31, 2014USD ($)agreement

Sep. 16, 2017USD ($)

Sep. 29, 2016USD ($)

Sep. 28, 2016USD ($)

Jul. 31, 2016USD ($)agreement

Sep. 30, 2014agreement

Derivative [Line Items]

Number of interest rate cap agreements | agreement

4

Aggregate purchase price

$ 30,000

$ 2,250,000

$ 393,000

Secured debt

Derivative [Line Items]

Number of interest rate cap agreements | agreement

1

Interest rate cap agreements | Secured debt

Derivative [Line Items]

Aggregate notional amount

$ 312,667,000

$ 104,367,000

Number of interest rate cap agreements | agreement

1

Aggregate purchase price

$ 1,383,000

$ 293,000

Securitization loan maturing twenty nineteen | Secured debt

Derivative [Line Items]

Weighted average interest rate (as a percent)

2.68%

2.30%

Revolving credit facility

Derivative [Line Items]

Number of interest rate cap agreements | agreement

2

2

3

3

Revolving credit facility | Line of credit

Derivative [Line Items]

Interest rate (as a percent)

4.04%

3.68%

Revolving credit facility | Interest rate cap agreements

Derivative [Line Items]

Aggregate notional amount

$ 349,100,000

$ 349,100,000

Aggregate purchase price

$ 867,000

Not designated as hedging instrument | Interest rate cap agreements

Derivative [Line Items]

Aggregate notional amount

$ 304,367,000

Weighted average capped/swapped interest rate (as a percent)

5.08%

Not designated as hedging instrument | Interest rate cap agreements | Secured debt

Derivative [Line Items]

Number of interest rate cap agreements | agreement

3

Deferred loss over life of derivative

$ (1,255,000)

Cash flow hedge | Revolving credit facility | Interest rate cap agreements | Line of credit

Derivative [Line Items]

Aggregate notional amount

$ 287,100

$ 266,100

Cash flow hedge | Designated as hedging instrument | Interest rate cap agreements

Derivative [Line Items]

Aggregate notional amount

$ 370,100,000

Weighted average capped/swapped interest rate (as a percent)

6.00%

Cash flow hedge | Designated as hedging instrument | Interest rate swap

Derivative [Line Items]

Aggregate notional amount

$ 296,000,000

$ 296,000,000

Weighted average capped/swapped interest rate (as a percent)

2.63%

Term of contract

3 years

Number of counterparties to instrument | counterparty

2

Cash reserves required to maintain

$ 15,000,000

Scenario, forecast | Interest rate cap agreements

Derivative [Line Items]

Aggregate notional amount

$ 200,000,000

London Interbank Offered Rate (LIBOR) | Interest rate cap agreements | Secured debt

Derivative [Line Items]

LIBOR cap (as a percent)

3.1085%

3.1085%

London Interbank Offered Rate (LIBOR) | Securitization loan maturing twenty nineteen | Secured debt

Derivative [Line Items]

Weighted average interest rate (as a percent)

1.84%

London Interbank Offered Rate (LIBOR) | Revolving credit facility | Interest rate cap agreements

Derivative [Line Items]

LIBOR cap (as a percent)

3.00%

London Interbank Offered Rate (LIBOR) | Cash flow hedge | Designated as hedging instrument | Interest rate swap

Derivative [Line Items]

Weighted average capped/swapped interest rate (as a percent)

2.77%

London Interbank Offered Rate (LIBOR) | Scenario, forecast | Interest rate cap agreements

Derivative [Line Items]

LIBOR cap (as a percent)

