Invitation Homes 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'Starwood Waypoint Residential Trust	'
Entity Central Index Key	'0001579471	'
Current Fiscal Year End Date	'--12-31	'
Trading Symbol	'sway	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	39,110,969

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in real estate:	'	'	'	'
Land	$183,803	$88,826	'	'
Buildings and improvements	583,617	349,532	'	'
Development costs	343,183	306,557	'	'
Total	1,110,603	744,915	'	'
Less: accumulated depreciation	-11,045	-5,730	'	'
Investment in real estate properties, net	1,099,558	739,185	'	'
Real estate held for sale	8,353	10,168	'	'
Real Estate Investments, Net, Total	1,107,911	749,353	'	'
Non-performing loans	196,866	214,965	'	68,106
Non-performing loans (fair value option)	101,336	'	'	'
Resident and other receivables, net	3,909	1,261	'	'
Cash and cash equivalents	98,622	44,613	14,363	8,152
Restricted cash	15,550	3,331	'	'
Deferred leasing costs and lease intangibles, net	5,947	494	'	'
Deferred financing costs, net	10,530	'	'	'
Other assets	10,849	4,391	'	'
Total assets	1,551,520	1,018,408	'	'
Liabilities:	'	'	'	'
Credit facilities	401,686	'	'	'
Accounts payable and accrued expenses	35,834	22,434	'	'
Resident security deposits and prepaid rent	8,835	3,918	'	'
Total liabilities	446,355	26,352	'	'
Commitments and contingencies (Note 11)	'	'	'	'
Equity:	'	'	'	'
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized	'	'	'	'
Common shares $0.01 par value, 500,000,000 authorized, 39,110,969 issued and outstanding as of March 31, 2014, and 1,000 issued and outstanding as of December 31, 2013	391	'	'	'
Additional paid-in capital	1,117,726	1,018,267	'	'
Accumulated deficit	-14,387	-27,848	'	'
Total shareholders equity	1,103,730	990,419	'	'
Non-controlling interests	1,435	1,637	'	'
Total equity	1,105,165	992,056	397,143	180,460
Total liabilities and stockholders' equity	$1,551,520	$1,018,408	'	'

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Jan. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets [Abstract]	'	'	'
Preferred shares, par value	$0.01	'	$0.01
Preferred shares, shares authorized	100,000,000	'	100,000,000
Common shares, par value	$0.01	'	$0.01
Common shares, shares authorized	500,000,000	'	500,000,000
Common shares, shares issued	39,110,969	39,119,299	1,000
Common shares, shares outstanding	39,110,969	'	1,000

Consolidated_Statements_Of_Ope

Consolidated Statements Of Operations (USD $)	1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Revenues	'	'	'	'	'
Rental revenues	'	'	$13,765	$1,124	$1,124
Other property revenues	'	'	479	41	41
Gain on non-performing loans, net	'	'	1,843	359	359
Gain on loan conversions, net	'	'	5,414	'	'
Total property revenues	'	'	21,501	1,165	1,524
Expenses	'	'	'	'	'
Propety operating and maintenance	'	'	6,032	394	394
Real estate taxes and insurance	'	'	3,143	623	623
Mortgage loan servicing cost	'	'	4,882	'	'
Non-performing loan investment management fees and expenses	'	'	2,006	1,006	1,006
General and administrative expenses	'	'	5,815	1,454	1,454
Investment management fees	'	'	2,757	'	'
Separation costs	'	'	3,543	'	'
Acquisition pursuit costs and property management engagement costs	'	'	554	655	655
Interest expense	'	'	1,500	'	'
Depreciation and amortization	'	'	5,473	657	657
Impairment of real estate	'	'	834	55	55
Total expenses	'	'	36,539	4,844	4,844
Operating loss	'	'	-15,038	-3,679	-3,320
Other income	'	'	'	'	'
Gain (loss) on sales of investments in real estate, net	'	'	-145	87	87
Total other income	'	'	-145	446	87
Loss before income taxes	'	'	-15,183	-3,233	-3,233
Income tax expense	'	'	135	162	162
Net loss	-921	-14,397	-15,318	-3,395	-3,395
Net loss attributable to non-controlling interests	'	'	10	6	6
Net loss attributable to Common shareholders	'	'	($15,308)	($3,389)	($3,389)
Weighted average number of shares outstanding - basic and diluted	'	'	39,110,969	39,110,969	'
Net loss per common share	'	'	'	'	'
Basic and diluted	'	'	($0.39)	($0.09)	($0.09)

Consolidated_Statements_Of_Equ

Consolidated Statements Of Equity (USD $)	Common Shares [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Shareholder's Equity [Member]	Non-controlling Interest [Member]	Total
In Thousands, except Share data
Balance at Dec. 31, 2012	'	$184,384	($4,424)	$179,960	$500	$180,460
Balance, shares at Dec. 31, 2012	1,000	'	'	'	'	'
Former Parent contributions	'	220,078	'	220,078	'	220,078
Net loss	'	'	-3,389	-3,389	-6	-3,395
Balance at Mar. 31, 2013	'	404,462	-7,813	396,649	494	397,143
Balance, shares at Mar. 31, 2013	1,000	'	'	'	'	'
Balance at Dec. 31, 2013	'	'	-27,848	990,419	'	992,056
Net loss	'	'	-921	-921	'	-921
Balance at Jan. 31, 2014	'	'	'	'	'	'
Balance at Dec. 31, 2013	'	1,018,267	-27,848	990,419	1,637	992,056
Balance, shares at Dec. 31, 2013	1,000	'	'	'	'	'
Net loss	'	'	'	'	'	-15,318
Net effects of recapitalization and capital contributions of Starwood Waypoint Residential Trust	391	99,130	28,769	128,290	'	128,290
Net effects of recapitalization and capital contributions of Starwood Waypoint Residential Trust, shares	3,910,969	'	'	'	'	'
Share-based compensation	'	329	'	329	'	329
Non-controlling interest contributions	'	'	'	'	400	400
Non-controlling interest distributions	'	'	'	'	-592	-592
Balance at Mar. 31, 2014	391	1,117,726	-14,387	1,103,730	1,435	1,105,165
Balance, shares at Mar. 31, 2014	3,911,969	'	'	'	'	'
Balance at Jan. 31, 2014	'	'	'	'	'	'
Net loss	'	'	-14,387	-14,387	-10	-14,397
Balance at Mar. 31, 2014	'	'	($14,387)	$1,103,730	$1,435	$1,105,165

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($15,318)	($3,395)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	5,473	657
Amortization of deferred financing costs	536	'
Share-based compensation expense	329	'
Loss (gain) on sales of investment real estate, net	145	-87
Gain on non-performing loans, net	-1,843	-359
Gain on loan conversions, net	-5,414	'
Allowance for doubtful accounts	509	'
Impairment of real estate	834	55
Allocated expenses from Starwood Property Trust (Note 9)	'	1,471
Changes in assets and liabilities:	'	'
Resident and other receivables	-3,157	'
Restricted cash	-3,060	-423
Deferred leasing costs and lease intangibles, net	-5,483	'
Other assets, net	-6,255	-111
Accounts payable and accrued expenses	11,737	-416
Resident security deposits and prepaid rent	4,919	418
Net cash used in operating activities	-16,048	-2,190
Cash flows from investing activities:	'	'
Purchases of real estate	-296,220	-108,431
Additions to real estate	-55,834	-5,120
Proceeds from sale of real estate	5,910	1,692
Purchase of non-performing loans	-101,336	-104,142
Liquidation and other proceeds on loans	4,040	'
Principal repayments on loans	1,609	15
Proceeds from sale of loans	2,526	1,690
Restricted cash	-9,158	'
Decrease (increase) in purchase deposits	-198	4,090
Net cash used in investing activities	-448,661	-210,206
Cash flows from financing activities:	'	'
Proceeds from credit facilities	401,686	'
Payment of financing costs	-11,066	'
Contributions from non-controlling interests	400	'
Distributions to non-controlling interests	-592	'
Capital contributions	128,290	218,607
Net cash provided by financing activities	518,718	218,607
Net change in cash and cash equivalents	54,009	6,211
Cash and cash equivalents at beginning of period	44,613	8,152
Cash and cash equivalents at end of period	98,622	14,363
Supplemental disclosure of cash flow information	'	'
Cash paid for income taxes	123	'
Non-cash investing activities	'	'
Accrued capital expenditures	13,817	1,434
Loan basis converted to real estate	$11,767	$1,125

Organization_And_Operations

Organization And Operations	3 Months Ended
	Mar. 31, 2014
Organization and Operations [Abstract]	'
Organization and Operations	'
	Note 1.  Organization and Operations
	We are a Maryland real estate investment trust formed primarily to acquire, renovate, lease and manage residential assets in select markets throughout the United States. Our primary strategy is to acquire homes through a variety of channels, renovate these homes to the extent necessary and lease them to qualified residents. We seek to take advantage of continuing dislocations in the housing market and the macroeconomic trends in favor of leasing homes by acquiring, owning, renovating and managing homes that we believe will (1) generate substantial current rental revenue, which will grow over time, and (2) appreciate in value as the housing market continues to recover over the next several years. In addition to the direct acquisition of homes, we purchase pools of distressed and non-performing residential mortgage loans (“NPL”) at significant discounts to their most recent broker price opinion (“BPO”), which we may seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio or sold or (2) modify and hold or resell at higher prices if circumstances warrant. Our objective is to generate attractive risk-adjusted returns for our shareholders over the long-term, primarily through dividends and secondarily through capital appreciation.
	We were organized as a Maryland corporation in May 2012 as a wholly-owned subsidiary of Starwood Property Trust, Inc. (“SPT” or our “Former Parent”). Subsequently, we changed our corporate form from a Maryland corporation to a Maryland real estate investment trust and our name from Starwood Residential Properties, Inc. to Starwood Waypoint Residential Trust. We were formed by SPT to own single-family residential rental homes and distressed and non-performing residential mortgage loans. On January 31, 2014 (the “Distribution Date”), SPT completed the separation (the “Separation”) of us to its stockholders and we issued 39,119,299 common shares. Our shares began trading on February 3, 2014 on the New York Stock Exchange (“NYSE”) under the ticker symbol SWAY. As part of the Separation, SPT also contributed $100 million to our consolidated balance sheet to continue to fund our growth and operations. Prior to the Separation, there were also $28.3 million of contributions from SPT.
	Our operating partnership (“OP”) was formed as a Delaware limited partnership in May 2012. Our wholly-owned subsidiary is the sole general partner of our OP, and we conduct substantially all of our business through our OP. We own 100% of the OP units in our OP.
	We have a joint venture with Prime Asset Fund (“Prime”), an entity managed by Prime Finance, an asset manager that specializes in acquisition, resolution and disposition of distressed and non-performing residential mortgage loans. We own a greater than 99% interest in the joint venture, which holds all of our distressed and non-performing residential mortgage loans.
	We intend to elect and qualify to be taxed as a REIT for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2014. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to shareholders and qualify and maintain our qualification as a REIT.
	Our Manager
	We are externally managed and advised by SWAY Management, LLC (our “Manager”) pursuant to the terms of a management agreement (the “Management Agreement”), which will not expire until January 31, 2017. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Barry Sternlicht, our chairman.
	On January 31, 2014, our Manager acquired the Waypoint platform, which is an advanced, technology driven operating platform that provides the backbone for deal sourcing, property underwriting, acquisitions, asset protection, renovations, marketing and leasing, repairs and maintenance, portfolio reporting and property management of homes.
	Geographic Concentrations
	We hold significant concentrations of homes and distressed and non-performing residential mortgage loans with collateral in the following regions of the country in excess of 10% of our total portfolio, and as such are more vulnerable to any adverse macroeconomic developments in such areas:
	Homes
	Market	As of	As of
		March 31,	March 31,
		2014	2013
	South Florida	21%	28%
	Atlanta	19%	17%
	Houston	13%	16%
	Distressed and Non-Performing Residential Mortgage Loans
	Region	As of	As of
		March 31,	March 31,
		2014	2013
	Florida	29%	35%
	California	16%	7%
	New York	11%	11%

