The Queen needs a tenant for St. James's Palace

For the first time in the history of the British monarchy, 'the people' can rent out two apartments in St. James's Palace, according to the Toronto Star. Apartment 29B was put up for rent last year and now the adjacent apartment, 29A, is about to hit the rental market. But, being Queen Elizabeth's tenant comes at a high cost – 20,000 pounds (about $40,000) a month, to be exact.

So what inspired the Queen to take on the role of landlord? According to the Toronto Star it all boils down to cash flow. Their monthly income form the apartment will help fund the palace's much needed renovations as well as further increase their rental income, which was at a cool 2.8 million pounds last year. As expected for $40,000 a month, the rental isn't your typical small space apartment – there are five bedrooms over four floors with a grand staircase and fireplaces throughout.

St. James's Palace brings a whole new level of prestige to the rental market. It's the most senior royal palace in the United Kingdom and is used to host official receptions. Royal family fans may also recognize the palace as the location of Prince George's christening. In addition to the status of living in a palace, the tenant will also have an exceptionally long list of royal neighbours including Princess Anne, Eugenie, Beatrice and Prince Harry who has an apartment next door in the Clarence House.

According to the another report, this may not be the last unit that will be up for grabs; the monarchy is also considering renting out a third apartment, 30B.

While photos of the apartments are unavailable, here is a look at St. James's Palace.