3.1085%

Debt - Interest Rate Agreements

Debt - Interest Rate Agreements (Details) - Designated as hedging instrument $ in Thousands	Aug. 31, 2016USD ($)
Interest Rate Swap, Effective Date August 15, 2016, 0.6495% Rate
Derivative [Line Items]
Aggregate notional amount	$ 177,600
Fixed Swap Rate (as a percent)	0.6495%
Interest Rate Swap, Effective Date August 15, 2017, 0.8045% Rate
Derivative [Line Items]
Aggregate notional amount	$ 177,600
Fixed Swap Rate (as a percent)	0.8045%
Interest Rate Swap, Effective Date August 15, 2018, 0.92% Rate
Derivative [Line Items]
Aggregate notional amount	$ 177,600
Fixed Swap Rate (as a percent)	0.92%
Interest Rate Swap, Effective Date August 15, 2016, 0.66% Rate
Derivative [Line Items]
Aggregate notional amount	$ 118,400
Fixed Swap Rate (as a percent)	0.66%
Interest Rate Swap, Effective Date August 15, 2017, 0.8030% Rate
Derivative [Line Items]
Aggregate notional amount	$ 118,400
Fixed Swap Rate (as a percent)	0.803%
Interest Rate Swap, Effective Date August 15, 2018, 0.93% Rate
Derivative [Line Items]
Aggregate notional amount	$ 118,400
Fixed Swap Rate (as a percent)	0.93%

Equity Incentive Plan - Restate

Equity Incentive Plan - Restated 2012 Equity Incentive Plan (Narrative) (Details) - shares	Dec. 04, 2012	May 17, 2016
Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards that may be granted to any person who would own or be deemed to own more than 9.8% of the outstanding shares of the entity's common stock	0
Equity incentive plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance under the plan (in shares)	921,053
Ownership or deemed ownership of outstanding shares of common stock beyond which no awards may be granted (percent)	9.80%
Restated 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance under the plan (in shares)		1,500,000

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted Stock Awards (Narrative) (Details) $ / shares in Units, $ in Thousands	Jan. 27, 2017$ / sharesshares	Jan. 04, 2017$ / sharesshares	Aug. 31, 2016directorshares	Aug. 02, 2016$ / sharesshares	May 17, 2016director$ / sharesshares	Feb. 09, 2016$ / sharesshares	Dec. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $							$ 2,667	$ 2,613	$ 1,022
Number of directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Directors Resigning | director			1
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation | $							2,489	$ 2,274	$ 1,022
Nonvested award compensation cost not yet recognized | $							$ 508
Expected period for recognition							7 months 10 days
Restricted common stock | Certain officers and employees | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted common stock issued to certain officers and employees (in shares)	121,067
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares	$ 16.82
Restricted common stock | Number of directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares				$ 18.11
Number of shares of restricted common stock issued to certain officers, employees and directors				2,179
Number of independent directors awarded an equity retainer | director					4
Shares of restricted stock accelerated by the Board of Directors			997
Restricted common stock | Number of directors | Subsequent event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares		$ 17.27
Number of shares of restricted common stock issued to certain officers, employees and directors		1,055
Restricted common stock | Equity incentive plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)							143,555	142,100	77,559
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares							$ 13.20	$ 15.67	$ 15.95
Shares of restricted stock accelerated by the Board of Directors							148,934	63,157	43,437
Restricted common stock | Equity incentive plan | Certain officers and employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						1 year	1 year
Restricted common stock issued to certain officers and employees (in shares)						127,648
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares						$ 12.97
Restricted common stock | Equity incentive plan | Number of directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards at grant date for independent directors (in dollars per share) | $ / shares					$ 14.57
Number of shares of restricted common stock issued to certain officers, employees and directors					3,432
Restricted common stock | Equity incentive plan | Certain personnel of the entity's Manager or the Manager's operating subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments in which grants will vest | item							3

Equity Incentive Plan - Restr50

Equity Incentive Plan - Restricted Stock Awards and Performance Stock Units (Award Activity Schedule) (Details) - Equity incentive plan - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restricted common stock
Shares
Outstanding, at beginning of period (in shares)	176,863	107,088	82,463
Granted (in shares)	143,555	142,100	77,559
Vested (in shares)	(148,934)	(63,157)	(43,437)
Forfeited (in shares)	(11,466)	(9,168)	(9,497)
Outstanding at the end of the period (in shares)	160,018	176,863	107,088
Weighted Average Grant Market Value
Outstanding, at beginning of period (in dollars per share)	$ 15.79	$ 16.68	$ 18.44
Granted (in dollars per share)	13.20	15.67	15.95
Vested (in dollars per share)	15.36	16.07	18.35
Forfeited (in dollars per share)	14.25	16.06	18.37
Outstanding at the end of the period (in dollars per share)	$ 13.92	$ 15.79	$ 16.68
Performance stock unit
Shares
Outstanding, at beginning of period (in shares)	165,000	0
Granted (in shares)	60,000	165,000
Vested (in shares)	0	0
Forfeited (in shares)	(85,000)	0
Outstanding at the end of the period (in shares)	140,000	165,000	0
Weighted Average Grant Market Value
Outstanding, at beginning of period (in dollars per share)	$ 7	$ 0
Granted (in dollars per share)	15.76	7
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	7	0
Outstanding at the end of the period (in dollars per share)	$ 10.75	$ 7	$ 0