Basis_Of_Presentation_And_Prin

Basis Of Presentation And Principles Of Consolidation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation and Principles of Consolidation [Abstract]	'
Basis of Presentation and Principles of Consolidation	'
	Note 2.  Basis of Presentation and Significant Accounting Policies
	Basis of Presentation and Principles of Consolidation
	The accompanying condensed consolidated financial statements include our accounts and those of our wholly and majority-owned subsidiaries. Intercompany amounts have been eliminated. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes filed with the SEC on March 28, 2014 for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made.
	The condensed consolidated results of operations for the three months ended March 31, 2014 and the corresponding period of 2013 and the condensed consolidated statements of cash flows for the three months ended March 31, 2014 and the corresponding period of 2013 are not necessarily indicative of the results of operations or cash flows for the respective full years or any other period.
	Prior to our Separation from our Former Parent, the historical consolidated financial statements were derived from the consolidated financial statements and accounting records of our Former Parent principally representing the single-family segment, using the historical results of operations and historical basis of assets and liabilities of the Company’s businesses. The historical consolidated financial statements also include allocations of certain of our Former Parent’s general corporate expenses. Management believes the assumptions and methodologies underlying the allocation of general corporate expenses to the historical results of operations were reasonable. However, such expenses may not be indicative of the actual level of expenses that would have been incurred by the Company if it had operated as an independent, publicly traded company or of the costs expected to be incurred in the future. As such, the results of operations prior to Separation, included herein, may not necessarily reflect the Company’s results of operations, financial position or cash flows in the future or what its results of operations, financial position or cash flows would have been had the Company been an independent, publicly traded company during the historical periods presented. Transactions between the single-family business segment and other business segments of our Former Parent businesses have been identified in the historical consolidated financial statements as transactions between related parties for periods prior to the Separation. We have no expenses allocated to us from our Former Parent in 2014.
	The most significant estimate that we make is of the fair value of our properties and distressed and non-performing residential mortgage loans. While home values are typically not a highly subjective estimate on a per-unit basis given the usual availability of comparable property sale and other market data, these fair value estimates significantly impact the consolidated financial statements, including (1) whether certain assets are identified as being potentially impaired and then, if deemed to be impaired, the amount of the resulting impairment charges, and (2) the allocation of purchase price to individual assets acquired as part of a pool, which have a significant impact on the amount of gain or loss recognized from a subsequent sale, and the subsequent impairment assessment, of individual assets. Estimates pertaining to the fair value of non-performing loans use a discounted cash flow valuation model and consider alternate loan resolution probabilities including modification, liquidation or conversion to rental property. These fair value estimates significantly impact the consolidated financial statements in that changes to fair value of non-performing loans that have elected the fair value option are reflected in unrealized gains and losses and recorded in current period earnings.
	The non-controlling interest in a consolidated subsidiary is the portion of the equity (net assets) in Prime that is not attributable, directly or indirectly, to us. Non-controlling interests are presented as a separate component of equity in the condensed consolidated balance sheets. In addition, the accompanying condensed consolidated statements of operations include the allocation of our net loss to the non-controlling interest holders in Prime.
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective interim and annual reporting periods beginning after December 15, 2014, with early adoption permitted. The adoption of the new requirements is not expected to have a material impact on the condensed consolidated financial statements.
	In January 2014, ASU 2014-04, Troubled Debt Restructurings by Creditors, was issued. It provides that a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our financial statements because our accounting policies and disclosures are currently consistent with the requirements set forth in the guidance.
	Segment Reporting
	We are focused primarily on acquiring single-family homes and distressed and non-performing residential mortgage loans and currently operate in two reportable segments. Prior to the separation, we reported in only one segment. After the separation, the chief decision maker changed from our Former Parent’ chief executive officer to our two Co-CEOs who view our non-performing loan activities as a segment of our business. In connection with our change in reportable segments, we have created new revenue line items in our condensed consolidated statements of operations associated with our NPL segment. Current and prior amounts previously shown as other income will now be presented as gain on non-performing loans, net and gain on loan conversions, net within our revenue section on the condensed consolidated statement of operations as we believe revenues associated with our NPL business segment represent a significant part of our ongoing operations.
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. We maintain our cash and cash equivalents in multiple financial institutions with high credit quality in order to minimize our credit loss exposure. At times, these balances exceed federally insurable limits.
	Restricted Cash
	Restricted cash is primarily comprised of resident security deposits held by us and debt facility restrictions on interest collections for our debt facilities.
	Investments in Real Estate
	Property acquisitions are evaluated to determine whether they meet the definition of a business combination or of an asset acquisition under GAAP. For asset acquisitions, we capitalize (1) pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred, and (2) closing and other direct acquisition costs. We then allocate the total cost of the property including acquisition costs, between land and building based on their relative fair values, generally utilizing the relative allocation that was contained in the property tax assessment of the same or a similar property, adjusted as deemed necessary.
	During the fourth quarter of 2013, we determined that our previous accounting policy for evaluating whether acquisitions of single-family homes were an asset acquisition or a business combination was not in accordance with GAAP; however, its impact on our financial statements was immaterial. Accordingly, we have revised our accounting policy and determined that homes acquired that had an existing lease in place should be accounted for as a business combination. Acquisitions of single-family homes without a lease in place continue to be accounted for as asset acquisitions. Under business combination accounting guidance, acquisition costs are expensed, while acquisition costs incurred in an asset acquisition are capitalized as part of the cost of the acquired asset. Acquisition costs capitalized that relate to business combinations that occurred in the periods prior to September 30, 2013 were insignificant.
	For acquisitions that do not qualify as an asset acquisition, we evaluate the acquisition to determine if it qualifies as a business combination. For acquired properties where we have determined that the property has a resident with an existing lease in place, we account for the acquisition as a business combination. For acquisitions that qualify as a business combination, we (1) expense the acquisition costs in the period in which the costs were incurred and (2) allocate the cost of the property among land, building and in-place lease intangibles based on their fair value. The fair values of acquired in-place lease intangibles are based on costs to execute similar leases including commissions and other related costs. The origination value of in-place leases also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The in-place lease intangible is amortized over the life of the lease.
	If, at acquisition, a property needs to be renovated before it is ready for its intended use, we commence the necessary development activities. During this development period, we capitalize all direct and indirect costs incurred in renovating the property. Real estate under development in the accompanying condensed consolidated balance sheets represents aggregate carrying amount of properties that are being prepared for their intended use.
	Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for furniture and fixtures.
	We begin depreciating properties to be held and used when they are ready for their intended use. We compute depreciation using the straight-line method over the estimated useful lives of the respective assets. We depreciate buildings over 30 years, and we depreciate furniture and fixtures over five years. Land is not depreciated.
	Properties are classified as held for sale when they meet the applicable GAAP criteria, including that the property is being listed for sale and that it is ready to be sold in its current condition. Held for sale properties are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our long-lived assets for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include declines in home values, rental rate and occupancy and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of identifiable cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value we consider comparable home sales or appraisals. Such values represent the estimated amounts at which the homes could be sold in their current condition, assuming the sale is completed within a period of time typically associated with non-distressed sellers. Estimated values may be less precise, particularly in respect of any necessary repairs, where the interior of homes are not accessible for inspection by the broker performing the valuation.
	In evaluating our held for sale and held for use assets, we determined that certain properties were impaired, which resulted in impairment charges of $0.8 million and $0.1 million during the three months ended March 31, 2014 and for the corresponding period in 2013, respectively.
	Non-Performing Loans
	We have purchased pools of distressed and non-performing residential mortgage loans, which we generally seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio (“Rental Pool Assets”) or sold (“Non-Rental Pool Assets”) or (2) modify and hold or resell at higher prices if circumstances warrant.
	Our distressed and non-performing residential mortgage loans are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal.
	For loans purchased prior to January 1, 2014, we evaluate our loans for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. As our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments, As described in our real estate accounting policy above, we primarily utilize the local BPO, but also consider any other comparable home sales or other market data as considered necessary, in estimating a property's fair value. If the carrying amount of a loan exceeds the estimated fair value of the underlying collateral, we will record an impairment loss for the difference between the estimated fair value of the property collateral and the carrying amount of the loan. During the three months ended March 31, 2014 and the corresponding period in 2013, respectively, no impairments have been recorded on any of our loans.
	When we convert loans into homes through foreclosure or other resolution process (e.g., through a deed-in-lieu of foreclosure transaction), the property is initially recorded at fair value unless it meets the criteria for being classified as held-for-sale, in which case the property is initially recorded at fair value less estimated costs to sell. gains are recognized in earnings immediately when the fair value of the acquired property (or fair value less estimated costs to sell for held-for-sale properties) exceeds our recorded investment in the loan, and are reported as gains from the conversion of loans into real estate in our condensed consolidated statements of operations. Conversely, any excess of the recorded investment in the loan over the fair value of the property (or fair value less estimated costs to sell for held-for-sale properties) would be immediately recognized as a loss. During the three months ended March 31, 2014, we converted $11.8 million in non-performing loans into $17.2 million in real estate assets. We had no conversions of non-performing loans into real estate assets in the corresponding period of 2013.We recorded a gain of $5.4 million for the three months ended March 31, 2014. The corresponding period of 2013 had no gains or losses from loan conversions.
	In situations where property foreclosure is subject to an auction process and a third party submits the winning bid, we recognize the resulting gain as a gain on non-performing loans.
	Beginning in 2014 we have elected the fair value option for non-performing loan purchases as we have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. Upon the acquisition of mortgage loans, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings.
	We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include loan amounts, payment history and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.
	After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to real estate owned (“REO”)). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses typically each increases the fair value of the loan. The increase in the value of the loan is recognized in gains on non-performing loans in our consolidated statements of operations.
	We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate. During the three months ended March 31, 2014 and the corresponding period of 2013, no unrealized gains or losses in the fair value of the loans has been reported.
	Capitalized Costs
	We capitalize certain costs incurred in connection with successful property acquisitions and associated stabilization activities, including tangible property improvements and replacements of existing property components. Included in these capitalized costs are certain personnel costs associated with time spent by certain personnel in connection with the planning, execution and oversight of all capital additions activities at the property level as well as third party acquisition agreement fees. Indirect costs are allocations of certain department costs, including personnel costs that directly relate to capital additions activities. We also capitalize property taxes and homeowners’ association (“HOA”) fees dues during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance, resident turnover costs and general and administrative expenses. We also defer successful leasing costs and amortize them over the life of the lease, which is typically one to two years.
	Purchase Deposits
	We make various deposits relating to property acquisitions, including transactions where we have agreed to purchase a home subject to certain conditions being met before closing, such as satisfactory home inspections and title search results. Our purchase deposit balances are recorded in other assets on our condensed consolidated balance sheets.
	Revenue Recognition
	Rental revenue attributable to residential leases is recorded when due from residents. Rental revenue, net of concessions, is recognized on a straight-line basis over the term of the lease. The initial term of our residential leases is generally one to two years, with renewals upon consent of both parties on an annual or monthly basis.
	We periodically evaluate the collectability of our resident and other receivables and record an allowance for doubtful accounts for any estimated probable losses. This allowance is estimated based on payment history and current credit status. We generally do not require collateral other than resident security deposits. There was $1.5 million in allowance for doubtful accounts as of March 31, 2014. We had $1.0 million for doubtful accounts for the year ended December 31, 2013. Bad debt expense amounts are recorded under property operating and maintenance expenses in the condensed consolidated statements of operations. During the three months ended March 31, 2014 and the corresponding period of 2013, we had incurred bad debt expense $0.5 million and zero, respectively.
	We recognize 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 we are not obligated to perform significant additional activities after closing. All these conditions are typically met at or shortly after closing.
	Loss Per Share
	We use the two-class method to calculate basic and diluted earnings per share (“EPS”) as our restricted stock units are participating securities as defined by GAAP. We calculate EPS by dividing net loss attributable to us for the period by the weighted average number of common shares outstanding for the period. As of March 31, 2014, no participating or dilutive instruments were included as they would have been anti-dilutive. The Company had no instruments that would have been participating or dilutive for the three months ended March 31, 2013.
	Share-based Payments
	The fair value of the restricted stock or restricted stock units granted is recorded as expense on a straight-line basis over the vesting period for the award, with an offsetting increase in shareholders' equity. For grants to employees and directors, the fair value is determined based upon the stock price on the grant date. For non-employee grants, the fair value is based on the stock price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested.
	Comprehensive Income
	We had no items of other comprehensive income, so our comprehensive loss is the same as our net loss for all periods presented.
	Income Taxes
	We intend to elect to be taxed as a REIT under Internal Revenue Code of 1986, as amended (the “Code”), as amended, and intend to comply with the Code with respect thereto. Accordingly, we will not be subject to federal income tax as long as certain asset, income, dividend distribution and share ownership tests are met. Many of these requirements are technical and complex and if we fail to meet these requirements we may be subject to federal, state, and local income tax and penalties. A REIT's net income from prohibited transactions is subject to a 100% penalty tax. We have TRSs where certain investments may be made and activities conducted that (1) may have otherwise been subject to the prohibited transactions tax and (2) may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income, if any, within the TRSs is subject to federal and state income taxes as a domestic C corporation based upon the TRSs' net income. We recorded a provision for federal and state income taxes of $0.1 million and $0.2 million related to the activities in our TRSs during the three months ended March 31, 2014 and the corresponding period in 2013, respectively.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Fair Value Measurements	'
	Note 3. Fair Value Measurements
	GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:
	Level I—Quoted prices in active markets for identical assets or liabilities.
	Level II—Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability. These may include quoted prices for similar items, interest rates, speed of prepayments, credit risk and others.
	Level III—Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment) unobservable inputs may be used. Unobservable inputs reflect our own assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available.
	Cash and cash equivalents, resident and other receivables, restricted cash and purchase deposits
	Fair values approximate carrying values due to their short-term nature. These valuations have been classified as Level I.
	Our assets measured at fair value on a nonrecurring basis are those assets for which we have recorded impairments.
	The assets measured at fair value on a nonrecurring basis are summarized below (in thousands):
			Three Months Ended, March 31, 2014
			Pre-Impairment Amount		Total Losses		Fair Value
	Residential real estate	Level III	$	5,613	$	-834	$	4,779
			Three Months Ended, March 31, 2013
			Pre-Impairment Amount		Total Losses		Fair Value
	Residential real estate	Level III	$	1,041	$	-55	$	986
	The following table presents the amount of non-performing loans converted to real estate measured at fair value on a non-recurring basis during the three months ended March 31, 2014 (in thousands).
	(in thousands)		Carrying		Realized		Fair
	Non-recurring basis (assets)		Value		Gains		Value
	Transfer of non-performing loans into homes	Level III	$	11,767	$	5,414	$	17,181
	There were no transfers of non-performing loans into homes for the three months ended March 31, 2013.
	The following table summarizes level III activity for our non-performing loans carried at fair value during the three months ended March 31, 2014:
	(in thousands)
	Balance at January 1, 2014		$	—
	Non-performing loans acquired			101,336
	Balance at March 31, 2014		$	101,336
	Fair Value Option
	The guidance in FASB Accounting Standards Codification ("ASC") Topic 825, Financial Instruments, provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our condensed consolidated balance sheets from those instruments using another accounting method. We have concluded that non-performing loans accounted for at fair value timely reflect the results of our investment performance.
	Consistent with our policy commencing on January 1, 2014, we  have elected the fair value option for our March 13, 2014 purchase of non-performing loans in the amount of $101.3 million. We have concluded as of March 31, 2014 that the fair value of the pool purchased was equal to the price paid on March 13, 2014.
	The following table presents the fair value of our financial instruments on the condensed consolidated balance sheets (in thousands).
	The following table presents of our financial instruments on the consolidated balance sheets:
			31-Mar-14				31-Dec-13
			Carrying		Fair		Carrying		Fair
	(in thousands)		Value		Value		Value		Value
	Assets not carried on the consolidated balance sheet at fair value
	Non-performing residential loans	Level III	$	196,866	$	249,125	$	214,965	$	223,861
	Total assets		$	196,866	$	249,125	$	214,965	$	223,861
	Liabilities not carried on the consolidated balance sheet at fair value
	Credit facilities	Level III	$	410,868	$	401,686	$	—	$	—
	Total liabilities		$	410,868	$	401,686	$	—	$	—
	Recurring assets recognized at fair value
	Non-performing residential loans (fair value option)	Level III	$	101,336	$	101,336	$	—	$	—
	The significant unobservable inputs used in the fair value measurement of our non-performing loans are discount rates, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value.
	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our non-performing loans as of March 31, 2014 and December 31, 2013:
	Input		March 31,		December 31,
			2014		2013
	Discount rate			15%	n/a
	Loan resolution probabilities - rental			0% - 100%	n/a
	Loan resolution probabilities - liquidation			0% - 100%	n/a
	Loan resolution timelines (in years)			0.1 to 5.8	n/a
	Value of underlying properties			$4,000 - $2,300,000	n/a

