EXHIBIT 21


                          SUBSIDIARIES OF THE REGISTRANT

         The  following  are direct or  indirect  wholly-owned  subsidiaries  of
Cornerstone Realty Income Trust, Inc.:

         CRIT-NC,  LLC (a Virginia limited liability company)
         CRIT-SC,  LLC (a Virginia  limited  liability company)
         CRIT-SC,  Inc.(a Virginia corporation)
         CRIT-Cornerstone Limited Partnership (a Virginia limited partnership)

         In addition, Cornerstone  Realty Income Trust, Inc. owns 99.99% of  the
 following company:

         Cornerstone Acquisition Company (a Virginia corporation)


         The  following  are direct or  indirect  wholly-owned  subsidiaries  of
Cornerstone Acquisition Company:

         Apple General, Inc. (a Virginia corporation)
         Apple Limited, Inc. (a Virginia corporation)
         Apple REIT Limited  Partnership (a Virginia limited  partnership)
         Apple REIT II Limited Partnership (a Virginia limited partnership)
         Apple REIT III Limited Partnership (a Virginia limited  partnership)
         Apple REIT IV Limited  Partnership  (a  Virginia  limited  partnership)
         Apple REIT V Limited  Partnership  (a Virginia  limited  partnership)
         Apple REIT VI Limited  Partnership (a Virginia  limited  partnership)
         Apple REIT VII Limited Partnership (a Virginia limited partnership)