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Stock Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 27, 2017	Jun. 21, 2016	Feb. 12, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation				$ 2,667	$ 2,613	$ 1,022
Performance stock unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Share-based compensation				$ 178	$ 339
Unrecognized compensation expense				$ 988
Expected period for recognition				1 year 8 months 13 days
Performance stock unit | Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)				$ 18.68
Performance stock unit | Certain Executives and Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)				140,000
Vesting period				36 months
Performance stock unit | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)		30,000
Absolute TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)			165,000
Granted (in dollars per share)				$ 12.84	$ 7
Absolute TSR PSU | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)		30,000
Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout cap of any Relative TSR PSU (percent)				110.00%
Dividend equivalent right				1
Subsequent event | Performance stock unit | Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 13.67
Subsequent event | Performance stock unit | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)	30,000
Subsequent event | Absolute TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 7.78
Subsequent event | Absolute TSR PSU | Certain Executives and Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)	39,610
Granted (in dollars per share)	$ 5.37
Subsequent event | Absolute TSR PSU | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock issued to certain officers and employees (in shares)	30,000

Equity Incentive Plan - Perfo52

Equity Incentive Plan - Performance Stock Units (Multiplier Schedule) (Details)	Jan. 27, 2017	Feb. 12, 2015	Dec. 31, 2016
Relative TSR PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Multiplier, threshold one (percent)			0.00%
TSR Mulltiplier, threshold two (percent)			50.00%
TSR Multiplier, threshold three (percent)			100.00%
TSR Multiplier, threshold four (percent)			200.00%
TSR Relative to Peer Group, lower threshold two (percent)			(6.00%)
TSR Relative to Peer Group, lower threshold one (percent)			(3.00%)
TSR Relative to Peer Group, upper threshold one (percent)			3.00%
TSR Relative to Peer Group, upper threshold two (percent)			6.00%
Performance stock unit
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 Mulltiplier, threshold two (percent)		50.00%
TSR Multiplier, threshold three (percent)		100.00%
TSR Multiplier, threshold four (percent)		150.00%
TSR Multiplier, threshold five (percent)		200.00%
Subsequent event | Performance stock unit
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)	14.00%
Annualized TSR, threshold six (percent)	16.00%
TSR Multiplier, threshold one (percent)	0.00%
TSR Mulltiplier, threshold two (percent)	25.00%
TSR Multiplier, threshold three (percent)	50.00%
TSR Multiplier, threshold four (percent)	100.00%
TSR Multiplier, threshold five (percent)	125.00%
TSR Multiplier, threshold six (percent)	150.00%

Equity Incentive Plan - Perfo53

Equity Incentive Plan - Performance Stock Units (Weighted-Average Grant Date Inputs) (Details) - Performance stock unit	Feb. 12, 2015trading_days	Dec. 31, 2016$ / shares	Dec. 31, 2015$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)		18.48%	17.55%
Dividend assumption (percent)	0.00%	0.00%	0.00%
Expected term in years		3 years	3 years
Risk-free rate (percent)		0.89%	1.02%
Stock price (in dollars per share)		$ 16.40	$ 15.72
Beginning average stock price (in dollars per share)		$ 14.47	$ 16.06
Relative weighting (percent)			50.00%
Historical volatility (percent)			15.54%
Implied volatility (percent)			19.55%
Trading days | trading_days	30

Preferred Stock (Details)

Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
Shares of redeemable preferred stock issued	1,000	1,000
Dividend on cumulative redeemable preferred stock (as a percent)	10.00%	10.00%
Vote or consent of issued and outstanding shares of cumulative redeemable preferred stock required to issue capital stock ranking senior (as a percent)	66.67%
Period after initial issue date when entity has option to redeem shares	5 years
Preferred stock redemption price (in dollars per share)	$ 1
Period after initial issue date when preferred stockholders, with adequate notice, may put their shares back to the entity	6 years
Preferred stock dividends	$ 21

