[L.P. MARTIN & COMPANY LETTERHEAD]


                        Consent of Independent Auditors'

The Board of Directors
Cornerstone Realty Income Trust, Inc.
Richmond, Virginia

         We consent to the use of our report dated November 5, 1998 with respect
to the statement of income and direct operating  expenses exclusive of items not
comparable  to the  proposed  future  operations  of the  property  Cape Landing
Apartments  for the twelve month period ended  September 30, 1998, for inclusion
in the following  registration  statements 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 Stock,
                            Preferred Stock and Debt Securities
                                                                              
          333-19187         Form  S-3,  pertaining  to  the  Company's  Dividend
                            Reinvestment and Stock Purchase Plan
                                                                              


Richmond,  Virginia                             /s/ L.P. Martin & Co., P.C.
November 5, 1998