Net_Loss_per_Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2014
Net Loss per Share [Abstract]	'
Net Loss per Share	'
	Note 4. Net Loss per Share
	Our shares began trading on February 3, 2014 on the NYSE under the ticker symbol SWAY. In our calculation of EPS, the numerator for both basic and diluted EPS is net earnings attributable to us. The denominator for basic and diluted EPS is based on the number of SWAY common shares outstanding on the Distribution Date. On the Distribution Date, SPT stockholders of record as of the close of business on January 24, 2014 received one common share of SWAY for every five shares of SPT common stock held as of the record date. Basic and diluted earnings per common share and the average number of common shares outstanding were calculated using the number of SWAY common shares outstanding immediately following the distribution. The same number of shares was used to calculate basic and diluted EPS since no SWAY equity awards were outstanding prior to the distribution. We use the two-class method in calculating basic and diluted EPS.
		Three Months Ended,
		March 31,
	(in thousands, except per share amounts)	2014		2013
	Numerator:
	Net loss attributable to Starwood Waypoint Residential Trust	$	-15,308	$	-3,389
	Denominator:
	Basic and diluted weighted average shares outstanding		39,111		39,111
	Effect of dilutive restricted share units		—		—
	Diluted weighted average shares outstanding		39,111		39,111
	Basic and diluted net loss per share	$	-0.39	$	-0.09
	The dilutive effect of outstanding restricted stock units is reflected in diluted net income per share, but not diluted net loss per share, by application of the treasury stock method, which includes consideration of share-based compensation required by GAAP. As the Company reported a net loss for the three months ended March 31, 2014, and the corresponding period of 2013, both basic and diluted net loss per share are the same.
	For the three months ended March 31, 2014, a total of 1.0 million of our common shares subject to restricted stock units and restricted stock awards (“RSA”) were excluded from the computation of diluted net loss per share as the resulting effect would have been anti-dilutive. We had no restricted share units during the corresponding three months in 2013.

Real_Estate

Real Estate	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Real Estate	'
	Note 5. Real Estate
	The following table summarizes transactions within our home portfolio for the year ended December 31, 2013 and the three months ended March 31, 2014:
	(in thousands)
	Balance as of January 1, 2013	$	99,614
	Acquisitions		534,018
	Real estate converted from loans		33,326
	Capitalized expenditures		102,307
	Basis of real estate sold		-13,008
	Impairment of real estate		-1,174
	Balance as of December 31, 2013		755,083
	Acquisitions		296,220
	Real estate converted from loans		17,181
	Capitalized expenditures		57,362
	Basis of real estate sold		-6,056
	Impairment of real estate		-834
	Balance as of March 31, 2014	$	1,118,956

NonPerforming_Loans

Non-Performing Loans	3 Months Ended
	Mar. 31, 2014
Non-Performing Loans [Abstract]	'
Non-Performing Loans	'
	Note 6. Non-Performing Loans
	We hold our non-performing loans within a consolidated subsidiary that we established with Prime. We hold a controlling interest in the subsidiary and, as such, have the power to direct its significant activities while Prime manages the subsidiary's day-to-day operations. Should this subsidiary realize future returns in excess of specific thresholds, Prime may receive incremental incentive distributions in excess of their ownership interest.
	The following table summarizes transactions within our non-performing loans for the year ended December 31, 2013 and the three months ended March 31, 2014:
	(in thousands)		Non-performing loans		Non-performing loans
					(fair value option)
	Balance as of January 1, 2013	$	68,106	$	—
	Acquisitions		186,123		—
	Basis of loans sold		-197		—
	Loans converted to real estate		-24,702		—
	Loan liquidations and other basis reductions		-14,365		—
	Balance as of December 31, 2013		214,965		—
	Acquisitions		—		101,336
	Basis of loans sold		-1,713		—
	Loans converted to real estate		-11,767		—
	Loan liquidations and other basis reductions		-4,619		—
	Balance as of March 31, 2014	$	196,866	$	101,336

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Debt	'
	Note 7. Debt
	On February 5, 2014, we entered into a $500.0 million secured revolving credit facility with Citibank, N.A. The credit facility has a three-year term and is set to mature on February 3, 2017, subject to a one-year extension option which would extend the maturity date to February 5, 2018. The credit facility has a variable interest rate of LIBOR plus a spread which will equal 3.00% during the first three years and then 4.00% during any extended term, subject to a default rate of an additional 5.00% on amounts not paid when due. The borrower under the credit facility is Starwood Waypoint Borrower, LLC (the “Borrower”), a special purpose entity specifically created for purposes of the facility and which is the indirect owner of substantially all of our single-family homes. The facility is secured by all of the assets of the Borrower and its subsidiaries and also by a pledge of the Borrower’s equity. Availability under the facility is limited by a percentage formula against the lower of the Borrower’s acquisition cost of a home or its value as established by an independent BPO. The credit facility contains customary terms, conditions precedent, affirmative and negative covenants, limitations and other conditions for facilities of this type, including requirements for cash reserves and restriction on incurring additional indebtedness, creation of liens, mergers, and fundamental changes, sales or capital expenditures.
	In connection with the credit facility, our OP has provided Citibank, N.A. with a limited recourse guaranty agreement pursuant to which the OP agreed to indemnify the lender against specified losses due to fraud, misrepresentations, misapplication of funds, physical waste, breaches of specified representations warranties and covenants, as well as guaranty the entire amount of the facility in the event that the Borrower or its subsidiaries file insolvency proceedings or violate certain covenants that result in their being consolidated with any other entity that is subject to a bankruptcy proceeding. The outstanding balance on this facility as of March 31, 2014 was approximately $261.6 million.
	On March 11, 2014, we, as guarantor of PrimeStar Fund LP, a limited partnership in which we own indirectly the majority of the general partnership and limited partnership interests, and Wilmington Savings Fund Society, not in its individual capacity but solely as trustee of PrimeStar Trust, a trust in which we own, indirectly, the majority of beneficial trust interests, entered into a master repurchase agreement with Deutsche Bank AG, Cayman Islands Branch. The repurchase agreement will be used to finance the acquisition of pools or groups of mortgage loans secured by residential real property and related residential real property by us and our wholly- owned subsidiaries. The repurchase agreement and the ancillary transaction documents provide maximum financings of up to $350.0 million. Advances under the repurchase agreement accrue interest at a per annum pricing rate based on 30 day LIBOR (or a conduit costs of funds rate if a buyer-sponsored conduit is utilized) plus a spread of 3.00%. During the existence of an Event of Default (as defined in the repurchase agreement), interest accrues at the post-default rate, which is based on the applicable pricing rate in effect on such date plus an additional spread of 3.00%. The initial maturity date of the facility is September 11, 2015, subject to a one year extension option, which may be exercised by PrimeStar LP upon the satisfaction of certain conditions set forth in the repurchase agreement and ancillary transaction documents. In connection with the repurchase agreement, we provided a guaranty, under which we guaranty the obligations of PrimeStar LP under the repurchase agreement and ancillary transaction documents. The outstanding balance on March 31, 2014 on this facility was approximately $140.1 million.
	The repurchase agreement and ancillary transaction documents, including the guaranty, contain various affirmative and negative covenants including the following financial covenants applicable to us: (i) our adjusted tangible net worth shall not (A) decline by 35% or more during a calendar year, (B) decline by 25% or more during any calendar quarter, (C) decline by more than 50% of our highest adjusted tangible net worth from and after the date of the repurchase agreement or (D) be less than $400.0 million (exclusive of our interest in non-performing loans and residential real properties pledged under the facility); (ii) our ratio of total indebtedness to adjusted tangible net worth shall not be greater than 3.0 to 1.0; and (iii) our cash liquidity shall not be less than the greater of (A) $30.0 million and (B) 10% of our total indebtedness.
	As of March 31, 2014, total outstanding borrowings under our credit facilities were $401.7 million. During the three months ended March 31, 2014, we incurred $1.5 million in interest expense and capitalized approximately $0.1 million related to these facilities. We had no interest expense for the previous corresponding period of 2013. The Company also paid and deferred approximately $11.0 million of financing costs. We amortize these costs using the effective interest rate method. During the three months ended March 31 2014, we amortized $0.5 million of financing costs which recorded as interest expense in our consolidated statement of operations. As of March 31, 2014, we are in compliance with all of our debt facility requirements.
	The following table summarizes our contractual maturities of our debt as of March 31, 2014 (in thousands).
	Year
	2014 remainder	$	—
	2015		140,129
	2016		—
	2017		261,557
	2018		—
	Thereafter		—
	Total	$	401,686

