EXHIBIT 99.1

     Equity Residential Announces Ownership Interest in Rent.com

    CHICAGO--(BUSINESS WIRE)--Dec. 21, 2004--Equity Residential
(NYSE:EQR) today announced that the company has an ownership
investment in Rent.com, a leading internet listing website in the
apartment and rental housing industry. On December 17, 2004, eBay Inc.
(NASDAQ:EBAY) announced its proposed acquisition of privately held
Rent.com for total consideration equal to $415 million plus Rent.com's
year end cash balance, less transaction expenses, payable in
approximately $30 million of cash and the remainder in eBay common
stock. The acquisition, which is subject to various regulatory
approvals and approval of Rent.com's stockholders, is expected to
close in the first quarter of 2005.
    If the closing occurs, with no material decrease in the price of
eBay stock, Equity Residential would receive approximately $57 million
of eBay common stock. If Equity Residential sells this stock following
the closing, the company would record a one-time gain to earnings and
Funds from Operations of approximately $0.18 per share. There is no
assurance that the acquisition will close or if it does, whether
Equity Residential will sell the eBay stock it receives. Equity
Residential will provide 2005 earnings guidance on Wednesday, February
2, 2005, when it announces its fourth quarter/full year 2004 results.

    Forward-Looking Statements

    The forward-looking statements contained in this news release are
based on current expectations, estimates, projections and assumptions
made by management. While Equity Residential's management believes the
assumptions underlying its forward-looking statements are reasonable,
such information is subject to uncertainties and may involve certain
risks, many of which are difficult to predict and beyond management's
control. As such, these statements are not guarantees of future
performance, results or events. Equity Residential assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.

    Equity Residential is the largest publicly traded apartment
company in America. Nationwide, Equity Residential owns or has
investments in 947 properties, in 32 states and the District of
Columbia, consisting of 201,929 units. For more information on Equity
Residential, please visit our website at www.equityresidential.com.

    CONTACT: Equity Residential
             Marty McKenna, 312-928-1901