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Tarek and Heather Rae El Moussa just listed their Newport Beach, Calif., home for rent

The nearly 3,000-square-foot home was last purchased for $3.1 million in 2020, per property records

The listing follows the couple's announcement that they are moving into a new home

A new rental property has hit the market in Newport Beach, Calif.

Tarek and Heather Rae El Moussa just listed their home in the coastal city for $25,000 a month, a representative for the couple told PEOPLE. They said the couple is “keeping the house as an investment property, one of many in their real estate portfolio."

The four-bedroom, four-bathroom home sits on one of the “most coveted streets in Orange County,” according to its listing . The 2,854-square-foot house, listed by Balboa Property Manag

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