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	Note 8. Share-Based Compensation
	On January 16, 2014, we adopted: (i) the Starwood Waypoint Residential Trust Equity Plan (the “Equity Plan”) which provided for the issuance of our common shares and common share-based awards to persons providing services to us, including without limitation, our trustees, officers, advisors and consultants and employees of our external Manager, (ii) the Starwood Waypoint Residential Trust Manager Equity Plan (the “Manager Equity Plan”) which provides for the issuance of our common shares and common share-based awards to our Manager; and (iii) the Starwood Waypoint Residential Trust Non-Executive Trustee Share Plan (the
	“Non-Executive Trustee Share Plan”), which provides for the issuance of common shares and common shares-based awards to our non-executive trustees.
	We granted (1) our Manager 777,754 restricted share units (“RSUs”) and (2) certain employees of our Manager an aggregate of 199,991 of our RSUs. The award of RSUs to our Manager will vest ratably on a quarterly basis over a three-year period beginning on April 1, 2014. The awards of RSUs to certain employees of our Manager will vest ratably in three annual installments on January 31, 2015, January 31, 2016 and January 31, 2017.  In connection with the Separation, we granted 1,666 of our restricted common shares to each of our five non-executive trustees. These awards of restricted shares vest ratably in three annual installments on January 31, 2015, January 31, 2016, and January 31, 2017, subject to the trustee’s continued service on our board of trustees.
	The following table summarized our restricted stock units and restricted stock awards activity during the three months ended March 31, 2014:
		Manager			Equity			Non-Executive Trustee Share Plan			Total
		Equity Plan			Plan
		shares		Weighted-Average	shares		Weighted-Average	shares		Weighted-Average	shares		Weighted-Average
				Grant date			Grant date			Grant date			Grant date
				Fair Value			Fair Value			Fair Value			Fair Value
	Nonvested shares February 3, 2014	—		—	—		—	—		—	—		—
	Granted	777,754	$	30.00	199,991	$	30.00	8,330	$	30.00	986,075	$	30.00
	Vested	—		—	-11,110		30.00	—		—	-11,110		30.00
	Forfeited	—		—	—		—	—		—	—		—
	Nonvested shares March 31, 2014	777,754	$	30.00	188,881	$	30.00	8,330	$	30.00	974,965	$	30.00
	During the three months ended March 31, 2014, we recorded $0.3 million of share-based compensation expense as general and administrative expense. There were no share based payments or grants in the corresponding period of 2013 as our shares began trading on February 3, 2014. As of March 31, 2014, $29.3 million of total unrecognized compensation cost related to unvested restricted stock units is expected to be recognized over a weighted-average period of 3.0 years.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Note 9. Related Party Transactions
	The accompanying condensed consolidated statements of operations include the following expenses which have been allocated from our Manager for the three months ended March 31, 2014 and from SPT for the corresponding period in 2013 to us. The allocated expenses generally represent (1) certain invoices that our Manager or SPT paid on our behalf and (2) the portion of certain expenses that were incurred by our Manager or SPT which are estimated to have been attributable to us. SPT has not and does not expect to demand payment from us for these expenses and therefore were recorded as owner’s contributions; we believe the allocation of these expenses is considered appropriate under the SEC guidelines for carve-out financial statements, as we believe that there is reasonable basis for the allocations.
			Three Months Ended
			31-Mar
	Type of Costs Incurred	Financial statement location	2014		2013
	General and administrative	Statement of operations	$	4,282	$	1,200
	Property operating and maintenance	Statement of operations		4,138		—
	Management fee	Statement of operations		2,757		—
	subtotal			11,177		1,200
	Development costs	Balance sheet		3,513		—
	Total related party costs		$	14,690	$	1,200
	Reimbursement of Costs
	We are required to reimburse our Manager for the costs incurred on our behalf. Cost reimbursements to our Manager are made in cash on a monthly basis following the end of each month. Our reimbursement obligation is not subject to any dollar limitation. Because our Manager’s personnel perform certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, our Manager is paid or reimbursed for the documented cost of performing such tasks, provided that such costs and reimbursements are in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis.
	We also pay certain costs incurred by our Manager on our behalf or otherwise in connection with the operation of our business, except those specifically required to be borne by our Manager under the Management Agreement. For the three months ended March 31, 2014, we incurred $11.9 million of costs that consisted of (i) $4.3 million in general and administrative expense, (ii) $4.1 million in property operating and maintenance expense, and (iii) $3.5 million of costs, including construction costs and acquisition costs, that were capitalized on our consolidated balance sheet under the caption Development costs, from our Manager. Prior to the Separation, our expenses were allocated to us by our Former Parent, SPT. During the three months ended March 31, 2013, management fees allocated to us were $1.2 million. Since our Former Parent did not seek (and will not seek) reimbursement of these costs, they were recorded as owner’s contribution.
	Management Fees
	We pay our Manager a base management fee calculated and payable quarterly in arrears in cash in an amount equal to one-fourth of 1.5% of the daily average of our adjusted market capitalization for the preceding quarter. For purposes of calculating the management fee, our adjusted equity market capitalization means: (1) the average daily closing price per our common share during the relevant period, multiplied by (2) (a) the average number of our common shares and securities convertible into our common shares issued and outstanding during the relevant period, plus (b) the maximum number of our common shares issuable pursuant to outstanding rights, options or warrants to subscribe for, purchase or otherwise acquire our common shares that are in the money on such date, or the common share equivalents, minus (3) the aggregate consideration payable to us on the applicable date upon the redemption, exercise, conversion and/or exchange of any common share equivalents, plus (x) the average daily closing price per our preferred share during the relevant period, multiplied by (y) average number of our preferred shares issued and outstanding during the relevant period. The amount of management fees incurred by us during the three months ended March 31, 2014 was $2.8 million.
	Fund XI purchase
	On March 3, 2014, we purchased 707 homes from Fund XI for approximately $144.0 million in cash. Pursuant to our policy regarding conflicts of interest, a majority of our independent trustees approved the purchase of Fund XI.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Note 10. Segment Reporting
	In its operation of the business, management, including our chief operating decision makers, our Chief Executive Officers, review certain financial information, including segmented internal profit and loss statements. The segment information within this note is reported on that basis.
	Prior to the separation, we operated in one reportable business segment. As a result of the separation and the change of the chief operating decision maker as well as expansion of our non-performing loan business, we currently have two reportable business segments:
	•  single family residential—includes the business activities associated with our investments in single family residential properties and.
	• non-performing single-family residential mortgage loans.
	Due to the structure of our business, certain costs incurred by one segment may benefit other segments. Costs that are identifiable are allocated to the segments that benefit so that one segment is not solely burdened by this cost. Allocated costs currently include management fees payable to our Manager and our separation costs, both of which represent shared costs. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated.
	The Company’s reportable segments are strategic business units that offer different channels to acquiring real estate and offer different risk and return profiles. While the REO business segment provides a direct conduit to real estate, the NPL business segment also provides revenue opportunities through potential gains achieved through the resolution of the non-performing loans. Further, not all non-performing loans resolve into the acquisition of real estate resulting in potential gains from the sale or dissolution of the non-performing loan. Additionally, both business segments require differing asset management approaches given the differing nature of the investments.
	We have presented certain prior period amounts within this note to conform to the way we internally manage and monitor segment performance in the current periods.
		31-Mar-14						31-Dec-13
		NPL			REO	TOTAL		NPL		REO		TOTAL
	ASSETS
	Investments in real estate
	Land	$	—	$	183,803	$	183,803	$	—	$	88,826	$	88,826
	Building and improvements		—		583,617		583,617		—		349,532		349,532
	Development costs		—		343,183		343,183		—		306,557		306,557
	Total		—		1,110,603		1,110,603		—		744,915		744,915
	Less accumulated depreciation		—		-11,045		-11,045		—		-5,730		-5,730
	Investment in real estate properties, net		—		1,099,558		1,099,558		—		739,185		739,185
	Real estate held for sale		—		8,353		8,353		—		10,168		10,168
	Investment in real estate, net		—		1,107,911		1,107,911		—		749,353		749,353
	Non-performing loans		298,202		—		298,202		214,965		-		214,965
	Resident and other receivables, net		2,102		1,807		3,909		—		1,261		1,261
	Cash and cash equivalents		5,568		93,054		98,622		5,825		38,788		44,613
	Restricted cash		—		15,550		15,550		—		3,331		3,331
	Deferred leasing costs and lease intangibles, net		—		5,947		5,947		—		494		494
	Deferred financing costs, net		2,617		7,913		10,530		—		—		—
	Other assets		—		10,849		10,849		—		4,391		4,391
	Total assets	$	308,489	$	1,243,031	$	1,551,520	$	220,790	$	797,618	$	1,018,408
	LIABILITIES AND EQUITY
	Liabilities:
	Credit facility	$	140,129	$	261,557	$	401,686	$	—	$	—	$	—
	Accounts payable and accrued expenses		1,433		34,401		35,834		—		22,434		22,434
	Resident security deposits and prepaid rent		—		8,835		8,835		—		3,918		3,918
			141,562		304,793		446,355		—		26,352		26,352
	Commitments and contingencies (note 11)
	Equity:
	Preferred shares $0.01 par value, 100,000,000 authorized, none issued and outstanding		—		—		—		—		—		—
	Common shares $0.01 par value, 500,000,000 authorized, 39,110,969 issued and outstanding as of March 31, 2014, and 1,000 issued and outstanding as of December 31, 2013		—		391		391		—		—		—
	Additional paid-in-capital		167,378		950,348		1,117,726		215,524		802,743		1,018,267
	Accumulated deficit		-1,886		-12,501		-14,387		3,629		-31,477		-27,848
	Total shareholder equity		165,492		938,238		1,103,730		219,153		771,266		990,419
			1,435		—		1,435		1,637		—		1,637
			166,927		938,238		1,105,165		220,790		771,266		992,056
		$	308,489	$	1,243,031	$	1,551,520	$	220,790	$	797,618	$	1,018,408
		31-Mar-14						31-Mar-13
	(in thousands)		NPL		REO		Total		NPL		REO		Total
	Revenues
	Rental revenues	$	—	$	13,765	$	13,765	$	—	$	1,124	$	1,124
	Other property revenues		—		479		479		—		41		41
	Gain on non-performing loans, net		1,843		—		1,843		359		—		359
	Gain on loan conversion, net		5,414		—		5,414		—		—		—
	Total revenues		7,257		14,244		21,501		359		1,165		1,524
	Expenses
	Property operating and maintenance		—		6,032		6,032		—		394		394
	Real estate taxes and insurance		—		3,143		3,143		—		623		623
	Mortgage loan servicing costs		4,882		—		4,882		—		—		—
	Non-performing loan management fees and expenses		2,006		—		2,006		1,006		—		1,006
	General and administrative		117		5,698		5,815		—		1,454		1,454
	Investment management fees		580		2,177		2,757		—		—		—
	Separation costs		746		2,797		3,543		—		—		—
	Acquisition pursuit costs and property management engagement costs		554		—		554		—		655		655
	Interest expense		258		1,242		1,500		—		—		—
	Depreciation and amortization		—		5,473		5,473		—		657		657
Impairment of real estate		—		834		834		—		55		55
Total expenses		9,143		27,396		36,539		1,006		3,838		4,844
Operating loss		-1,886		-13,152		-15,038		-647		-2,673		-3,320
Other income (expense)
Loss on sales of investment in real estate, net		—		-145		-145		—		87		87
Total other income (expense)		—		-145		-145		—		87		87
Loss before income taxes		-1,886		-13,297		-15,183		-647		-2,586		-3,233
Income tax expense		—		135		135		—		162		162
Net loss		-1,886		-13,432		-15,318		-647		-2,748		-3,395
Net income attributable to non-controlling interests		10		—		10		—		6		6
Net loss attributable to common shareholders	$	-1,876	$	-13,432	$	-15,308	$	-647	$	-2,742	$	-3,389
Weighted average shares outstanding - basic and diluted		39,111		39,111		39,111		39,111		39,111		39,111
Net loss per common share
Basic and diluted	$	-0.05	$	-0.34	$	-0.39	$	-0.02	$	-0.07	$	-0.09

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	Note 11. Commitments and Contingencies
	Purchase Commitments
	As of March 31, 2014, we had executed agreements to purchase properties in 272 separate transactions, respectively, for an aggregate purchase price of $36.8 million. As of March 31, 2014, we had not contracted to purchase non-performing loans. During the three months ended March 31, 2014, we entered into a contract with a developer to build 42 homes for us for an aggregate purchase price of $5.8 million. . Pursuant to the terms of the contract, we paid an initial deposit of $0.5 million and are required to make subsequent payments upon the completions of certain milestones.
	Legal and Regulatory
	From time to time, we may be subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of our 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, we have no legal or regulatory claims that would have a material effect on our consolidated financial statements.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 12. Subsequent Events
	Acquisition of Homes and Non-Performing Loans
	Subsequent to March 31, 2014, we have continued to purchase distressed and non-performing residential mortgage loans and homes. For the period from April 1, 2014 through April 30, 2014, and as of April 30 2014, we had acquired an aggregate of 551 additional homes acquired with an aggregate acquisition cost of approximately $68.8 million. As of April 30, 2014, we have not purchased any additional pools of distressed and non-performing loans, subsequent to March 31, 2014.
	On April 24, 2014, our Board of Trustees authorized a share repurchase program. Under the program, we may purchase up to $150 million of our common shares beginning April 17, 2014 and ending April 17, 2015.