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 25, 2014	Sep. 30, 2014	Jul. 01, 2013
Stockholders' Equity
Common stock, shares outstanding	35,380,034	36,063,187
Number of shares authorized to be repurchased				5,000,000
Increase in number of shares authorized to be repurchased				2,500,000
Stock repurchased and retired	$ 11,793	$ 12,434	$ 31,489
Shares paid for tax withholding for share-based compensation	39,040	11,022	5,697
Shares repurchased, average cost per share (in dollars per share)	$ 13.13	$ 15.74	$ 16.28
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)	10.00%	10.00%
Silver Bay Operating Partnership L.P.
Stockholders' Equity
Common units, issued (in units)	2,231,511	2,231,511			2,231,511
Share repurchase program
Stockholders' Equity
Number of shares authorized to be repurchased						2,500,000
Stock repurchased and retired (in shares)	776,202	770,417	1,912,139
Stock repurchased and retired	$ 11,281	$ 12,260	$ 31,396
Share Price (in dollars per share)	$ 14.53	$ 15.91	$ 16.42
Outside of share repurchase program
Stockholders' Equity
Stock repurchased and retired	$ 512	$ 174	$ 93

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	36,063,187
Ending balance (in shares)	35,380,034	36,063,187
Common stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	36,063,187	36,711,694	38,561,468
Restricted stock grants, net (in shares)	132,089	132,932	68,062
Repurchase of common stock (in shares)	(815,242)	(781,439)	(1,917,836)
Ending balance (in shares)	35,380,034	36,063,187	36,711,694

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - $ / shares	Feb. 27, 2017	Jan. 13, 2017	Dec. 20, 2016	Oct. 14, 2016	Sep. 22, 2016	Jul. 15, 2016	Jun. 30, 2016	Jun. 22, 2016	Jun. 21, 2016	Apr. 15, 2016	Mar. 30, 2016	Mar. 23, 2016	Jan. 08, 2016	Dec. 17, 2015	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	Jan. 10, 2014	Jan. 01, 2014
Class of Stock [Line Items]
Cash dividend per share paid, common stock (in dollars per share)				$ 0.13		$ 0.13				$ 0.13			$ 0.13		$ 0.12			$ 0.12			$ 0.09		$ 0.06		$ 0.04		$ 0.03				$ 0.03
Cash dividend per share declared, common stock (in dollars per share)			$ 0.13		$ 0.13				$ 0.13			$ 0.13		$ 0.13			$ 0.12			$ 0.12		$ 0.09		$ 0.06		$ 0.04				$ 0.03			$ 0.03
Cash dividend per share paid, preferred stock (in dollars per share)				$ 24.72			$ 25			$ 26.94			22.78		$ 26.67				$ 23.06		$ 27.22		26.67		22.78			$ 26.94			$ 23.33			$ 24.72
Cash dividend per share declared, preferred stock (in dollars per share)			$ 24.72		$ 24.72			$ 25			$ 26.94		$ 22.78			$ 26.67				$ 23.06		$ 27.22	$ 26.67		$ 22.78				$ 26.94			$ 23.33			$ 24.72
Subsequent event
Class of Stock [Line Items]
Cash dividend per share paid, common stock (in dollars per share)		$ 0.13
Cash dividend per share declared, common stock (in dollars per share)	$ 0.13
Cash dividend per share paid, preferred stock (in dollars per share)		$ 24.72

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended			27 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Summary of the elements used in calculating basic and diluted EPS computations
Net loss attributable to controlling interests									$ (2,463)	$ (9,375)	$ (56,554)
Preferred distributions									(100)	(100)	(100)
Net loss attributable to common stockholders	$ 2,667	$ (1,592)	$ (234)	$ (3,404)	$ (777)	$ (1,368)	$ (3,686)	$ (3,644)	$ (2,563)	$ (9,475)	$ (56,654)
Basic and diluted weighted average common shares outstanding									35,557,636	36,209,999	38,119,971
Net loss per common share - Basic and Diluted (in dollars per share)					$ (0.02)	$ (0.04)	$ (0.10)	$ (0.10)	$ (0.07)	$ (0.26)	$ (1.49)
PSUs
Summary of the elements used in calculating basic and diluted EPS computations
Number of operating partnership units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)									102,458	165,000
Silver Bay Operating Partnership L.P.
Summary of the elements used in calculating basic and diluted EPS computations
Number of operating partnership units excluded from the calculation of diluted EPS as their inclusion would not be dilutive (in shares)												2,231,511

