Beyonce and Jay Z renting Los Angeles home

Beyonce and Jay Z have reportedly signed a lease to rent a mansion in Los Angeles after they lost a bidding war to buy a luxury property in the area.

The couple is relocating to California after living in New York for the last few years, and they recently placed an offer on a $70 million house in Beverly Hills, but their move was put on hold temporarily after another buyer pipped them to the property with a higher bid.

They have been living in a hotel in Beverly Hills while house-hunting and have now decided to rent a property in the Holmby Hills neighbourhood for $150,000 a month while they continue to look for their perfect home, according to TMZ.com.

The rental mansion, which they previously leased for a short period last summer (14), boasts seven bedrooms, nine bathrooms and an infinity pool.

Their three-year-old daughter Blue Ivy has reportedly been enrolled in one of the state's most exclusive schools.