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                                               Filed Pursuant to Rule 424(b)(7)
                                               Registration No. 33-80169


PRICING SUPPLEMENT NO. 4, dated September 16, 1996
(To Prospectus dated December 27, 1995 and
Prospectus Supplement dated January 3, 1996)


                                   $75,000,000
                      Associated Estates Realty Corporation
                           Medium-Term Notes Series IV
                                Fixed Rate Notes
                  Due from 9 Months or More From Date of Issue


Principal Amount:                   $5,000,000

Issue Price:                        100%

Original Issue Date:                September 19, 1996

Maturity Date:                      September 19, 2006

Interest Rate:                      7.93%

Agent's Commission:                 .625%

Agent's Capacity:                   Principal

Net Proceeds to Company:            $4,968,750

Agent:                              First Chicago Capital Markets, Inc.




This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium-Term Notes Series IV
and (2) market-making transactions in Medium-Term Notes Series IV by First
Chicago Capital Markets, Inc.



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