Related Party Transactions - Ma

Related Party Transactions - Management Internalization and Advisory Management Agreement (Details) $ / shares in Units, $ in Thousands	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Management internalization			$ 0	$ 0	$ 39,373
Cash acquired in management internalization			0	0	2,069
Other liabilities acquired in management internalization			0	0	2,067
Advisory management fee expense			0	0	6,621
Manager
Related Party Transaction [Line Items]
Direct and allocated costs expensed			$ 0	$ 0	5,476
Manager | Advisory Management Agreement
Related Party Transaction [Line Items]
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%
Percentage of Reimbursable Costs and Expenses Deducted to Determine Advisory Management Fee		5.00%
Contribution Agreement
Related Party Transaction [Line Items]
Share Price (in dollars per share) | $ / shares		$ 16.21
Contribution Agreement | Manager
Related Party Transaction [Line Items]
Cash acquired in management internalization		$ 2,069
Other liabilities acquired in management internalization		$ 2,067
Advisory Management Agreement
Related Party Transaction [Line Items]
Amounts due to the former manager and affiliates	$ 0				$ 0
Silver Bay Operating Partnership L.P.
Related Party Transaction [Line Items]
Common units, issued (in units) | shares		2,231,511	2,231,511	2,231,511
Silver Bay Operating Partnership L.P. | Contribution Agreement
Related Party Transaction [Line Items]
Conversion ratio of limited partners capital account units		1
Common unit, issuance value		$ 36,173
Silver Bay Operating Partnership L.P. | Contribution Agreement | Manager
Related Party Transaction [Line Items]
Common units, issued (in units) | shares		2,231,511
Net worth amount in which payment is required		$ 0
Management internalization	$ 39,373

Related Party Transactions - Pr

Related Party Transactions - Property Management and Acquisition Services Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Property management		$ 1,832	$ 7,569	$ 10,895	$ 11,093	$ 9,401
Manager's operating subsidiary | Property Management and Acquisition Services Agreement
Related Party Transaction [Line Items]
5% property management fee included in property management and amounts due to the Manager and affiliates			288
Direct and allocated costs expensed			5,120
Portion of property management fee related to reimbursement of or direct payment due to third-party managers			2,161
Acquisitions and renovation fees			608
Fee for leasing services			$ 11
Loss on contract termination	$ 775
Manager's operating subsidiary | Property Management and Acquisition Services Agreement
Related Party Transaction [Line Items]
Property management fee as a percentage of reimbursable costs and expenses incurred			5.00%
Manager's operating subsidiary | Property Management and Acquisition Services Agreement | Maximum
Related Party Transaction [Line Items]
Amortization period for leases			1 year

Derivative and Other Fair Val61

Derivative and Other Fair Value Instruments (Details) - Recurring fair value - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative and other fair value instruments
Total	$ 5,077	$ 721
Level 2
Derivative and other fair value instruments
Total	5,077	721
Interest rate caps | Other Assets
Derivative and other fair value instruments
Non-designated hedges, interest rate caps	245	9
Cash flow hedges	2	712
Interest rate caps | Other Assets | Level 2
Derivative and other fair value instruments
Non-designated hedges, interest rate caps	245	9
Cash flow hedges	2	$ 712
Interest rate swap | Other Assets
Derivative and other fair value instruments
Cash flow hedges	4,830
Interest rate swap | Other Assets | Level 2
Derivative and other fair value instruments
Cash flow hedges	$ 4,830