Recovered_Sheet1

Basis of Presentation and Principles of Consolidation (Policy)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation and Principles of Consolidation [Abstract]	'
Basis of Presentation and Principles of Consolidation	'
	Basis of Presentation and Principles of Consolidation
	The accompanying condensed consolidated financial statements include our accounts and those of our wholly and majority-owned subsidiaries. Intercompany amounts have been eliminated. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
	Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes filed with the SEC on March 28, 2014 for the year ended December 31, 2013. In the opinion of management, all adjustments of a normal and recurring nature necessary for a fair presentation of the condensed consolidated financial statements for the interim periods have been made.
	The condensed consolidated results of operations for the three months ended March 31, 2014 and the corresponding period of 2013 and the condensed consolidated statements of cash flows for the three months ended March 31, 2014 and the corresponding period of 2013 are not necessarily indicative of the results of operations or cash flows for the respective full years or any other period.
	Prior to our Separation from our Former Parent, the historical consolidated financial statements were derived from the consolidated financial statements and accounting records of our Former Parent principally representing the single-family segment, using the historical results of operations and historical basis of assets and liabilities of the Company’s businesses. The historical consolidated financial statements also include allocations of certain of our Former Parent’s general corporate expenses. Management believes the assumptions and methodologies underlying the allocation of general corporate expenses to the historical results of operations were reasonable. However, such expenses may not be indicative of the actual level of expenses that would have been incurred by the Company if it had operated as an independent, publicly traded company or of the costs expected to be incurred in the future. As such, the results of operations prior to Separation, included herein, may not necessarily reflect the Company’s results of operations, financial position or cash flows in the future or what its results of operations, financial position or cash flows would have been had the Company been an independent, publicly traded company during the historical periods presented. Transactions between the single-family business segment and other business segments of our Former Parent businesses have been identified in the historical consolidated financial statements as transactions between related parties for periods prior to the Separation. We have no expenses allocated to us from our Former Parent in 2014.
	The most significant estimate that we make is of the fair value of our properties and distressed and non-performing residential mortgage loans. While home values are typically not a highly subjective estimate on a per-unit basis given the usual availability of comparable property sale and other market data, these fair value estimates significantly impact the consolidated financial statements, including (1) whether certain assets are identified as being potentially impaired and then, if deemed to be impaired, the amount of the resulting impairment charges, and (2) the allocation of purchase price to individual assets acquired as part of a pool, which have a significant impact on the amount of gain or loss recognized from a subsequent sale, and the subsequent impairment assessment, of individual assets. Estimates pertaining to the fair value of non-performing loans use a discounted cash flow valuation model and consider alternate loan resolution probabilities including modification, liquidation or conversion to rental property. These fair value estimates significantly impact the consolidated financial statements in that changes to fair value of non-performing loans that have elected the fair value option are reflected in unrealized gains and losses and recorded in current period earnings.
	The non-controlling interest in a consolidated subsidiary is the portion of the equity (net assets) in Prime that is not attributable, directly or indirectly, to us. Non-controlling interests are presented as a separate component of equity in the condensed consolidated balance sheets. In addition, the accompanying condensed consolidated statements of operations include the allocation of our net loss to the non-controlling interest holders in Prime.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective interim and annual reporting periods beginning after December 15, 2014, with early adoption permitted. The adoption of the new requirements is not expected to have a material impact on the condensed consolidated financial statements.
	In January 2014, ASU 2014-04, Troubled Debt Restructurings by Creditors, was issued. It provides that a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our financial statements because our accounting policies and disclosures are currently consistent with the requirements set forth in the guidance.
Segment Reporting	'
	Segment Reporting
	We are focused primarily on acquiring single-family homes and distressed and non-performing residential mortgage loans and currently operate in two reportable segments. Prior to the separation, we reported in only one segment. After the separation, the chief decision maker changed from our Former Parent’ chief executive officer to our two Co-CEOs who view our non-performing loan activities as a segment of our business. In connection with our change in reportable segments, we have created new revenue line items in our condensed consolidated statements of operations associated with our NPL segment. Current and prior amounts previously shown as other income will now be presented as gain on non-performing loans, net and gain on loan conversions, net within our revenue section on the condensed consolidated statement of operations as we believe revenues associated with our NPL business segment represent a significant part of our ongoing operations.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks and short-term investments. Short-term investments are comprised of highly liquid instruments with original maturities of three months or less. We maintain our cash and cash equivalents in multiple financial institutions with high credit quality in order to minimize our credit loss exposure. At times, these balances exceed federally insurable limits.
Restricted Cash	'
	Restricted Cash
	Restricted cash is primarily comprised of resident security deposits held by us and debt facility restrictions on interest collections for our debt facilities.
Investments in Real Estate	'
	Investments in Real Estate
	Property acquisitions are evaluated to determine whether they meet the definition of a business combination or of an asset acquisition under GAAP. For asset acquisitions, we capitalize (1) pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred, and (2) closing and other direct acquisition costs. We then allocate the total cost of the property including acquisition costs, between land and building based on their relative fair values, generally utilizing the relative allocation that was contained in the property tax assessment of the same or a similar property, adjusted as deemed necessary.
	During the fourth quarter of 2013, we determined that our previous accounting policy for evaluating whether acquisitions of single-family homes were an asset acquisition or a business combination was not in accordance with GAAP; however, its impact on our financial statements was immaterial. Accordingly, we have revised our accounting policy and determined that homes acquired that had an existing lease in place should be accounted for as a business combination. Acquisitions of single-family homes without a lease in place continue to be accounted for as asset acquisitions. Under business combination accounting guidance, acquisition costs are expensed, while acquisition costs incurred in an asset acquisition are capitalized as part of the cost of the acquired asset. Acquisition costs capitalized that relate to business combinations that occurred in the periods prior to September 30, 2013 were insignificant.
	For acquisitions that do not qualify as an asset acquisition, we evaluate the acquisition to determine if it qualifies as a business combination. For acquired properties where we have determined that the property has a resident with an existing lease in place, we account for the acquisition as a business combination. For acquisitions that qualify as a business combination, we (1) expense the acquisition costs in the period in which the costs were incurred and (2) allocate the cost of the property among land, building and in-place lease intangibles based on their fair value. The fair values of acquired in-place lease intangibles are based on costs to execute similar leases including commissions and other related costs. The origination value of in-place leases also includes an estimate of lost rent revenue at in-place rental rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The in-place lease intangible is amortized over the life of the lease.
	If, at acquisition, a property needs to be renovated before it is ready for its intended use, we commence the necessary development activities. During this development period, we capitalize all direct and indirect costs incurred in renovating the property. Real estate under development in the accompanying condensed consolidated balance sheets represents aggregate carrying amount of properties that are being prepared for their intended use.
	Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, and we capitalize expenditures that improve or extend the life of a home and for furniture and fixtures.
	We begin depreciating properties to be held and used when they are ready for their intended use. We compute depreciation using the straight-line method over the estimated useful lives of the respective assets. We depreciate buildings over 30 years, and we depreciate furniture and fixtures over five years. Land is not depreciated.
	Properties are classified as held for sale when they meet the applicable GAAP criteria, including that the property is being listed for sale and that it is ready to be sold in its current condition. Held for sale properties are reported at the lower of their carrying amount or estimated fair value less costs to sell.
	We evaluate our long-lived assets for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Significant indicators of impairment may include declines in home values, rental rate and occupancy and significant changes in the economy. We make our assessment at the individual property level because it represents the lowest level of identifiable cash flows. If an impairment indicator exists, we compare the expected future undiscounted cash flows against the net carrying amount of a property. If the sum of the estimated undiscounted cash flows is less than the net carrying amount of the property, we record an impairment loss for the difference between the estimated fair value of the individual property and the carrying amount of the property at that date. To determine the estimated fair value we consider comparable home sales or appraisals. Such values represent the estimated amounts at which the homes could be sold in their current condition, assuming the sale is completed within a period of time typically associated with non-distressed sellers. Estimated values may be less precise, particularly in respect of any necessary repairs, where the interior of homes are not accessible for inspection by the broker performing the valuation.
	In evaluating our held for sale and held for use assets, we determined that certain properties were impaired, which resulted in impairment charges of $0.8 million and $0.1 million during the three months ended March 31, 2014 and for the corresponding period in 2013, respectively.
Non-Performing Loans	'
	Non-Performing Loans
	We have purchased pools of distressed and non-performing residential mortgage loans, which we generally seek to (1) convert into homes through the foreclosure or other resolution process that can then either be contributed to our rental portfolio (“Rental Pool Assets”) or sold (“Non-Rental Pool Assets”) or (2) modify and hold or resell at higher prices if circumstances warrant.
	Our distressed and non-performing residential mortgage loans are on nonaccrual status at the time of purchase as it is probable that principal or interest is not fully collectible. Generally, when loans are placed on nonaccrual status, accrued interest receivable is reversed against interest income in the current period. Interest payments received thereafter are applied as a reduction to the remaining principal balance as long as concern exists as to the ultimate collection of the principal.
	For loans purchased prior to January 1, 2014, we evaluate our loans for impairment periodically or whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. As our loans were non-performing when acquired, we generally look to the estimated fair value of the underlying property collateral to assess the recoverability of our investments, As described in our real estate accounting policy above, we primarily utilize the local BPO, but also consider any other comparable home sales or other market data as considered necessary, in estimating a property's fair value. If the carrying amount of a loan exceeds the estimated fair value of the underlying collateral, we will record an impairment loss for the difference between the estimated fair value of the property collateral and the carrying amount of the loan. During the three months ended March 31, 2014 and the corresponding period in 2013, respectively, no impairments have been recorded on any of our loans.
	When we convert loans into homes through foreclosure or other resolution process (e.g., through a deed-in-lieu of foreclosure transaction), the property is initially recorded at fair value unless it meets the criteria for being classified as held-for-sale, in which case the property is initially recorded at fair value less estimated costs to sell. gains are recognized in earnings immediately when the fair value of the acquired property (or fair value less estimated costs to sell for held-for-sale properties) exceeds our recorded investment in the loan, and are reported as gains from the conversion of loans into real estate in our condensed consolidated statements of operations. Conversely, any excess of the recorded investment in the loan over the fair value of the property (or fair value less estimated costs to sell for held-for-sale properties) would be immediately recognized as a loss. During the three months ended March 31, 2014, we converted $11.8 million in non-performing loans into $17.2 million in real estate assets. We had no conversions of non-performing loans into real estate assets in the corresponding period of 2013.We recorded a gain of $5.4 million for the three months ended March 31, 2014. The corresponding period of 2013 had no gains or losses from loan conversions.
	In situations where property foreclosure is subject to an auction process and a third party submits the winning bid, we recognize the resulting gain as a gain on non-performing loans.
	Beginning in 2014 we have elected the fair value option for non-performing loan purchases as we have concluded that mortgage loans accounted for at fair value timely reflect the results of our investment performance. Upon the acquisition of mortgage loans, we record the assets at fair value which is the purchase price we paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings.
	We determine the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include loan amounts, payment history and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties.
	After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification or conversion to real estate owned (“REO”)). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses typically each increases the fair value of the loan. The increase in the value of the loan is recognized in gains on non-performing loans in our consolidated statements of operations.
	We also recognize unrealized gains and losses in the fair value of the loans in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when we have obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by a broker prove to be incorrect or inaccurate. During the three months ended March 31, 2014 and the corresponding period of 2013, no unrealized gains or losses in the fair value of the loans has been reported.
Capitalized Costs	'
	Capitalized Costs
	We capitalize certain costs incurred in connection with successful property acquisitions and associated stabilization activities, including tangible property improvements and replacements of existing property components. Included in these capitalized costs are certain personnel costs associated with time spent by certain personnel in connection with the planning, execution and oversight of all capital additions activities at the property level as well as third party acquisition agreement fees. Indirect costs are allocations of certain department costs, including personnel costs that directly relate to capital additions activities. We also capitalize property taxes and homeowners’ association (“HOA”) fees dues during periods in which property stabilization is in progress. We charge to expense as incurred costs that do not relate to capital additions activities, including ordinary repairs, maintenance, resident turnover costs and general and administrative expenses. We also defer successful leasing costs and amortize them over the life of the lease, which is typically one to two years.
Purchase Deposits	'
	Purchase Deposits
	We make various deposits relating to property acquisitions, including transactions where we have agreed to purchase a home subject to certain conditions being met before closing, such as satisfactory home inspections and title search results. Our purchase deposit balances are recorded in other assets on our condensed consolidated balance sheets.
Revenue Recognition	'
	Revenue Recognition
	Rental revenue attributable to residential leases is recorded when due from residents. Rental revenue, net of concessions, is recognized on a straight-line basis over the term of the lease. The initial term of our residential leases is generally one to two years, with renewals upon consent of both parties on an annual or monthly basis.
	We periodically evaluate the collectability of our resident and other receivables and record an allowance for doubtful accounts for any estimated probable losses. This allowance is estimated based on payment history and current credit status. We generally do not require collateral other than resident security deposits. There was $1.5 million in allowance for doubtful accounts as of March 31, 2014. We had $1.0 million for doubtful accounts for the year ended December 31, 2013. Bad debt expense amounts are recorded under property operating and maintenance expenses in the condensed consolidated statements of operations. During the three months ended March 31, 2014 and the corresponding period of 2013, we had incurred bad debt expense $0.5 million and zero, respectively.
	We recognize 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 we are not obligated to perform significant additional activities after closing. All these conditions are typically met at or shortly after closing.
Loss Per Share	'
	Loss Per Share
	We use the two-class method to calculate basic and diluted earnings per share (“EPS”) as our restricted stock units are participating securities as defined by GAAP. We calculate EPS by dividing net loss attributable to us for the period by the weighted average number of common shares outstanding for the period. As of March 31, 2014, no participating or dilutive instruments were included as they would have been anti-dilutive. The Company had no instruments that would have been participating or dilutive for the three months ended March 31, 2013.
Share-based Payments	'
	Share-based Payments
	The fair value of the restricted stock or restricted stock units granted is recorded as expense on a straight-line basis over the vesting period for the award, with an offsetting increase in shareholders' equity. For grants to employees and directors, the fair value is determined based upon the stock price on the grant date. For non-employee grants, the fair value is based on the stock price when the shares vest, which requires the amount to be adjusted in each subsequent reporting period based on the fair value of the award at the end of the reporting period until the award has vested.
Comprehensive Income	'
	Comprehensive Income
	We had no items of other comprehensive income, so our comprehensive loss is the same as our net loss for all periods presented.
Income Taxes	'
	Income Taxes
	We intend to elect to be taxed as a REIT under Internal Revenue Code of 1986, as amended (the “Code”), as amended, and intend to comply with the Code with respect thereto. Accordingly, we will not be subject to federal income tax as long as certain asset, income, dividend distribution and share ownership tests are met. Many of these requirements are technical and complex and if we fail to meet these requirements we may be subject to federal, state, and local income tax and penalties. A REIT's net income from prohibited transactions is subject to a 100% penalty tax. We have TRSs where certain investments may be made and activities conducted that (1) may have otherwise been subject to the prohibited transactions tax and (2) may not be favorably treated for purposes of complying with the various requirements for REIT qualification. The income, if any, within the TRSs is subject to federal and state income taxes as a domestic C corporation based upon the TRSs' net income. We recorded a provision for federal and state income taxes of $0.1 million and $0.2 million related to the activities in our TRSs during the three months ended March 31, 2014 and the corresponding period in 2013, respectively.

