[ROSENBERG & LIEBENTRITT LETTERHEAD]

 


                                 March 19, 1997



Board of Trustees
Equity Residential Properties Trust
Two North Riverside Plaza
Suite 400
Chicago, Illinois  60606

Ladies and Gentlemen:

     We are acting as counsel to Equity Residential Properties Trust, a Maryland
real estate investment trust (the "Company"), in connection with its
registration statement on Form S-3 (SEC File No. 333-12211) (the "Registration
Statement") previously declared effective by the Securities and Exchange
Commission relating to (a) the proposed public offering of up to $500,000,000 in
aggregate amount of its common shares of beneficial interest, $.01 par value per
share ("Common Shares") and one or more series of its (i) preferred shares of
beneficial interest, $.01 par value per share (the "Preferred Shares") and (ii)
depositary shares representing fractional interests in Preferred Shares (the
"Depositary Shares" and, together with the Preferred Shares and Common Shares,
the "Securities"), all of which Securities may be offered and sold by the
Company from time to time as set forth in the prospectus which forms a part of
the Registration Statement (the "Prospectus"), and as to be set forth in one or
more supplements to the Prospectus (each, a "Prospectus Supplement"). This
opinion letter is rendered in connection with the proposed public offering of an
aggregate of 421,000 Common Shares (the "Shares") as described in a Prospectus
Supplement dated March 19, 1997. This opinion letter is furnished to you at your
request to enable the Company to continue to fulfill the requirements of Item
601(b)(5) of Regulation S-K, 17 C.F.R. (S)229.601(b)(5), in connection with the
Registration Statement.

     For purposes of this opinion letter, we have examined copies of the
following documents:

     1.   An executed copy of the Registration Statement.

     2.   The Amended and Restated Declaration of Trust, as amended, of the
          Company (the "Declaration of Trust"), as certified by the Maryland
          State Department of Assessments and Taxation on March 11, 1997 and by
          the Secretary of the Company on the date hereof as then being
          complete, accurate and in effect.


Board of Trustees
Equity Residential Properties Trust
March 19, 1997
Page 2
 
     3.   The Amended and Restated Bylaws of the Company, as certified by the
          Secretary of the Company on the date hereof as then being complete,
          accurate and in effect.

     4.   Resolutions of the Board of Trustees of the Company adopted on
          September 8, 1995 and September 13, 1996 relating to the filing of the
          Registration Statement and related matters, and on February 24, 1997,
          and of the Pricing Committee of the Board of Trustees on March 13,
          1997, relating to the offering of the Shares, as certified by the
          Secretary of the Company on the date hereof as then being complete,
          accurate and in effect.

     5.   Executed copies of the Purchase Agreements dated March 13, 1997
          between the Company and various purchasers (collectively, the
          "Purchase Agreements").

     In our examination of the aforesaid documents, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the
accuracy and completeness of all documents submitted to us, the authenticity of
all original documents, and the conformity to authentic original documents of
all documents submitted to us as certified, telecopied, photostatic, or
reproduced copies. This opinion letter is given, and all statements herein are
made, in the context of the foregoing.

     We call your attention to the fact that our firm only requires lawyers to
be qualified to practice law in the State of Illinois and, in rendering the
foregoing opinions, we express no opinion with respect to any laws relevant to
this opinion other than the laws and regulations identified herein. With respect
to the opinions below that relate to the laws of the State of Maryland, with
your consent, we rely solely on the opinion of Hogan & Hartson L.L.P., a copy of
which is attached hereto as Exhibit A.

     Based upon, subject to and limited by the foregoing, we are of the opinion
that, as of the date hereof, following issuance of the Shares pursuant to the
terms of the Purchase Agreements and receipt by the Company of the consideration
for the Shares specified in the resolutions of the Board of Trustees and the
Pricing Committee thereof referred to above, the Shares will be validly issued,
fully paid and nonassessable under Title 8 of the Corporations and Associations
Article of the Annotated Code of Maryland.

     We assume no obligation to advise you of any changes in the foregoing
subsequent to the delivery of this opinion letter. This opinion letter has been
prepared solely for your use in connection with the filing by the Company of a
Current Report on Form 8-K on the date of this opinion letter, which Form 8-K
will be incorporated by reference into the Registration Statement. This opinion
letter should not be quoted in whole or in part or otherwise be referred to, nor
filed with or furnished to any governmental agency or other person or entity,
without the prior written consent of this firm.




Board of Trustees
Equity Residential Properties Trust
March 19, 1997
Page 3
 
      We hereby consent (i) to be named in the Registration Statement, and in
the Prospectus, as attorneys who will pass upon the legality of the Securities
to be sold thereunder and (ii) to the filing of this opinion as an Exhibit to
the Registration Statement. In giving this consent, we do not thereby admit that
we are an "expert" within the meaning of the Securities Act of 1933, as amended.