Derivative and Other Fair Val62

Derivative and Other Fair Value Instruments (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flow hedge
Derivative and other fair value instruments
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative, Effective portion	$ 4,147
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(307)
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	0
Cash flow hedge | Interest rate caps
Derivative and other fair value instruments
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative, Effective portion	(683)	$ (1,587)	$ (291)
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income			480
Cash flow hedge | Interest rate caps | Adjustment for Derivative Instruments, Net
Derivative and other fair value instruments
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income		51
Cash flow hedge | Interest rate caps | Interest Expense
Derivative and other fair value instruments
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(171)	$ (9)	$ (1)
Cash flow hedge | Interest rate swap
Derivative and other fair value instruments
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss on Derivative, Effective portion	4,830
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	0
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	0
Not designated as hedging instrument | Interest rate caps
Derivative and other fair value instruments
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	0
Not designated as hedging instrument | Interest rate caps | Adjustment for Derivative Instruments, Net
Derivative and other fair value instruments
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (136)

Derivative and Other Fair Val63

Derivative and Other Fair Value Instruments (Details 3)	Aug. 31, 2016USD ($)agreement	Aug. 12, 2014USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)agreement	Dec. 31, 2014USD ($)agreement	Jul. 31, 2016USD ($)agreement	Mar. 31, 2015USD ($)agreement	Sep. 30, 2014agreement	Aug. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements | agreement				4
Losses reclassified into earnings from other comprehensive income (loss)			$ 307,000	$ 60,000	$ 481,000
Cumulative redeemable preferred stock, stated dividend rate percentage (as a percent)			10.00%	10.00%
Secured debt
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements | agreement				1
Secured debt | Securitization Transaction | Level 2
Derivatives, Fair Value [Line Items]
Fair value of loan			$ 301,582,000	$ 293,536,000
Cash flow hedge
Derivatives, Fair Value [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income			0
Revolving credit facility
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements | agreement				2	3		2	3
Interest rate caps
Derivatives, Fair Value [Line Items]
Cumulative changes in net gain (loss) from cash flow hedges effect net			2,841,000	$ (1,613,000)
Expected interest expense			(593,000)
Amount expected to be reclassified out of AOCI into adjustments for derivative instruments, net			207,000
Interest rate caps | Secured debt
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements | agreement						1
Aggregate notional amount						$ 104,367,000			$ 312,667,000
Interest rate caps | Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income			0
Aggregate notional amount			304,367,000
Interest rate caps | Not designated as hedging instrument | Secured debt
Derivatives, Fair Value [Line Items]
Number of interest rate cap agreements | agreement	3
Deferred loss over life of derivative	$ (1,255,000)
Gain (loss) related to change in fair value, realized			$ 180,000
Interest rate caps | Cash flow hedge
Derivatives, Fair Value [Line Items]
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income					$ 480,000
Interest rate caps | Interest Expense | Cash flow hedge
Derivatives, Fair Value [Line Items]
Losses reclassified into earnings from other comprehensive income (loss)		$ 480,000
Aggregate notional amount				266,100,000
Interest rate caps | Revolving credit facility
Derivatives, Fair Value [Line Items]
Aggregate notional amount				349,100,000			$ 349,100,000
Interest rate caps | Revolving credit facility | Recurring fair value
Derivatives, Fair Value [Line Items]
Loss on ineffective interest rate cap agreement				$ (51,000)
Gain (loss) related to change in fair value, realized					$ (49,000)

Commitments and Contingencies64

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Concentrations
Resident security deposits	$ 12,992	$ 12,521
Rent expense	890	$ 837	$ 104
Loss contingency accrual	$ 0
Real estate properties | Geographically dispersed portfolio | Phoenix, AZ, Tampa, FL, and Atlanta, GA
Concentrations
Concentration (as a percent)	61.00%
Minimum
Concentrations
Operating leases, term of contract	1 year
Maximum
Concentrations
Operating leases, term of contract	5 years

Commitments and Contingencies65

Commitments and Contingencies (Details 2) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 574
2,018	445
2,019	360
2,020	296
2,021	203
Thereafter	0
Total	$ 1,878