Organization_And_Operations_Ta

Organization And Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Organization and Operations [Abstract]	'
Geographic Concentrations	'
	Market	As of	As of
		March 31,	March 31,
		2014	2013
	South Florida	21%	28%
	Atlanta	19%	17%
	Houston	13%	16%
	Distressed and Non-Performing Residential Mortgage Loans
	Region	As of	As of
		March 31,	March 31,
		2014	2013
	Florida	29%	35%
	California	16%	7%
	New York	11%	11%

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements [Abstract]	'
Assets Measured At Fair Value On A Nonrecurring Basis	'
			Three Months Ended, March 31, 2014
			Pre-Impairment Amount		Total Losses		Fair Value
	Residential real estate	Level III	$	5,613	$	-834	$	4,779
			Three Months Ended, March 31, 2013
			Pre-Impairment Amount		Total Losses		Fair Value
	Residential real estate	Level III	$	1,041	$	-55	$	986
Fair Value Nonperforming Loans Converted To Real Estate Measured On Nonrecurring Basis	'
	(in thousands)		Carrying		Realized		Fair
	Non-recurring basis (assets)		Value		Gains		Value
	Transfer of non-performing loans into homes	Level III	$	11,767	$	5,414	$	17,181
Level III Activity For Nonperforming Loans Carried At Fair Value	'
	(in thousands)
	Balance at January 1, 2014		$	—
	Non-performing loans acquired			101,336
	Balance at March 31, 2014		$	101,336
Financial Instruments Carried At Fair Value	'
			31-Mar-14				31-Dec-13
			Carrying		Fair		Carrying		Fair
	(in thousands)		Value		Value		Value		Value
	Assets not carried on the consolidated balance sheet at fair value
	Non-performing residential loans	Level III	$	196,866	$	249,125	$	214,965	$	223,861
	Total assets		$	196,866	$	249,125	$	214,965	$	223,861
	Liabilities not carried on the consolidated balance sheet at fair value
	Credit facilities	Level III	$	410,868	$	401,686	$	—	$	—
	Total liabilities		$	410,868	$	401,686	$	—	$	—
	Recurring assets recognized at fair value
	Non-performing residential loans (fair value option)	Level III	$	101,336	$	101,336	$	—	$	—
Quantitative Information For Significant Unobservable Inputs Used To Measure Fair Value Of Non-performing Loans	'
	Input		March 31,		December 31,
			2014		2013
	Discount rate			15%	n/a
	Loan resolution probabilities - rental			0% - 100%	n/a
	Loan resolution probabilities - liquidation			0% - 100%	n/a
	Loan resolution timelines (in years)			0.1 to 5.8	n/a
	Value of underlying properties			$4,000 - $2,300,000	n/a

Net_Loss_per_Share_Tables

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Net Loss per Share [Abstract]	'
Calculation of Net Loss per Share	'
		Three Months Ended,
		March 31,
	(in thousands, except per share amounts)	2014		2013
	Numerator:
	Net loss attributable to Starwood Waypoint Residential Trust	$	-15,308	$	-3,389
	Denominator:
	Basic and diluted weighted average shares outstanding		39,111		39,111
	Effect of dilutive restricted share units		—		—
	Diluted weighted average shares outstanding		39,111		39,111
	Basic and diluted net loss per share	$	-0.39	$	-0.09

Real_Estate_Tables

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Schedule of Real Estate Investments in Consolidated Properties	'
	(in thousands)
	Balance as of January 1, 2013	$	99,614
	Acquisitions		534,018
	Real estate converted from loans		33,326
	Capitalized expenditures		102,307
	Basis of real estate sold		-13,008
	Impairment of real estate		-1,174
	Balance as of December 31, 2013		755,083
	Acquisitions		296,220
	Real estate converted from loans		17,181
	Capitalized expenditures		57,362
	Basis of real estate sold		-6,056
	Impairment of real estate		-834
	Balance as of March 31, 2014	$	1,118,956

NonPerforming_Loans_Tables

Non-Performing Loans (Tables)	3 Months Ended
	Mar. 31, 2014
Non-Performing Loans [Abstract]	'
Summary of Non-Performing Loan Transactions	'
	(in thousands)		Non-performing loans		Non-performing loans
					(fair value option)
	Balance as of January 1, 2013	$	68,106	$	—
	Acquisitions		186,123		—
	Basis of loans sold		-197		—
	Loans converted to real estate		-24,702		—
	Loan liquidations and other basis reductions		-14,365		—
	Balance as of December 31, 2013		214,965		—
	Acquisitions		—		101,336
	Basis of loans sold		-1,713		—
	Loans converted to real estate		-11,767		—
	Loan liquidations and other basis reductions		-4,619		—
	Balance as of March 31, 2014	$	196,866	$	101,336

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt [Abstract]	'
Contractual Maturities of Debt	'
	Year
	2014 remainder	$	—
	2015		140,129
	2016		—
	2017		261,557
	2018		—
	Thereafter		—
	Total	$	401,686

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation [Abstract]	'
Summary Of Restricted Stock Units And Restricted Stock Activity	'
		Manager			Equity			Non-Executive Trustee Share Plan			Total
		Equity Plan			Plan
		shares		Weighted-Average	shares		Weighted-Average	shares		Weighted-Average	shares		Weighted-Average
				Grant date			Grant date			Grant date			Grant date
				Fair Value			Fair Value			Fair Value			Fair Value
	Nonvested shares February 3, 2014	—		—	—		—	—		—	—		—
	Granted	777,754	$	30.00	199,991	$	30.00	8,330	$	30.00	986,075	$	30.00
	Vested	—		—	-11,110		30.00	—		—	-11,110		30.00
	Forfeited	—		—	—		—	—		—	—		—
	Nonvested shares March 31, 2014	777,754	$	30.00	188,881	$	30.00	8,330	$	30.00	974,965	$	30.00

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Schedule of Related Party Expenses Incurred	'
			Three Months Ended
			31-Mar
	Type of Costs Incurred	Financial statement location	2014		2013
	General and administrative	Statement of operations	$	4,282	$	1,200
	Property operating and maintenance	Statement of operations		4,138		—
	Management fee	Statement of operations		2,757		—
	subtotal			11,177		1,200
	Development costs	Balance sheet		3,513		—
	Total related party costs		$	14,690	$	1,200

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Information for Reportable Segments	'
		31-Mar-14						31-Dec-13
		NPL			REO	TOTAL		NPL		REO		TOTAL
	ASSETS
	Investments in real estate
	Land	$	—	$	183,803	$	183,803	$	—	$	88,826	$	88,826
	Building and improvements		—		583,617		583,617		—		349,532		349,532
	Development costs		—		343,183		343,183		—		306,557		306,557
	Total		—		1,110,603		1,110,603		—		744,915		744,915
	Less accumulated depreciation		—		-11,045		-11,045		—		-5,730		-5,730
	Investment in real estate properties, net		—		1,099,558		1,099,558		—		739,185		739,185
	Real estate held for sale		—		8,353		8,353		—		10,168		10,168
	Investment in real estate, net		—		1,107,911		1,107,911		—		749,353		749,353
	Non-performing loans		298,202		—		298,202		214,965		-		214,965
	Resident and other receivables, net		2,102		1,807		3,909		—		1,261		1,261
	Cash and cash equivalents		5,568		93,054		98,622		5,825		38,788		44,613
	Restricted cash		—		15,550		15,550		—		3,331		3,331
	Deferred leasing costs and lease intangibles, net		—		5,947		5,947		—		494		494
	Deferred financing costs, net		2,617		7,913		10,530		—		—		—
	Other assets		—		10,849		10,849		—		4,391		4,391
	Total assets	$	308,489	$	1,243,031	$	1,551,520	$	220,790	$	797,618	$	1,018,408
	LIABILITIES AND EQUITY
	Liabilities:
	Credit facility	$	140,129	$	261,557	$	401,686	$	—	$	—	$	—
	Accounts payable and accrued expenses		1,433		34,401		35,834		—		22,434		22,434
	Resident security deposits and prepaid rent		—		8,835		8,835		—		3,918		3,918
			141,562		304,793		446,355		—		26,352		26,352
	Commitments and contingencies (note 11)
	Equity:
	Preferred shares $0.01 par value, 100,000,000 authorized, none issued and outstanding		—		—		—		—		—		—
	Common shares $0.01 par value, 500,000,000 authorized, 39,110,969 issued and outstanding as of March 31, 2014, and 1,000 issued and outstanding as of December 31, 2013		—		391		391		—		—		—
	Additional paid-in-capital		167,378		950,348		1,117,726		215,524		802,743		1,018,267
	Accumulated deficit		-1,886		-12,501		-14,387		3,629		-31,477		-27,848
	Total shareholder equity		165,492		938,238		1,103,730		219,153		771,266		990,419
			1,435		—		1,435		1,637		—		1,637
			166,927		938,238		1,105,165		220,790		771,266		992,056
		$	308,489	$	1,243,031	$	1,551,520	$	220,790	$	797,618	$	1,018,408
		31-Mar-14						31-Mar-13
	(in thousands)		NPL		REO		Total		NPL		REO		Total
	Revenues
	Rental revenues	$	—	$	13,765	$	13,765	$	—	$	1,124	$	1,124
	Other property revenues		—		479		479		—		41		41
	Gain on non-performing loans, net		1,843		—		1,843		359		—		359
	Gain on loan conversion, net		5,414		—		5,414		—		—		—
	Total revenues		7,257		14,244		21,501		359		1,165		1,524
	Expenses
	Property operating and maintenance		—		6,032		6,032		—		394		394
	Real estate taxes and insurance		—		3,143		3,143		—		623		623
	Mortgage loan servicing costs		4,882		—		4,882		—		—		—
	Non-performing loan management fees and expenses		2,006		—		2,006		1,006		—		1,006
	General and administrative		117		5,698		5,815		—		1,454		1,454
	Investment management fees		580		2,177		2,757		—		—		—
	Separation costs		746		2,797		3,543		—		—		—
	Acquisition pursuit costs and property management engagement costs		554		—		554		—		655		655
	Interest expense		258		1,242		1,500		—		—		—
	Depreciation and amortization		—		5,473		5,473		—		657		657
	Impairment of real estate		—		834		834		—		55		55
	Total expenses		9,143		27,396		36,539		1,006		3,838		4,844
	Operating loss		-1,886		-13,152		-15,038		-647		-2,673		-3,320
	Other income (expense)
	Loss on sales of investment in real estate, net		—		-145		-145		—		87		87
	Total other income (expense)		—		-145		-145		—		87		87
	Loss before income taxes		-1,886		-13,297		-15,183		-647		-2,586		-3,233
	Income tax expense		—		135		135		—		162		162
Net loss		-1,886		-13,432		-15,318		-647		-2,748		-3,395
Net income attributable to non-controlling interests		10		—		10		—		6		6
Net loss attributable to common shareholders	$	-1,876	$	-13,432	$	-15,308	$	-647	$	-2,742	$	-3,389
Weighted average shares outstanding - basic and diluted		39,111		39,111		39,111		39,111		39,111		39,111
Net loss per common share
Basic and diluted	$	-0.05	$	-0.34	$	-0.39	$	-0.02	$	-0.07	$	-0.09