                                       Very truly yours,

                                       ROSENBERG & LIEBENTRITT, P.C.


                                            
                                       By: /s/ Ruth Pinkman Haring 
                                           -----------------------------
                                           Vice President


                                                                       EXHIBIT A





 
                                March 19, 1997

Rosenberg & Liebentritt, P.C.
Two North Riverside Plaza
Suite 1515
Chicago, Illinois 60606

Ladies and Gentleman:

          We are acting as special Maryland counsel to Equity Residential 
Properties Trust, a Maryland real estate investment trust (the "Company"), in 
connection with its registration statement on Form S-3 (No. 333-12211) (the 
"Registration Statement") previously declared effective by the Securities and 
Exchange Commission relating to the proposed public offering of securities of 
the Company that may be offered and sold by the Company from time to time as set
forth in the prospectus which forms a part of the Registration Statement (the 
"Prospectus"), and as to be set forth in one or more supplements to the 
Prospectus (each, a "Prospectus Supplement"). This opinion letter is rendered in
connection with the proposed public offering of 421,000 common shares of
beneficial interest, $0.1 par value (the "Common Shares"), as described in a
Prospectus Supplement dated March 13, 1997. This opinion letter is furnished to
you at your request to enable the Company to continue to fulfill the
requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. (S) 229.601(b)(5),
in connection with the Registration Statement.

          For purposes of this opinion letter, we have examined copies of the 
following documents:

          1.  An executed copy of the Registration Statement.

          2.  The Amended and Restated Declaration of Trust, as amended, of the
              Company (the "Declaration of Trust"), as certified by the Maryland
              State Department of Assessments and Taxation on

 
Rosenberg & Liebentritt, P.C.
March 19, 1997
Page 2

              March 11, 1997 and the Secretary of the Company on the date hereof
              as then being complete, accurate and in effect.

          3.  The Amended and Restated Bylaws of the Company, as certified by
              the Secretary of the Company on the date hereof as then being
              complete, accurate and in effect.

          4.  Resolutions of the Board of Trustees of the Company adopted on
              September 8, 1995, September 13, 1996, relating to the filing of
              the Registration Statement and related matters, and on February
              24, 1997, and of the Pricing Committee of the Board of Trustees on
              March 13, 1997, relating to the offering of the Common Shares, as
              certified by the Secretary of the Company on the date hereof as
              then being complete, accurate and in effect.

          5.  Executed copies of the Purchase Agreements dated March 13, 1997,
              between the Company and the Purchasers of the Common Shares
              (collectively, the "Purchase Agreements").

          In our examination of the aforesaid documents, we have assumed the 
genuineness of all signatures, the legal capacity of natural persons, the 
accuracy and completeness of all documents submitted to us, the authenticity of 
all original documents and the conformity to authentic original documents of all
documents submitted to us as copies (including telecopies). This opinion letter 
is given, and all statements herein are made, in the context of the foregoing.

          This opinion letter is based as to matters of law solely on Title 8 of
the Corporations and Associations Article of the Annotated Code of Maryland (the
"Maryland REIT Statute"). We express no opinion herein as to any other laws, 
statutes, regulations, or ordinances.



 
Rosenberg & Liebentritt, P.C.
March 19, 1997
Page 3

          Based upon, subject to and limited by the foregoing, we are of the 
opinion that following issuance of the Common Shares pursuant to the terms of 
the Purchase Agreements and receipt by the Company of the consideration for the 
Common Shares specified in the resolutions of the Board of Trustees and the 
Pricing Committee referred to above, the Common Shares will be validly issued, 
fully paid and nonassessable under the Maryland REIT Statute.

          We assume no obligation to advise you of any changes in the foregoing 
subsequent to the delivery of this opinion letter. This opinion letter has been 
prepared solely for your use in connection with the filing by the Company of a 
Current Report on Form 8-K on the date of this opinion letter, which Form 8-K 
will be incorporated by reference into the Registration Statement. This opinion 
letter should not be quoted in whole or in part or otherwise be referred to, nor
filed with or furnished to any governmental agency or other person or entity, 
without the prior written consent of this firm.

          We hereby consent to the reference to this firm under the caption 
"Legal Matters" in the prospectus constituting a part of the Registration 
Statement. In giving this consent, we do not thereby admit that we are an 
"expert" within the meaning of the Securities Act of 1933, as amended.


                                       Very truly yours,


                                       HOGAN & HARTSON L.L.P.