Quarterly Financial Data (Una66

Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly financial data
Total revenues	$ 32,450	$ 31,561	$ 31,488	$ 31,136	$ 30,641	$ 30,617	$ 30,184	$ 22,252	$ 126,635	$ 113,694	$ 77,930
Net loss	2,862	(1,665)	(222)	(3,589)	(798)	(1,427)	(3,886)	(3,841)	(2,614)	(9,952)	(56,697)
Net (loss) income attributable to common stockholders	$ 2,667	$ (1,592)	$ (234)	$ (3,404)	(777)	$ (1,368)	$ (3,686)	$ (3,644)	$ (2,563)	$ (9,475)	$ (56,654)
Earnings per share, basic (usd per share)	$ 0.08	$ (0.05)	$ (0.01)	$ (0.09)
Earnings per share, diluted (usd per share)	$ 0.07	$ (0.05)	$ (0.01)	$ (0.09)
Tax benefit related to reversal of deferred tax valuation allowance					$ 964
Common units in the Operating Partnership
Weighted Average Number of Shares Outstanding, Diluted	2,231,511
Performance stock unit
Weighted Average Number of Shares Outstanding, Diluted	147,176

Subsequent Events (Details)

Subsequent Events (Details)	12 Months Ended
	Dec. 31, 2016$ / shares	Dec. 31, 2015$ / shares	Feb. 27, 2017$ / shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
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
Subsequent event | Tricon Capital Group Merger | Common stock
Subsequent Event [Line Items]
Right to receive cash per share converted			21.50
Subsequent event | Tricon Capital Group Merger | Redeemable preferred stock
Subsequent Event [Line Items]
Right to receive cash per share converted			1,000

