The 42-year-old actor and 43-year-old actress announced their divorce in June, but will continue to live together to co-parent their three children. The former couple will temporarily relocate to Shields' home in Pacific Palisades, which is just a short distance from their house.
"It's just a matter of convenience because a lot of renovations are being done," an insider told Us Weekly magazine. "They are just going to rent the house for a time until the renovations are complete, not moving into it full time."
"They are going through extreme renovations and it's almost unlivable there now," a source added to People. "[It] is convenient. [Affleck] is with the family for the summer in Atlanta and he will move together with the family -- when they are back -- into the new place temporarily."
Shields listed the 5,345-square-foot property for $30,000 per month rent after making New York her primary residence. The 50-year-old model, husband Chris Henchy and their two daughters shared the five-bedroom home, which features a wraparound balcony with canyon views and a pool.
Affleck and Garner married in June 2005, and are parents to nine-year-old daughter Violet, six-year-old daughter Sera and three-year-old son Sam. The pair vacationed together amid their divorce announcement, and will reportedly officially file after resolving property and custody issues.