Organization_and_Operations_Na

Organization and Operations (Narrative) (Details) (USD $)	1 Months Ended	2 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Organization and Operations [Abstract]	'	'	'	'	'
Proceeds from Contributed Capital	$28,300	$100,000	$128,290	$218,607	'
Common stock, shares issued	39,119,299	39,110,969	39,110,969	'	1,000
Percent of operating partnership "OP" units owned	'	'	100.00%	'	'
Percent of joint venture interest	'	'	99.00%	'	'
Percent of non-performing residential mortgage loans of total portfolio	'	'	10.00%	'	'

Organization_and_Business_Geog

Organization and Business (Geographic Concentrations) (Details) (Residential Portfolio Segment [Member])	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
South Florida [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	21.00%	28.00%
Atlanta [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	19.00%	17.00%
Houston [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	13.00%	16.00%
Florida [Member] | Nonperforming Financing Receivable [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	29.00%	35.00%
California [Member] | Nonperforming Financing Receivable [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	16.00%	7.00%
New York [Member] | Nonperforming Financing Receivable [Member]	'	'
Concentration Risk [Line Items]	'	'
Concentration Risk, Percentage	11.00%	11.00%

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Significant Accounting Policies [Line Items]	'	'	'
Asset Impairment Charges	$800,000	$100,000	'
Assets	1,551,520,000	'	1,018,408,000
Gain on converted loans	5,400,000	0	'
Allowance for doubtful accounts	1,500,000	'	1,000,000
Bad debt expense	500,000	0	'
Penalty tax, percent	100.00%	'	'
Provision for income tax	135,000	162,000	162,000
Federal And State Authority [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Provision for income tax	100,000	200,000	'
Building [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Estimated useful lives	'P30Y	'	'
Furniture, fixtures, and equipment [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Estimated useful lives	'P5Y	'	'
Residential Portfolio Segment [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Assets	17,200,000	'	'
Nonperforming Financing Receivable [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Loans	$11,800,000	'	'
Maximum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Capitalized costs amortization period	'2 years	'	'
General residential lease period	'2 years	'	'
Minimum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Capitalized costs amortization period	'1 year	'	'
General residential lease period	'1 year	'	'

Fair_Value_Narrative_Details

Fair Value (Narrative) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value [Line Items]	'	'	'
Non-performing loans (fair value option)	$101,336	'	'

Fair_Value_Assets_Measured_At_

Fair Value (Assets Measured At Fair Value On A Nonrecurring Basis) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]	'	'	'
Residential real estate, Pre-Impairment Amount	$1,110,603	'	$744,915
Residential real estate, Total Losses	834	55	55
Residential real estate, Fair Value	1,107,911	'	749,353
Level III [Member] | Fair Value, Measurements, Nonrecurring [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]	'	'	'
Residential real estate, Pre-Impairment Amount	5,613	1,041	'
Residential real estate, Total Losses	-834	-55	'
Residential real estate, Fair Value	$4,779	$986	'

Fair_Value_Fair_Value_Nonperfo

Fair Value (Fair Value Nonperforming Loans Converted To Real Estate Measure On Nonrecurring Basis) (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
			Fair Value, Measurements, Nonrecurring [Member]	Fair Value, Measurements, Nonrecurring [Member]
			Level III [Member]	Level III [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]	'	'	'	'
Transfer of non-performing loans into homes, Carrying Value	$11,767,000	$24,702,000	$11,767,000	'
Transfer of non-performing loans into homes, Realized Gains	5,414,000	'	5,414,000	'
Transfer of non-performing loans into homes. Fair Value	'	'	$17,181,000	$0

Fair_Value_Level_III_Activity_

Fair Value (Level III Activity For Nonperforming Loans Carried At Fair Value) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2014
In Thousands, unless otherwise specified				Level III [Member]
Fair Value [Line Items]	'	'	'	'
Non-performing loans, Fair Value Option, Beginning Balance	$101,336	'	'	'
Non-performing loans acquired	'	'	'	101,336
Non-performing loans, Fair Value Option, Ending Balance	$101,336	'	'	$101,336

Fair_Value_Financial_Instrumen

Fair Value (Financial Instruments Carried At Fair Value) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value [Line Items]	'	'	'
Total non-recurring assets not carried at fair value	$196,866	$214,965	$68,106
Financial instruments carried at fair value	101,336	'	'
Level III [Member]	'	'	'
Fair Value [Line Items]	'	'	'
Financial instruments carried at fair value	101,336	'	'
Fair Value, Measurements, Nonrecurring [Member] | Carrying Value [Member]	'	'	'
Fair Value [Line Items]	'	'	'
Total non-recurring assets not carried at fair value	196,866	214,965	'
Total non-recurring liabilities not carried at fair value	410,868	'	'
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member]	'	'	'
Fair Value [Line Items]	'	'	'
Total non-recurring assets not carried at fair value	249,125	223,861	'
Total non-recurring liabilities not carried at fair value	401,686	'	'
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Carrying Value [Member]	'	'	'
Fair Value [Line Items]	'	'	'
Total non-recurring assets not carried at fair value	196,866	214,965	'
Total non-recurring liabilities not carried at fair value	410,868	'	'
Financial instruments carried at fair value	101,336	'	'
Fair Value, Measurements, Nonrecurring [Member] | Level III [Member] | Fair Value [Member]	'	'	'
Fair Value [Line Items]	'	'	'
Total non-recurring assets not carried at fair value	249,125	223,861	'
Total non-recurring liabilities not carried at fair value	401,686	'	'
Financial instruments carried at fair value	$101,336	'	'

Fair_Value_Quantitative_Inform

Fair Value (Quantitative Information For Significant Unobservable Inputs Used To Measure Fair Value Of Non-performing Loans) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'
Discount rate	15.00%
Maximum [Member]	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'
Loan resolution probabilities - rental	100.00%
Loan resolution probabilities - liquidation	100.00%
Loan resolution timelines (in years)	'5 years 9 months 18 days
Value of underlying properties	2,300
Minimum [Member]	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'
Loan resolution probabilities - rental	0.00%
Loan resolution probabilities - liquidation	0.00%
Loan resolution timelines (in years)	'1 month 6 days
Value of underlying properties	4

Net_Loss_per_Share_Narrative_D

Net Loss per Share (Narrative) (Details)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Stock Conversion Ratio	0.2	'
Restricted Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1	0

Net_Loss_per_Share_Calculation

Net Loss per Share (Calculation of Net Loss per Share) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Numerator:	'	'	'
Net loss attributable to Starwood Waypoint Residential Trust	($15,308)	($3,389)	($3,389)
Denominator:	'	'	'
Basic weighted average shares outstanding	39,111	39,111	'
Effect of dilutive restricted share units	'	'	'
Weighted Average Number of Shares Outstanding, Diluted, Total	39,111	39,111	'
Basic and diluted net loss per share	($0.39)	($0.09)	($0.09)

Real_Estate_Schedule_of_Real_E

Real Estate (Schedule of Real Estate Investments in Consolidated Properties) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Real Estate [Line Items]	'	'
Ending Balance	$1,110,603,000	$744,915,000
Residential Portfolio Segment [Member]	'	'
Real Estate [Line Items]	'	'
Beginning Balance	755,083,000	99,614,000
Acquisitions	296,220,000	534,018,000
Real estate converted from loans	17,181,000	33,326,000
Capitalized expenditures	57,362,000	102,307,000
Basis of real estate sold	-6,056,000	-13,008,000
Impairment of real estate	-834,000	-1,174,000
Ending Balance	$1,118,956,000	$755,083,000

NonPerforming_Loans_Summary_of

Non-Performing Loans (Summary of Non-Performing Loan Transactions within our loans ) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Non-Performing Loans [Abstract]	'	'
Non-performing loans, Beginning Balance	$214,965	$68,106
Acquisitions	'	186,123
Basis of loans sold	-1,713	-197
Loans converted to real estate	-11,767	-24,702
Loan liquidations and other basis reductions	-4,619	-14,365
Non-performing loans, Ending Balance	196,866	214,965
Non-performing loans, Fair Value Option, Beginning Balance	'	'
Acquisitions	101,336	'
Non-performing loans, Fair Value Option, Ending Balance	$101,336	'

Debt_Narrative_Details

Debt (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2013
Credit Facility [Line Items]	'	'	'
Credit facilities	'	$401,686,000	'
Interest Costs Incurred	1,500,000	'	0
Interest Costs Capitalized	100,000	'	'
Deferred Finance Costs, Gross	11,000,000	'	'
Amortization of Financing Costs	500,000	536,000	'
Citibank [Member] | Revolving Line Of Credit [Member]	'	'	'
Credit Facility [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	500,000,000	'
Debt Instrument, Basis Spread on Variable Rate	'	4.00%	'
Credit facilities	'	261,600,000	'
Deutsche Bank [Member] | Line of Credit [Member]	'	'	'
Credit Facility [Line Items]	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity	'	350,000,000	'
Debt Instrument, Basis Spread on Variable Rate	'	3.00%	'
Credit facilities	'	140,100,000	'
Debt Instrument, Restrictive Covenants, Annual Maximum Decrease in Tangible Net Worth	35.00%	'	'
Debt Instrument, Restrictive Covenants, Quarterly Maximum Decrease in Tangible Net Worth	'	25.00%	'
Debt Instrument, Restrictive Covenants, Life-to-Date Maximum Decrease in Tangible Net Worth	'	50.00%	'
Debt Instrument, Restrictive Covenants, Minimum Tangible Net Worth	'	400,000,000	'
Debt Instrument, Restrictive Covenants, Maximum Debt Ratio	'	3	'
Debt Instrument, Restrictive Covenants, Minimum Liquid Assets	'	$30,000,000	'
Debt Instrument, Restrictive Covenants, Minimum Ratio of Liquid Assets to Debt	'	10	'
Minimum [Member] | Citibank [Member] | Revolving Line Of Credit [Member]	'	'	'
Credit Facility [Line Items]	'	'	'
Debt Instrument, Basis Spread on Variable Rate	'	3.00%	'
Maximum [Member] | Citibank [Member] | Revolving Line Of Credit [Member]	'	'	'
Credit Facility [Line Items]	'	'	'
Debt Instrument, Basis Spread on Variable Rate	'	5.00%	'

Debt_Contractual_Maturities_of

Debt (Contractual Maturities of Debt) (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Debt [Abstract]	'
2014 remainder	'
2015	140,129
2016	'
2017	261,557
2018	'
Thereafter	'
Total	$401,686

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	2 Months Ended	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
Stock-Based Compensation [Line Items]	'	'	'
Common shares, shares outstanding	'	39,110,969	1,000
Number of shares granted	0	'	'
Unrecognized compensation expense, total	'	$29,300,000	'
Unrecognized compensation expense, weighted average period of recognition	'	'3 years	'
Stock-based compensation expense	'	$329,000	'
Restricted Stock Units (RSUs) [Member]	'	'	'
Stock-Based Compensation [Line Items]	'	'	'
Number Of Non Executive Trustees	'	5	'
Award vesting period under plan	'	'3 years	'
Number of shares granted	'	986,075	'
Restricted Stock Units (RSUs) [Member] | Non Executive Trustees [Member]	'	'	'
Stock-Based Compensation [Line Items]	'	'	'
Number of shares granted	'	1,666	'
Manager Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]	'	'	'
Stock-Based Compensation [Line Items]	'	'	'
Number of shares granted	'	777,754	'
Equity Plan [Member] | Restricted Stock Units (RSUs) [Member]	'	'	'
Stock-Based Compensation [Line Items]	'	'	'
Number of shares granted	'	199,991	'

