| State of | State of |
| Subsidiary | Incorporation | Formation |
| | |
| AERC Arbor, Inc. | Delaware | |
| AERC Arrowhead Station, Inc. | Delaware | |
| AERC Barrington, Inc. | Delaware | |
| AERC Bay Club, Inc. | Delaware | |
| AERC Bedford Commons, Inc. | Delaware | |
| AERC Bennell, Inc. | Delaware | |
| AERC Bradford, Inc. | Delaware | |
| AERC Broker of Texas, Inc. | Texas | |
| AERC Brook, Inc. | Delaware | |
| AERC Campbell, Inc. | Delaware | |
| AERC Central Park, Inc. | Delaware | |
| AERC Christopher Wren, Inc. | Delaware | |
| AERC Clinton, Inc. | Delaware | |
| AERC Colony Bay, Inc. | Delaware | |
| AERC Country Club, Inc. | Delaware | |
| AERC Country I, Inc. | Delaware | |
| AERC Cranberry Trust | Maryland | |
| AERC Cypress Shores, Inc. | Delaware | |
| AERC Falls Atlanta, Inc. | Delaware | |
| AERC Fleet Corporation, Inc. | Delaware | |
| AERC of Florida, Inc. | Ohio | |
| AERC Florida Management Company, Inc. | Ohio | |
| AERC Georgetown, Inc. | Delaware | |
| AERC of Georgia, Inc. | Ohio | |
| AERC Hampton Funding, Inc. | Delaware | |
| AERC Hampton Point, Inc. | Delaware | |
| AERC Hawthorne Hills, Inc. | Delaware | |
| AERC Heathermoor, Inc. | Delaware | |
| AERC KTC Properties, Inc. | Delaware | |
| AERC Kensington Grove, Inc. | Delaware | |
| AERC Lake Forest, Inc. | Delaware | |
| AERC Landings, Inc. | Delaware | |
| AERC of Maryland, Inc. | Delaware | |
| AERC Maryland Funding, Inc. | Delaware | |
| AERC Morgan Place, Inc. | Delaware | |
| AERC Oak Bend, Inc. | Delaware | |
| AERC Oaks, Inc. | Delaware | |
| AERC Pendleton, Inc. | Delaware | |
| AERC Pennsylvania Manager Trust, Inc. | Maryland | |
| AERC Perimeter Lakes, Inc. | Delaware | |
| AERC Reflections, Inc. | Delaware | |
| AERC Reflections Funding, Inc. | Delaware | |
| AERC Remington Place, Inc. | Delaware | |
| AERC Saw Mill Village, Inc. | Delaware | |
| AERC Shiloh Member, Inc. | Delaware | |
| AERC Spring, Inc. | Delaware | |
| AERC Sterling Park, Inc. | Delaware | |
| AERC Summer, Inc. | Delaware | |
| AERC of Texas, Inc. | Ohio | |
| AERC Turnberry, Inc. | Delaware | |
| AERC Vantage Villa, Inc. | Delaware | |
| AERC of Virginia, Inc. | Ohio | |
| AERC Washington Plaza, Inc. | Ohio | |
| AERC-Watergate, Inc. | Ohio | |
| AERC Waterstone, Inc. | Delaware | |
| AERC Westchester, Inc. | Delaware | |
| AERC Western Reserve, Inc. | Delaware | |
| AERC White River, Inc. | Delaware | |
| AERC Williamsburg, Inc. | Delaware | |
| AERC Windsor Pines, Inc. | Delaware | |
| Aspen Lakes - - AERC, Inc. | Michigan | |
| Associated Estates Management Company | Ohio | |
| Associated Estates Realty Corporation of Pennsylvania, Inc. | Ohio | |
| Construction Distributors, Inc. | Ohio | |
| Ellet Apartments, Inc. | Ohio | |
| Estates Mortgage Company | Ohio | |
| Gables Indiana, Inc. | Ohio | |
| Gates Mills Club Housing, Inc. | Ohio | |
| Hillwood I Apartments, Inc. | Ohio | |
| Jennings Commons Apartments, Inc. | Ohio | |
| Merit Enterprises, Inc. | Ohio | |
| MIG II Realty Advisors, Inc. | Ohio | |
| The Oaks at the Woods Company, Inc. | Ohio | |
| PatCon, Inc. | Ohio | |
| Puritas Place Apartments, Inc. | Ohio | |
| Rainbow Terrace Apartments, Inc. | Ohio | |
| Riverview Towers Apartments, Inc. | Ohio | |
| Shaker Park Gardens II, Inc. | Ohio | |
| Somerset West Apartments, Inc. | Ohio | |
| State Road Apartments, Inc. | Ohio | |
| Statesman II Apartments, Inc. | Ohio | |
| Sutliff Apartments, Inc. | Ohio | |
| Tallmadge Acres Apartments, Inc. | Ohio | |
| Triangle Community Urban Redevelopment Corporation | Ohio | |
| Twinsburg Apartments, Inc. | Ohio | |
| Village Tower Apartments, Inc. | Ohio | |
| West High Apartments, Inc. | Ohio | |
| | |
| AERC Arbor Landings, LLC | | Delaware |
| AERC Avon LLC | | Delaware |
| AERC Central Park Place, LLC | | Delaware |
| AERC Clinton Place, LLC | | Delaware |
| AERC of Colorado, LLC | | Colorado |
| AERC Country Place, LLC | | Delaware |
| AERC Courtney Chase, LLC | | Delaware |
| AERC DPF Georgia Ventures, LLC | | Delaware |
| AERC DPF Phase I, LLC | | Delaware |
| AERC PDF Phase II, LLC | | Delaware |
| AERC Georgetown Park, LLC | | Delaware |
| AERC of Indiana, LLC | | Indiana |
| AERC Landings at Preserve, LLC | | Delaware |
| AERC of Michigan, LLC | | Ohio |
| AERC of NC, LLC | | Delaware |
| AERC Oaks Hampton, LLC | | Delaware |
| AERC Spring Brook, LLC | | Delaware |
| AERC Spring Valley, LLC | | Delaware |
| AERC Steeplechase, LLC | | Delaware |
| AERC Summer Ridge, LLC | | Delaware |
| AERC Waterstone, LLC | | Delaware |
| AERC White River, LLC | | Delaware |
| Spring Valley Apartments, LLC | | Michigan |
| | |