Schedule III - Real Estate an68

Schedule III - Real Estate and Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	9,044
Number of Encumbered Properties | property	8,819
Encumbrances	$ 647,249
Initial Cost to Company
Land	216,611
Building and Improvements	804,921
Costs Capitalized Subsequent to Acquisitions
Land Improvements	345
Building Improvements	187,946
Total Cost
Land and Land Improvements	216,956
Building and Improvements	992,867
Total	1,209,823	$ 1,209,684	$ 948,370	$ 776,304
Accumulated Depreciation	106,463	74,907	$ 43,150	$ 18,897
Aggregate total encumbered for assets held for sale under revolving credit facility and securitization loan	352,799	326,472
Gross aggregate cost of total real estate for federal income tax purposes	$ 1,217,745
Minimum
Total Cost
Estimated useful life of building and improvements	3 years
Maximum
Total Cost
Estimated useful life of building and improvements	27 years 6 months
Line of credit | Revolving credit facility
Total Cost
Aggregate total encumbered for assets held for sale under revolving credit facility and securitization loan	$ 352,799	$ 326,472
Held-for-sale
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	104	98
Held-for-sale | Line of credit | Revolving credit facility
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	87
Securitization loan maturing twenty nineteen | Held-for-sale | Line of credit | Revolving credit facility
Total Cost
Aggregate total encumbered for assets held for sale under revolving credit facility and securitization loan	$ 9,000
Atlanta, GA
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	2,949
Number of Encumbered Properties | property	2,922
Encumbrances	$ 177,088
Initial Cost to Company
Land	68,523
Building and Improvements	243,412
Costs Capitalized Subsequent to Acquisitions
Land Improvements	32
Building Improvements	39,943
Total Cost
Land and Land Improvements	68,555
Building and Improvements	283,355
Total	351,910
Accumulated Depreciation	$ 23,737
Phoenix, AZ
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	1,422
Number of Encumbered Properties | property	1,422
Encumbrances	$ 137,502
Initial Cost to Company
Land	34,070
Building and Improvements	136,484
Costs Capitalized Subsequent to Acquisitions
Land Improvements	23
Building Improvements	33,187
Total Cost
Land and Land Improvements	34,093
Building and Improvements	169,671
Total	203,764
Accumulated Depreciation	$ 23,526
Tampa, FL
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	1,136
Number of Encumbered Properties | property	1,098
Encumbrances	$ 95,552
Initial Cost to Company
Land	30,872
Building and Improvements	104,533
Costs Capitalized Subsequent to Acquisitions
Land Improvements	114
Building Improvements	29,340
Total Cost
Land and Land Improvements	30,986
Building and Improvements	133,873
Total	164,859
Accumulated Depreciation	$ 16,404
Charlotte, NC
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	689
Number of Encumbered Properties | property	671
Encumbrances	$ 36,782
Initial Cost to Company
Land	15,957
Building and Improvements	63,237
Costs Capitalized Subsequent to Acquisitions
Land Improvements	9
Building Improvements	7,020
Total Cost
Land and Land Improvements	15,966
Building and Improvements	70,257
Total	86,223
Accumulated Depreciation	$ 5,323
Orlando, FL
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	522
Number of Encumbered Properties | property	490
Encumbrances	$ 29,548
Initial Cost to Company
Land	12,171
Building and Improvements	48,954
Costs Capitalized Subsequent to Acquisitions
Land Improvements	22
Building Improvements	10,136
Total Cost
Land and Land Improvements	12,193
Building and Improvements	59,090
Total	71,283
Accumulated Depreciation	$ 5,544
Dallas, TX
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	511
Number of Encumbered Properties | property	493
Encumbrances	$ 32,682
Initial Cost to Company
Land	11,643
Building and Improvements	44,963
Costs Capitalized Subsequent to Acquisitions
Land Improvements	38
Building Improvements	12,448
Total Cost
Land and Land Improvements	11,681
Building and Improvements	57,411
Total	69,092
Accumulated Depreciation	$ 5,623
Jacksonville, FL
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	451
Number of Encumbered Properties | property	418
Encumbrances	$ 28,268
Initial Cost to Company
Land	11,937
Building and Improvements	35,005
Costs Capitalized Subsequent to Acquisitions
Land Improvements	6
Building Improvements	12,732
Total Cost
Land and Land Improvements	11,943
Building and Improvements	47,737
Total	59,680
Accumulated Depreciation	$ 4,349
Northern CA
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	381
Number of Encumbered Properties | property	381
Encumbrances	$ 36,749
Initial Cost to Company
Land	14,943
Building and Improvements	47,608
Costs Capitalized Subsequent to Acquisitions
Land Improvements	79
Building Improvements	10,482
Total Cost
Land and Land Improvements	15,022
Building and Improvements	58,090
Total	73,112
Accumulated Depreciation	$ 8,179
Las Vegas, NV
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	290
Number of Encumbered Properties | property	290
Encumbrances	$ 28,593
Initial Cost to Company
Land	2,064
Building and Improvements	32,916
Costs Capitalized Subsequent to Acquisitions
Land Improvements	0
Building Improvements	6,429
Total Cost
Land and Land Improvements	2,064
Building and Improvements	39,345
Total	41,409
Accumulated Depreciation	$ 5,624
Columbus, OH
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	284
Number of Encumbered Properties | property	284
Encumbrances	$ 18,741
Initial Cost to Company
Land	4,468
Building and Improvements	18,032
Costs Capitalized Subsequent to Acquisitions
Land Improvements	0
Building Improvements	10,881
Total Cost
Land and Land Improvements	4,468
Building and Improvements	28,913
Total	33,381
Accumulated Depreciation	$ 3,284
Tucson, AZ
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	209
Number of Encumbered Properties | property	208
Encumbrances	$ 12,819
Initial Cost to Company
Land	2,673
Building and Improvements	10,266
Costs Capitalized Subsequent to Acquisitions
Land Improvements	10
Building Improvements	4,736
Total Cost
Land and Land Improvements	2,683
Building and Improvements	15,002
Total	17,685
Accumulated Depreciation	$ 2,208
Southern CA
Real estate and accumulated depreciation
Number of single-family residential properties held for sale and discontinued operations | property	200
Number of Encumbered Properties | property	142
Encumbrances	$ 12,925
Initial Cost to Company
Land	7,290
Building and Improvements	19,511
Costs Capitalized Subsequent to Acquisitions
Land Improvements	12
Building Improvements	10,612
Total Cost
Land and Land Improvements	7,302
Building and Improvements	30,123
Total	37,425
Accumulated Depreciation	$ 2,662

Schedule III - Real Estate an69

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in real estate
Balance at the beginning of the period	$ 1,209,684	$ 948,370	$ 776,304
Acquisition of real estate	44,037	273,266	136,045
Improvements	14,157	24,299	38,188
Dispositions and other	(58,055)	(36,251)	(2,167)
Balance at the end of the period	1,209,823	1,209,684	948,370
Accumulated depreciation
Balance at the beginning of the period	74,907	43,150	18,897
Depreciation expense	35,962	33,617	24,281
Dispositions and other	(4,406)	(1,860)	(28)
Accumulated depreciation at the end of the period	$ 106,463	$ 74,907	$ 43,150