ShareBased_Compensation_Schedu

Share-Based Compensation (Schedule of Nonvested Shares of Restricted Common Stock) (Details) (USD $)	2 Months Ended	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		Restricted Stock Units (RSUs) [Member]	Manager Equity Plan [Member]	Equity Plan [Member]	Non Executive Trustee Shares Plan [Member]
			Restricted Stock Units (RSUs) [Member]	Restricted Stock Units (RSUs) [Member]	Restricted Stock Units (RSUs) [Member]
Summary of restricted stock activity, shares:	'	'	'	'	'
Granted, Shares	0	986,075	777,754	199,991	8,330
Vested, Shares	'	-11,110	'	-11,110	'
Nonvested, Ending Balance, Shares	'	974,965	777,754	188,881	8,330
Summary of restricted stock activity, weighted average grant date fair value:	'	'	'	'	'
Granted, Weighted Average Grant Date Fair Value	'	$30	$30	$30	$30
Vested, Weighted Average Grant Date Fair Value	'	$30	'	$30	'
Nonvested, Ending Balance, Weighted Average Grant Date Fair Value	'	$30	$30	$30	$30

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$11,177	$1,200
Percentage of annual asset management fee	1.50%	'
Asset management fees	2,757	'
Related Party Transaction, Amounts of Transaction	14,690	1,200
Fund X.I. [Member]	'	'
Related Party Transaction [Line Items]	'	'
Number of Real Estate Properties	707	'
Related Party Transaction, Amounts of Transaction	144,000	'
General And Administrative [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	4,282	1,200
Property Operating And Maintenance [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	4,138	'
Management Fee [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$2,757	'

Related_Party_Transactions_Sch

Related Party Transactions (Schedule of Related Party Expenses Incurred) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	$11,177	$1,200
Total related party costs	14,690	1,200
General And Administrative [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	4,282	1,200
Property Operating And Maintenance [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	4,138	'
Management Fee [Member]	'	'
Related Party Transaction [Line Items]	'	'
Related Party Transaction, Expenses from Transactions with Related Party	2,757	'
Capitalized Development Costs [Member]	'	'
Related Party Transaction [Line Items]	'	'
Total related party costs	$3,513	'

Segment_Reporting_Narrative_De

Segment Reporting (Narrative) (Details)	3 Months Ended
	Mar. 31, 2014
	segment
Segment Reporting [Abstract]	'
Number of operating segments for reporting purposes	2

Segment_Reporting_Segments_Rep

Segment Reporting (Segments Reporting Balance Sheets) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in real estate:	'	'	'	'
Land	$183,803	$88,826	'	'
Buildings and improvements	583,617	349,532	'	'
Development costs	343,183	306,557	'	'
Total	1,110,603	744,915	'	'
Less: accumulated depreciation	-11,045	-5,730	'	'
Investment in real estate properties, net	1,099,558	739,185	'	'
Real estate held for sale	8,353	10,168	'	'
Investments in real estate, net	1,107,911	749,353	'	'
Non-performing loans	298,202	214,965	'	'
Resident and other receivables, net	3,909	1,261	'	'
Cash and cash equivalents	98,622	44,613	14,363	8,152
Restricted cash	15,550	3,331	'	'
Deferred leasing costs and lease intangibles, net	5,947	494	'	'
Deferred financing costs, net	10,530	'	'	'
Other assets	10,849	4,391	'	'
Total assets	1,551,520	1,018,408	'	'
Liabilities:	'	'	'	'
Credit facilities	401,686	'	'	'
Accounts payable and accrued expenses	35,834	22,434	'	'
Resident security deposits and prepaid rent	8,835	3,918	'	'
Total liabilities	446,355	26,352	'	'
Commitments and contingencies (Note 11)	'	'	'	'
Equity:	'	'	'	'
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized	'	'	'	'
Common shares $0.01 par value, 500,000,000 authorized, 39,110,969 issued and outstanding as of March 31, 2014, and 1,000 issued and outstanding as of December 31, 2013	391	'	'	'
Additional paid-in capital	1,117,726	1,018,267	'	'
Accumulated deficit	-14,387	-27,848	'	'
Total shareholders equity	1,103,730	990,419	'	'
Non-controlling interests	1,435	1,637	'	'
Total equity	1,105,165	992,056	397,143	180,460
Total liabilities and stockholders' equity	1,551,520	1,018,408	'	'
NPL [Member]	'	'	'	'
Investments in real estate:	'	'	'	'
Non-performing loans	298,202	214,965	'	'
Resident and other receivables, net	2,102	'	'	'
Cash and cash equivalents	5,568	5,825	'	'
Deferred financing costs, net	2,617	'	'	'
Total assets	308,489	220,790	'	'
Liabilities:	'	'	'	'
Credit facilities	140,129	'	'	'
Accounts payable and accrued expenses	1,433	'	'	'
Total liabilities	141,562	'	'	'
Equity:	'	'	'	'
Additional paid-in capital	167,378	215,524	'	'
Accumulated deficit	-1,886	3,629	'	'
Total shareholders equity	165,492	219,153	'	'
Non-controlling interests	1,435	1,637	'	'
Total equity	166,927	220,790	'	'
Total liabilities and stockholders' equity	308,489	220,790	'	'
REO [Member]	'	'	'	'
Investments in real estate:	'	'	'	'
Land	183,803	88,826	'	'
Buildings and improvements	583,617	349,532	'	'
Development costs	343,183	306,557	'	'
Total	1,110,603	744,915	'	'
Less: accumulated depreciation	-11,045	-5,730	'	'
Investment in real estate properties, net	1,099,558	739,185	'	'
Real estate held for sale	8,353	10,168	'	'
Investments in real estate, net	1,107,911	749,353	'	'
Resident and other receivables, net	1,807	1,261	'	'
Cash and cash equivalents	93,054	38,788	'	'
Restricted cash	15,550	3,331	'	'
Deferred leasing costs and lease intangibles, net	5,947	494	'	'
Deferred financing costs, net	7,913	'	'	'
Other assets	10,849	4,391	'	'
Total assets	1,243,031	797,618	'	'
Liabilities:	'	'	'	'
Credit facilities	261,557	'	'	'
Accounts payable and accrued expenses	34,401	22,434	'	'
Resident security deposits and prepaid rent	8,835	3,918	'	'
Total liabilities	304,793	26,352	'	'
Equity:	'	'	'	'
Common shares $0.01 par value, 500,000,000 authorized, 39,110,969 issued and outstanding as of March 31, 2014, and 1,000 issued and outstanding as of December 31, 2013	391	'	'	'
Additional paid-in capital	950,348	802,743	'	'
Accumulated deficit	-12,501	-31,477	'	'
Total shareholders equity	938,238	771,266	'	'
Total equity	938,238	771,266	'	'
Total liabilities and stockholders' equity	$1,243,031	$797,618	'	'

Segment_Reporting_Segments_Rep1

Segment Reporting (Segments Reporting Balance Sheets Additional Information) (Details) (USD $)	Mar. 31, 2014	Jan. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]	'	'	'
Preferred shares, par value	$0.01	'	$0.01
Preferred shares, shares authorized	100,000,000	'	100,000,000
Common shares, par value	$0.01	'	$0.01
Common shares, shares authorized	500,000,000	'	500,000,000
Common shares, shares issued	39,110,969	39,119,299	1,000
Common shares, shares outstanding	39,110,969	'	1,000

Segment_Reporting_Segment_Repo

Segment Reporting (Segment Reporting Statements Of Operations) (Details) (USD $)	1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Revenues Abstract	'	'	'	'	'
Rental revenues	'	'	$13,765	$1,124	$1,124
Other property revenues	'	'	479	41	41
Gain on non-performing loans, net	'	'	1,843	359	359
Gain on loan conversions, net	'	'	5,414	'	'
Total property revenues	'	'	21,501	1,165	1,524
Expenses	'	'	'	'	'
Propety operating and maintenance	'	'	6,032	394	394
Real estate taxes and insurance	'	'	3,143	623	623
Mortgage loan servicing cost	'	'	4,882	'	'
Non-performing loan investment management fees and expenses	'	'	2,006	1,006	1,006
General and administrative expenses	'	'	5,815	1,454	1,454
Investment management fees	'	'	2,757	'	'
Separation costs	'	'	3,543	'	'
Acquisition pursuit costs and property management engagement costs	'	'	554	655	655
Interest expense	'	'	1,500	'	'
Depreciation and amortization	'	'	5,473	657	657
Impairment of real estate	'	'	834	55	55
Total expenses	'	'	36,539	4,844	4,844
Operating loss	'	'	-15,038	-3,679	-3,320
Other income	'	'	'	'	'
Gain (loss) on sales of investments in real estate, net	'	'	-145	87	87
Total other income	'	'	-145	446	87
Loss before income taxes	'	'	-15,183	-3,233	-3,233
Income tax expense	'	'	135	162	162
Net loss	-921	-14,397	-15,318	-3,395	-3,395
Net loss attributable to non-controlling interests	'	'	10	6	6
Net loss attributable to Common shareholders	'	'	-15,308	-3,389	-3,389
Weighted average number of shares outstanding - basic and diluted	'	'	39,110,969	39,110,969	'
Net loss per common share	'	'	'	'	'
Basic and diluted	'	'	($0.39)	($0.09)	($0.09)
NPL [Member]	'	'	'	'	'
Revenues Abstract	'	'	'	'	'
Gain on non-performing loans, net	'	'	1,843	'	359
Gain on loan conversions, net	'	'	5,414	'	'
Total property revenues	'	'	7,257	'	359
Expenses	'	'	'	'	'
Mortgage loan servicing cost	'	'	4,882	'	'
Non-performing loan investment management fees and expenses	'	'	2,006	'	1,006
General and administrative expenses	'	'	117	'	'
Investment management fees	'	'	580	'	'
Separation costs	'	'	746	'	'
Acquisition pursuit costs and property management engagement costs	'	'	554	'	'
Interest expense	'	'	258	'	'
Total expenses	'	'	9,143	'	1,006
Operating loss	'	'	-1,886	'	-647
Other income	'	'	'	'	'
Loss before income taxes	'	'	-1,886	'	-647
Net loss	'	'	-1,886	'	-647
Net loss attributable to non-controlling interests	'	'	10	'	'
Net loss attributable to Common shareholders	'	'	-1,876	'	-647
Weighted average number of shares outstanding - basic and diluted	'	'	39,111,000	'	39,111,000
Net loss per common share	'	'	'	'	'
Basic and diluted	'	'	($0.05)	'	($0.02)
REO [Member]	'	'	'	'	'
Revenues Abstract	'	'	'	'	'
Rental revenues	'	'	13,765	'	1,124
Other property revenues	'	'	479	'	41
Total property revenues	'	'	14,244	'	1,165
Expenses	'	'	'	'	'
Propety operating and maintenance	'	'	6,032	'	394
Real estate taxes and insurance	'	'	3,143	'	623
General and administrative expenses	'	'	5,698	'	1,454
Investment management fees	'	'	2,177	'	'
Separation costs	'	'	2,797	'	'
Acquisition pursuit costs and property management engagement costs	'	'	'	'	655
Interest expense	'	'	1,242	'	'
Depreciation and amortization	'	'	5,473	'	657
Impairment of real estate	'	'	834	'	55
Total expenses	'	'	27,396	'	3,838
Operating loss	'	'	-13,152	'	-2,673
Other income	'	'	'	'	'
Gain (loss) on sales of investments in real estate, net	'	'	-145	'	87
Total other income	'	'	-145	'	87
Loss before income taxes	'	'	-13,297	'	-2,586
Income tax expense	'	'	135	'	162
Net loss	'	'	-13,432	'	-2,748
Net loss attributable to non-controlling interests	'	'	'	'	6
Net loss attributable to Common shareholders	'	'	($13,432)	'	($2,742)
Weighted average number of shares outstanding - basic and diluted	'	'	39,111,000	'	39,111,000
Net loss per common share	'	'	'	'	'
Basic and diluted	'	'	($0.34)	'	($0.07)

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
	item
Purchase Commitment [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Total commitment	$36.80
Number Of Transactions	272
Purchase Commitment (Developer Contract) [Member]	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Total commitment	5.8
Number Of Homes Contracted To Build	42
Escrow Deposit	$0.50

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	1 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Apr. 24, 2014	Apr. 15, 2014
		Subsequent Event [Member]
		item
Subsequent Event [Line Items]	'	'
Number of homes acquired	'	551
Acquisition cost	'	$68.80
Share repurchase program authorized amount	$150	'