REPORT OF INDEPENDENT AUDITORS


The Board of Trustees of
Equity Residential Properties Trust

     We have audited the accompanying combined statement of revenue and certain
expenses for certain residential properties (the "1996 Acquired Properties and
Probable Properties") described in Note 2 for the year ended December 31, 1995.
The combined statement of revenue and certain expenses is the responsibility of
the managements of the 1996 Acquired Properties and Probable Properties.  Our
responsibility is to express an opinion on the combined statement of revenue and
certain expenses based on our audit.

     We conducted our audit in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the combined statement of revenue and certain
expenses is free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the combined
statement of revenue and certain expenses.  An audit also includes assessing the
basis of accounting principles used and the significant estimates made by
management, as well as evaluating the overall presentation of the combined
statement of revenue and certain expenses.  We believe that our audit provides a
reasonable basis for our opinion.

     The accompanying combined statement of revenue and certain expenses was
prepared for the purpose of complying with the rules and regulations of the
Securities and Exchange Commission for inclusion in Equity Residential
Properties Trust's Current Report on Form 8-K as described in Note 1, and is not
intended to be a complete presentation of the 1996 Acquired Properties and
Probable Properties' revenues and expenses.

     In our opinion, the combined statement of revenue and certain expenses
referred to above presents fairly, in all material respects, the combined
revenue and certain expenses described in Note 1 of the 1996 Acquired Properties
and Probable Properties for the year ended December 31, 1995, in conformity with
generally accepted accounting principles.
         

                                       Ernst & Young LLP


Chicago, Illinois
May 17, 1996

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