EXHIBIT 23.01





                          CONSENT OF INDEPENDENT ACCOUNTANTS


               We  hereby  consent to the incorporation by reference in the
          Registration  Statements on Form  S-8 (No. 333-27429 and
          No. 33-88430) and in the Prospectus constituting part of the
          Registration Statement on Form S-3 (No. 333-22419) of Associated
          Estates Realty Corporation of our reports dated July 3, 1997
          and September 19, 1997 relating to the statements of revenue
          and certain expenses of each of the Certain Acquired Properties,
          which appears in the current report on Form 8-K of Associated
          Estates Realty Corporation dated August 25, 1997.


          /s/ Price Waterhouse LLP
          ------------------------
          PRICE WATERHOUSE LLP
          Cleveland, Ohio 
          December 2, 1997