1
                                                                   Exhibit 23.01

                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (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 report dated May 8, 1997 relating to the statements
of revenue and certain expenses of each of the Selected Acquisition Properties,
as defined, which appears in the current report on Form 8-K of Associated 
Estates Realty Corporation dated February 6, 1997.


/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
Cleveland, Ohio
July 1, 1997