EXHIBIT 99


                        ASSOCIATED ESTATES REALTY CORPORATION
                    4TH QUARTER EARNINGS ANNOUNCEMENT RESCHEDULED
                                NEWS RELEASE NO. 99-03



               On January 25, 1999, Associated Estates Realty Corporation 
          (NYSE:AEC) announced that it is determining the necessity of
          restating prior 1998 quarterly results to reflect the effect of 
          increased accruals for property tax reassessments and increased
          millage rates in several Ohio communities.  The total amount of all
          prior period adjustments is not expected to exceed $950,000, and
          will not have a negative impact on the fourth quarter earnings.

               As a result, the release of fourth quarter 1998 earnings
          that was originally scheduled for Tuesday, January 26, 1999 has
          been rescheduled to Wednesday, February 3, 1999.  A conference
          call to review the quarterly results is also scheduled for
          February 3 at 10:00 am EST.  The number for the conference call
          is 888-850-2545.  A replay of the call will also be available
          from February 3 at 4:30 pm EST until Friday, February 5 at 5:00
          pm EST by dialing 402-530-0498.  For more information, contact
          Investor Relations at 1-800-440-2372, ext. 8752, or access the
          Company's web site on the Internet at www.aecrealty.com.

               Associated Estates Realty Corporation is a real estate
          investment trust ("REIT"), headquartered in Richmond Heights,
          Ohio, a suburb of Cleveland.  The Company specializes in the
          development, acquisition, ownership and management of multifamily
          properties and currently owns, manages, or is a joint venture
          partner in more than 150 multifamily properties located in 14
          states.

               For more information, please call Barbara E. Hasenstab, Vice
          President of Investor Relations, at 216-797-8798.  This press
          release and other corporate information are also available on
          AEC's home page at www.aecrealty.com.