EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in this Annual Report (From 10K)
and the following Registration Statements of Cornerstone Realty Income Trust,
Inc. and in the related Prospectuses of our report dated January 27, 2000,
except for Note 10 , as to which the date is February 21, 2000, included in the
1999 Annual Report to Shareholders of Cornerstone Realty Income Trust, Inc.:
Registration Statement Number Description
333-24871 Form S-8, pertaining to the Company's 1992 Non-Employee
Directors Stock Option Plan, Special Non-Employee Directors
Stock Option Plan and Non-Employee Directors Fees Plan
333-24875 Form S-8, pertaining to the Company's 1992 Incentive Plan
333-34441 Form S-3, Shelf Registration Statement, pertaining to the
registration of $200 million of Common Shares, Preferred
Shares and Debt Securities
333-19187 Form S-3, pertaining to the Company's Dividend Reinvestment
and Share Purchase Plan
333-94895 Form S-3, pertaining to the resale of up to 185,887 Common
Shares of the Company
Our audits also included the financial statement schedule of Cornerstone Realty
Income Trust, Inc. listed in Item 14(a). This schedule is the responsibility of
the Company's management. Our responsibility is to express an opinion based on
our audits. In our opinion, the financial statement schedule referred to above,
when considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Ernst & Young LLP
Richmond, Virginia
March 27, 2000